Abu Dhabi’s fast-rising sovereign investment powerhouse, L’IMAD Holding, has deepened its control over energy and water giant TAQA, marking another significant move in the emirate’s increasingly concentrated investment strategy.
TAQA disclosed that Abu Dhabi Power Corporation (AD Power), a subsidiary of L’IMAD, has completed the purchase of an additional 9.1 billion shares in the utility company. The transaction lifts AD Power’s ownership in TAQA to 98.12%, strengthening its already dominant position in one of the UAE’s most strategically important infrastructure businesses.
The shares were acquired from Two Point Zero Group, which confirmed in a separate market filing that it had fully exited its investment in TAQA. The company described the sale as part of broader efforts to streamline its holdings and refine its investment portfolio. Financial details of the transaction were not revealed.
Based on TAQA’s market valuation at the close of trading on Wednesday, the transferred stake is estimated to be worth approximately 21.56 billion dirhams, or about $5.87 billion.
The latest purchase underscores Abu Dhabi’s continued consolidation of key assets under its investment arms. The emirate, which controls the overwhelming majority of the UAE’s oil wealth, is home to sovereign investment institutions collectively managing assets estimated at more than $1.8 trillion.
L’IMAD emerged onto the international stage last year when it joined Gulf investors backing the Skydance-led effort to acquire media assets linked to Warner Bros. Discovery. Since then, the fund’s profile has expanded rapidly.
Its influence grew substantially after assuming control of ADQ, transforming L’IMAD into an investment giant with assets estimated at roughly $300 billion. The fund is chaired by Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan and has become a central pillar of the emirate’s long-term economic and strategic investment ambitions.
The increased ownership in TAQA signals that infrastructure, utilities and nationally significant assets remain at the heart of Abu Dhabi’s investment agenda as it continues to reshape the landscape of state-backed capital in the region.
