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FINANCIAL NEWS
Taqa Arabia to invest $140m in Yemen
20 May 2010
(MENAFN) The Chief Executive Officer at Taqa Arabia announced that the company will install a $140 million power project in Yemen, as part of an expansion strategy in the Middle East and Africa, Reuters reported.
Taqa Arabia plans to operate the project with international partners, the CEO said on the sidelines of a promotional event. Construction of the 70-megawatt project was slated to begin by the end of this month, he added.
Taqa Arabia is also looking into investing in three power generating projects in Kenya, Uganda and Ethiopia to be financed by the World Bank and the African Development Bank.
Taqa Arabia, established in 2006, specializes in gas and electricity distribution as well as fuels marketing. It operates in Egypt, the United Arab Emirates, Qatar, Libya, Jordan and Syria.
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