Taqa slows spending, appoints new staff

In another sign that even the richest emirates are having to think hard about financial fundamentals, big-spending, majority state-owned Abu Dhabi National Energy Company (Taqa) has parted company with high-profile chief executive Peter Barker-Homek and announced that it will concentrate on existing operations and reducing debt. Taqa has spent $24bn in the past few years, picking up assets and interests in the GCC, Europe, North America and Africa.