Tadweer Abu Dhabi
Transfer complements ADQ’s prominent energy and utilities portfolio and its efforts in supporting the nation’s circular economy. Image Credit: Supplied

Dubai: Abu Dhabi sovereign wealth fund ADQ said on Friday the government had transferred full ownership of Tadweer to the fund.

“Pursuant to a law, Tadweer was converted to a PJSC and full share ownership was transferred to ADQ from the Government of Abu Dhabi,” ADQ said in a statement.

Tadweer joins ADQ’s energy and utilities portfolio which includes also includes Abu Dhabi National Energy Company (TAQA), Emirates Nuclear Energy Corporation (ENEC), Emirates Water and Electricity Company (EWEC) and Abu Dhabi Sewerage Services Company (ADSSC).

“Tadweer is a valuable addition to our energy and utilities portfolio, particularly as it plays a vital role in extracting value through recycling and the reuse of waste,” said Hamad A. Alhammadi, Executive Director, Energy & Utilities Portfolio at ADQ. “It complements our investments across key clusters in the local economy that are already contributing to a sustainable environment.”

Ali Al Dhaheri, Acting Director General of Tadweer, commented: “With Abu Dhabi’s largest portfolio of energy and utilities investments, ADQ will strengthen our proposition, help us forge new partnerships with its portfolio companies, and achieve our goal of significantly reducing waste in landfills over the next decade.”