In a deal that reshapes the region’s industrial power map, two heavyweight players from the UAE’s energy universe — Abu Dhabi’s TAQA and Dubai-linked DUBAL Holding — are joining forces to scoop up the sprawling power and water generation empire long housed inside Emirates Global Aluminium.
The price tag? A cool $1.9 billion, the kind of figure that hints these aren’t just auxiliary assets but the beating industrial heart that keeps EGA’s massive operations humming.
Under the plan, TAQA and DUBAL Holding will tuck these generation assets into a fresh joint venture, perfectly split down the middle. Day-to-day operations will be entrusted to a new operating company jointly steered by TAQA and EGA, ensuring the technical know-how stays close to home even as ownership shifts.
One of the crown jewels of the arrangement is a long-haul power purchase agreement with the Emirates Water and Electricity Company — an agreement stretching all the way to 2049. Through it, EWEC will lock in power drawn from the Al Taweelah facility, giving the JV a revenue backbone that extends nearly a quarter-century into the future.
And the restructuring doesn’t end there. TAQA Transmission will take charge of EGA’s electricity transmission network, consolidating control over the flow of energy as well as its generation.
TAQA arrives at the table as a major ADX-listed utilities and energy force, while DUBAL Holding carries the investment mandate of the Investment Corporation of Dubai. Together, the duo is carving out a new, streamlined power ecosystem — one built to feed the UAE’s relentless appetite for industrial growth.
