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 evolved 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
 Aug 1 2015 - Qatar Airways refutes US carriers' subsidy claimsMENAFN
(MENAFN) Qatar Airways (QA), in a 'white paper' submitted to the US, has refuted the subsidy allegations against it by the 'Big 3' US carriers.The submission addressed and answered all issues raised ...

 Aug 1 2015 - S&P confirms Doha Insurance rating at 'A'MENAFN
(MENAFN) Standard & Poor's Ratings Services affirmed its 'A' insurer financial strength and counterparty credit ratings on Qatar-based Doha Insurance Co. QSC (DIC). The outlook remains ...

 Aug 1 2015 - Foreign firms eye USD5b Saudi gas projectMENAFN
(MENAFN) Foreign engineering firms have submitted bids to build a gas plant in eastern Saudi Arabia for Saudi Aramco at an estimated cost of USD5 to USD6 billion, industry sources said.Saudi Aramco's ...

 Aug 1 2015 - Qatar- S&P affirms DIC ratings at 'A'The Peninsula
(MENAFN - The Peninsula) Standard & Poor's Ratings Services yesterday affirmed its 'A' insurer financial strength and counterparty credit ratings on Qatar-based Doha Insurance Co. QSC (DIC). The ...

 Aug 1 2015 - Yemen shelling kills 4 on Saudi borderThe Peninsula
(MENAFN - The Peninsula) Rocket fire from war-wracked Yemen on Friday killed threeSaudi soldiers and a member of a paramilitary force, in the deadliest border incident for several weeks, the interior ...

 Aug 1 2015 - Al-Qaeda in Syria attacks US rebel baseThe Peninsula
(MENAFN - The Peninsula) Al-Qaeda's Syria affiliate launched a fierce assault on the headquarters of a US-trained rebel group Friday, while claiming responsibility for capturing members of the ...

 Aug 1 2015 - 4 killed as Saudi private jet crashesThe Peninsula
(MENAFN - The Peninsula) Pilot and three passengers are killed after Saudi private jet crashes into a car dealership near Hampshire airport after overshooting the runway as it tried to land.The small ...

 Aug 1 2015 - Palestinian baby dies in home attackThe Peninsula
(MENAFN - The Peninsula) Suspected Jewish settlers torched a Palestinian home in the occupied West Bank yesterday, killing an 18-month-old boy and seriously injuring his parents and elder brother, an ...

 Aug 1 2015 - Houthis lose ground in Yemen's southThe Peninsula
(MENAFN - The Peninsula) Southern Yemeni fighters backed by a Saudi-led air coalition seized more territory from Houthi militiamen near Aden yesterday, while three Saudi soldiers were killed when the ...

 Aug 1 2015 - Kurdish attack kills two Turkish copsThe Peninsula
(MENAFN - The Peninsula) Two more Turkish police were killed yesterday in an attack blamed on Kurdish militants as tensions in the country boiled over amid the military's cross-border bombing ...

more...


 






Google

Click to Apply

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

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