Posted by Neil King
The Abu Dhabi National Energy Company (Taqa), Abu Dhabi's state-owned energy investment firm, is set to change tack and will focus on expanding its existing businesses.
Taqa's move marks a significant change in policy for the firm, which has previously invested heavily in a multitude of overseas opportunities.
However, speaking to Business Week, the firm's general manager Carl Sheldon did not rule out additional acquisitions in the coming year.
"Our main focus this year will be on... capital spending programs," Sheldon said.
He claimed that this would mark the 'next stage' in the company's growth strategy and would see the firm developing its existing portfolio.
The company is doubling its capital spending budget to $1.43 billion this year.
Yesterday (March 17th), the United Arab Emirates and the US established the Gulf Nuclear Energy Infrastructure Institute in Abu Dhabi.