Taqa, the Abu Dhabi energy giant, has announced its plan to invest 40 billion dirhams ($10.88 billion) in the UAE to raise solar projects and reduce hydrocarbon exposure.

According to the energy firm, developing highly effective solar power and reverse osmosis desalination technology, would be a major part of the strategy.

TAQA Chairman Mohamed Hassan Al-Suwaidi said, "TAQA has the support of our shareholders for this new strategy and is on its way to being the recognized low-carbon power and water champion from Abu Dhabi. This strategy sets out how the company can achieve this ambition. As we are emerging from the pandemic, there will be a greater emphasis on the need for renewable, secure, and sustainable power and water supplies all over the world.

In response to a prolonged drop in oil prices and increased global warming and the adverse effects of hydrocarbons on the climate, Gulf national energy firms are increasingly reinventing themselves. Growth is expected to come from meeting increased demand for electricity, water, and network capacity in its home market of the UAE, as well as from select international opportunities.

The new strategy follows the company's decision to enable foreign investors to own up to 49% of the company's stock. TAQA plans to raise gross power capacity in the UAE from 18 GW to 30 GW, as well as add up to 15 GW globally.

It will extend highly efficient reverse osmosis technologies to account for two-thirds of its desalination capacity by 2030, up from 5% now, and a recent renewables push will see solar photovoltaic (PV) account for more than 30% of its power generation portfolio by 2030, increasing from 5% starting now.

TAQA CEO Husain Thabet told Bloomberg that Saudi Arabia will be a key priority of the company's new strategy. “We have operations in the Kingdom of Saudi Arabia in terms of priorities. On a global scale, we'll be concentrating on the Gulf Cooperation Council,” he said.