According to people familiar with the matter, Abu Dhabi is considering selling a stake in its largest state-owned utility, as the oil-rich emirate continues to attract foreign buyers to some of its flagship properties. According to the people who requested not to be named because the information is confidential, the government is consulting with an analyst about selling about 10% of Abu Dhabi National Energy Co. According to Bloomberg reports, the company's share, identified as Taqa, may be worth more than $4 billion based on its current market price.

Taqa's stock has dropped 5.6 percent this year, offering it a market price of about $42 billion. According to the sources, the sale could arouse the attention of major global utility firms and many other financial investors. According to the sources, the first non-binding bids are scheduled to be submitted in May. Taqa, which has control over power and water delivery in Abu Dhabi, has been propelled by the government to become a provincial utility champion. Last year, Abu Dhabi arranged for Taqa to receive properties from state-owned parent company Abu Dhabi Power Corp., also known as ADPower, in exchange for stock.

According to the sources, the size of the Taqa stake being offered can vary based on investor interest. According to the people, discussions are pending, and there is no guarantee that they can result in a deal. Taqa's agent was unable to comment immediately.

Abu Dhabi, the capital of the United Arab Emirates, has been selling shares in several of the biggest firms in terms of raising international capital. Over the last few years, foreign and domestic funds have invested more than $20 billion in the activities of Adnoc, the state-owned oil producer. Taqa is still exploring alternatives for its oil and gas reserves, including a possible sale, according to people familiar with the situation.