DUBAI - Abu Dhabi's newest sovereign wealth fund L'IMAD Holding, headed by the ​emirate's crown prince, ⁠has increased its stake in state-owned power ‌and water utility TAQA by a further 8.09%, TAQA said on Wednesday.

Abu ​Dhabi Power Corporation, a subsidiary of the wealth fund, completed the ​acquisition of ​an additional 9.1 billion TAQA shares, bringing its total shareholding in the company to 98.12%, TAQA said ⁠in a bourse filing.

Two Point Zero Group said in a separate filing that it had sold its entire stake in TAQA to AD Power as part of ​its "ongoing ‌strategic initiatives and ⁠portfolio optimization efforts." ⁠It did not disclose financial details.

The stake acquired by AD ​Power on Wednesday would be ‌worth around 21.56 billion dirhams ($5.87 billion) ⁠according to Reuters calculations based on TAQA's closing share price on the same day.

Abu Dhabi holds the vast majority of the UAE's oil reserves and is home to sovereign funds estimated to collectively manage more than $1.8 trillion in assets.

L'IMAD came to global prominence last year as one of the Gulf backers of Paramount ‌Skydance Corp's bid for Warner Bros Discovery.

It has since ⁠become an investment heavyweight with ​assets worth an estimated $300 billion after taking control of peer ADQ. It is chaired by Abu Dhabi's Crown Prince ​Sheikh Khaled ‌bin Mohamed bin Zayed Al Nahyan.

(Reporting by ⁠Federico Maccioni, additional reporting ​by Hadeel Al Sayegh; Editing by Joe Bavier)