Abu Dhabi National Energy will reveal a new “simplified” corporate structure this month under its new chief operating officer.
Edward LaFehr, the chief operating officer of the company that is also known as Taqa, is set to disclose details of the shake-up on April 22. The company last month reported a loss last year of Dh2.52 billion.
Mr LaFehr, formerly the head of Taqa's North American subsidiary, took over at the helm of the company in February after the departure of the chief executive Carl Sheldon.
Taqa also announced an accelerated timetable for the opening of the company’s Netherlands gas storage facility, and the fifth and sixth units of its Jorf Lasfar coal plant in Morocco, Wam reported yesterday.
Taqa is reshaping its business after its North American oil and gas operations were hit hard by the effect of a shale gas boom that has pushed natural gas prices to less than a quarter of their peak.
“My action plan for the coming 100 days has already begun,” said Mr LaFehr in a statement issued to Wam. “I am also committed to simplifying and strengthening the organisation, and rebalancing our profitability and growth agenda, which is about improving free cash flow and reducing debt leverage over time.”
Taqa’s existing operations spread over 11 countries and cover oil and gas and power and water generation.
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
COMPANY PROFILE
Name: Qyubic Started: October 2023 Founder: Namrata Raina Based: Dubai Sector: E-commerce Current number of staff: 10 Investment stage: Pre-seed Initial investment: Undisclosed
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
COMPANY PROFILE
Name: ARDH Collective
Based:Dubai
Founders:Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
