Investors reward Taqa's expansion strategy
- United Arab Emirates: Sunday, January 06 - 2013 at 14:24
The ADX General Index climbed to a 5-month high Sunday, closing 0.86% higher at 2,709.10. Earlier in the day, bank HSBC said the headline seasonally adjusted HSBC United Arab Emirates PMI (Purchasing Managers' Index), which measures the activity of the UAE's non-oil private sector, hit 55.6 points in December, up from 53.7 points in November. The gauge showed its strongest improvement in 19 months. "The UAE economy enters 2013 at its most positive in five years", said Simon Williams, HSCB's chief economist MENA. Shares of Abu Dhabi National Energy Co. or Taqa jumped 2.96%, ending at Dhs1.37. Taqa said on Jan. 3 that it entered exclusive talks with Turkey's Electricity Generation Co. Inc. (EÜAŞ) and the Turkish government for the project with a combined power generation capacity of up to 7,000 MW. These talks are based on an agreement between the UAE and Turkey for the development of power plants and associated mines in the Afsin-Elbistan region of the Eurasian republic. The projects have a value of $12bn. Taqa also acquired a 53.2% operating interest in Iraqi Kurdistan's Atrush oil block for $600m from General Exploration Partners (GEP).
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