Abu Dhabi - Mubasher: Abu Dhabi National Energy Company (TAQA) cut its workforce by 25% through cutting 1,000 jobs across its international operations, according to a statement.
The company successfully completed its two-year strategic transformation process which saved AED 13.2 billion and reduced the number of employees, the board’s report to the Abu Dhabi Securities Exchange (ADX) said.
TAQA’s losses by the end of 2016 stood at AED 19 billion due to a drop in basic commodities prices, which led to a decline in the value of its oil and gas assets. Its fourth quarter losses reached AED 17 billion.
