UAE – Mubasher: Abu Dhabi-based investment and holding firm ADQ transferred Abu Dhabi Waste Management (Tadweer) to its energy and utilities portfolio.
Tadweer was converted to a PJSC, while its full ownership was transferred to ADQ from the government of Abu Dhabi, according to a press release.
Tadweer complements ADQ's efforts in developing the nation’s sustainable future and creating an integrated portfolio of global champions within their diversified clusters.
The transaction anchors ADQ’s position to back the implementation of circular economy principles and foster its expanding asset portfolio.
Hamad Alhammadi, Executive Director of Energy and Utilities Portfolio at ADQ, said: “Tadweer is a valuable addition to our energy and utilities portfolio, particularly as it plays a vital role in extracting value through recycling and the reuse of waste.”
Alhammadi continued: “It complements our investments across key clusters in the local economy that are already contributing to a sustainable environment.”
Ali Al Dhaheri, Acting Director General of Tadweer, noted: “With Abu Dhabi’s largest portfolio of energy and utilities investments, ADQ will strengthen our proposition, help us forge new partnerships with its portfolio companies, and achieve our goal of significantly reducing waste in landfills over the next decade.”
It is noteworthy to mention that ADQ’s energy and utilities portfolio also includes Abu Dhabi National Energy Company (TAQA), Emirates Nuclear Energy Corporation (ENEC), Emirates Water and Electricity Company (EWEC),in addition to Abu Dhabi Sewerage Services Company (ADSSC).
Last October, ADQ fully owned Etihad Aviation Group (EAG), the parent of Etihad Airways, which aligned with the former’s strategy to transform Abu Dhabi into a global aviation hub.
