Abu Dhabi-listed TAQA said total capital expenditure (capex) rose 47 percent year-on-year (YoY) to 8.9 billion UAE dirhams ($2.4 billion) in the first nine months of 2025.

Power generation, transmission and distribution capex rose while oil and gas declined, according to the company’s Q3 2025 analysis report. 

Transmission & distribution (T&D) capex hit AED 5.1 billion, a 55 percent YoY increase driven by the phasing of business-as-usual network enhancements and upgrades, as well as the continued execution of key special projects. 

The generation segment’s capital spending rose 64 percent annually to AED 2.3 billion during the period. This higher investment was due to the development of the one-gigawatt Al Dhafra thermal power project.

The water solutions segment’s capital expenditure increased 84 percent year on year to AED 937 million, mainly driven by restoration works, asset enhancements, network rehabilitation, and other ongoing projects. 

However, capex in the oil & gas (O&G) segment declined by 21 percent YoY to AED 567 million in the first nine months of 2025. 

The drop was driven by the transition to decommissioning in the UK and lower investment in drilling and completions in North America, the statement said.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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