Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Abu Dhabi energy firm to cut workforce by 16%  Join our daily free Newsletter

MENAFN - Arab News - 14/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) Abu Dhabi National Energy Co, or TAQA is planning to reduce its staff in Abu Dhabi office by 16 percent in a cost-cutting drive, it said in a statement.

As part of the re-organization, the workforce at the headquarters will fall by 16 percent, reducing the headcount in the corporate center to 189.
By cutting jobs, the company hopes to save more than 20 million in a year.
"This re-organization is to enhance efficiency. The measures will reduce general and administrative costs by more than 20 million in 2014," company sources added.

"As we become a more cohesive international group with greater capacity in Abu Dhabi, we are able to increase efficiency by leveraging our integrated global teams," said CEO Carl Sheldon.

In the UAE, TAQA is majority owner of eight power and water plants, which supply almost all of Abu Dhabi's electricity and clean water.
TAQA is also helping to diversify the UAE's power and water sources with projects including water desalination, waste-to-energy, solar power, energy storage and energy efficiency.
"We constantly review our cost base and monitor performance to ensure we deliver efficiently on our vision," Carl Sheldon said.

In the eight years since it was founded through the privatization of Abu Dhabi's power and water fleet, TAQA has volved into an operator of large-scale energy infrastructure in 11 countries including Ghana, India, Iraq, Morocco, the Netherlands, North America and the UK.


TAQA earlier announced two phases of re-organization in the North American oil and gas business. This delivered improved performance from a simpler structure and 28 million in annual general and administrative savings.
TAQA also continues to optimize its portfolio to focus on core activities where it has a competitive advantage.
The company agreed to sell its stake in the Dutch pipeline business, NGT, in November for 240 million and is in the process of raising 181 million through the sale of 15 percent of its Moroccan power business in a stock market listing.

Arab News separately learned that Abu Dhabi has plans to reduce government subsidy for many companies in the capital by 2014.
"Many government-owned firms will start behaving commercially by next year," sources familiar with the matter told Arab News.
There were reports that Abu Dhabi's First Gulf Bank has plans to reduce nearly 300 jobs, which is 10 percent of its workforce as part of a restructuring.
German engineering giant Siemens had announced their plans to slash 15,000 positions worldwide by late next year as part of a cost-cutting drive, including 5,000 in its home country.

 


Arab News




  MENA News Headlines
 Sep 30 2016 - Italy's Eni confirms renewable energy deal with EgyptMENAFN
(MENAFN) Italian oil Eni agreed a common strategy with Egypt to construct renewable energy projects in the country.Moreover, the first project will be a solar plant in Sinai with output of 50 MW, ...

 Sep 30 2016 - Oman's budget deficit reaches USD10.83bn in H1MENAFN
(MENAFN) Oman's budget deficit increased and crossed the RO4bn mark for Jan-July period this year as government revenue continued to hurt by weak oil prices.Meanwhile, the deficit grew by 68 percent ...

 Sep 30 2016 - UAE hotels to cut costs by 20pctMENAFN
(MENAFN) Hotels in the UAE could cut their costs by more than 20 percent by reducing their energy and water consumption.Moreover, hotels with poor environmental policies consume three times more ...

 Sep 29 2016 - Kimberly process chair steps up momentum on Africa initiativeMENAFN Press
(MENAFN Press) Zimbabwe was the next stop on his extensive tour of African States, to give Africa a Voice, for which the Kimberley Process was originally intended. In Harare, the KP Chair met with ...

 Sep 29 2016 - Global Virtual Reality Market 2016 Share, Trend, Segmentation and Forecast To 2020MENAFN Press
(MENAFN Press) Global Virtual Reality Market 2016 Share, Trend, Segmentation and Forecast To 2020 next five years in an average of 106% CAGR; by 2020 over 430 billion products will be sold, and 21 ...

 Sep 29 2016 - NY Gov. Cuomo's Justice Center a Corruption SchemeMENAFN Press
(MENAFN Press) NY Gov. Cuomo's Justice Center a Corruption Scheme Jonathan Carey "Champion for the Disabled" Born September 12,1993 Killed by caregivers on February 15,2007 The corruption is ...

 Sep 29 2016 - Solving the last jigsaws to minimize risks, optimize costs and accelerate commercialization at Biosimilars North AmericaMENAFN Press
(MENAFN Press) Solving the last jigsaws to minimize risks, optimize costs and accelerate commercialization at Biosimilars North America The 3rd annual Biosimilars North America by popular demand, ...

 Sep 29 2016 - Haptic Interface Market 2016 market Share, Current and Future Players, Analysis and Forecast to 2022.MENAFN Press
(MENAFN Press) Haptic Interface Market 2016 market Share, Current and Future Players, Analysis and Forecast to 2022. Global Haptic Interface Market Information, by Components (Hardware, Software), ...

 Sep 29 2016 - Cold Forging Machine: Consumption, Demand, Sales, Competitor and Forecast 2016 2021MENAFN Press
(MENAFN Press) Cold Forging Machine: Consumption, Demand, Sales, Competitor and Forecast 2016 – 2021 Cold Forging Machine Global Market 2016 Analysis and Forecast to 2021 PUNE, INDIA, September ...

 Sep 29 2016 - Global Wind Power Market Top Manufactures, Market Demands, Trends, Industry Growth Analysis & Forecast 2021MENAFN Press
(MENAFN Press) Global Wind Power Market Top Manufactures, Market Demands, Trends, Industry Growth Analysis & Forecast 2021 Global Wind Power Market Information Report by Application (Residential ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help