Once a place that hosted the kings, queens, monarchs, and all types of notables from society, Cairo’s historic Abdeen Palace was once again a venue for a jubilant atmosphere of celebration as TAQA marked its 20th anniversary with a night of entertainment, enlightenment, and inspiration.
TAQA invited industry professionals, energy leaders, government officials, and other key stakeholders to come together and rejoice in the company’s success throughout two decades of demonstrating excellence not only in its performance but in its commitment to its core values.
Though being an energy firm from Saudi Arabia, the company has an impressive global outreach with an open-minded approach to innovation and an ambitious agenda for future expansion. For this reason, celebrations were not only held in Egypt but in other areas around the world via livestream; something which was highlighted by Ahmed Al Zahrani, TAQA Chairman of the Board, stating “It is with a great sense of pride to welcome you to TAQA’s 20th anniversary, which we are hosting today from seven cities across the globe.” Celebrations also took place in Dhahran, KSA; Abu Dhabi, UAE; Aberdeen, UK (Scotland); Stavanger, Norway; Houston, USA; and Edmonton, Canada.
The event was opened by an inspirational speech delivered by the Vice President of TAQA in Egypt Hossam Abu Seif, saying “I am deeply honored to stand before you today on this momentous occasion to celebrate the 20th anniversary of TAQA, which is not just a milestone for our company, but a significant regional achievement.”
“Let us collaborate to fuel not just the energy sector, but also to power communities, foster innovation, and create a sustainable future for all. Together, let’s build a legacy that generations will look back upon with respect and gratitude,” Abu Seif added.
TAQA’s celebration also showed a video that outlined the company’s success and core values, during which the company’s CEO Khalid Nouh stated, “Our purpose is to bring wealth to the Kingdom of Saudi Arabia. We want to bring value to our shareholders, [especially] our biggest shareholder which is the Public Investment Fund (PIF) of Saudi Arabia. We want to make sure that everything we do is going to impact the lives of Saudis in line with Vision 2030.”
The video echoed the message that TAQA, as a company, remains to being human, boundless, and progressive. These are the values and principles that have built the company’s identity, prestigious reputation, and unique business approach. Prioritizing people, customers, and shareholders, TAQA constantly seeks to pursue new opportunities, drive innovation, and explore additional areas of cooperation. With its progressive and flexible mindset, TAQA can quickly and effectively react to changes within industry shifts, masterminding cutting-edge solutions that will bring the energy sector to the next level.
On the occasion of the anniversary, Nouh also said “Since its inception in 2003, TAQA has aimed to be the go-to company for customers, investors, and partners in the energy and petroleum services markets across the Middle East, Europe, and Africa. With these acquisitions, we can provide an array of cutting-edge solutions and products, enhancing engineering capabilities to create numerous growth opportunities and broad career prospects for our employees worldwide.”
“The company’s recent steps to maximize its operations in the region and strengthen its position as an ‘enabler of energy’ mark a significant moment in the company’s journey. As ‘TAQA’ celebrates its 20th anniversary, it signifies a pivotal milestone in our company’s journey, culminating in these substantial efforts. We don’t only reflect on what we’ve achieved so far but also aspire to even greater and better opportunities for our customers, shareholders, and employees,” he added.
This joyous occasion was also used as an opportunity to announce the integration of Tendeka, Cougar, TARGET, and AlMansoori Petroleum Services (AMPS), as a regional provider in the energy sector under one website, TQ.com.
Funded by a capital increase led by the main shareholders, particularly the Saudi Public Investment Fund (PIF) which owns 54% of TAQA, the company’s recent acquisition is a milestone in the expansion of its presence within the Egyptian market. It’s a pragmatic maneuver that will be effective in combining the capabilities of 27 Egyptian companies to provide a wide range well services offered by TAQA. This will include drilling, production, exploration, and other services that will help serve the Egyptian petroleum sector.
In a separate statement, Nouh expressed delight with the company’s achievement saying, “TAQA’s acquisition of companies like AlMansoori Petroleum Services, Norwegian Tendeka, American Cougar and Target Oilfield Services, will undoubtedly propel the company to a global scale, fostering continued growth in the services we offer worldwide alongside our clients spanning the Middle East, and Africa. This move aligns perfectly with our strategic objectives of expanding our footprint and increasing our investments.”
“We remain committed to pursuing profitable and sustainable growth to meet our customers’ needs while also delivering maximum shareholder value. Our strategy is built upon three key pillars: driving business growth, achieving excellence through digitization and innovation, and transitioning towards a sustainable future with a focus on environmental and social responsibility. This capital increase will position TAQA as an international company operating across multiple geographical regions,” Nouh added.
In addition, Hossam Abu Seif, Vice President of TAQA in Egypt, said: “TAQA’s acquisition of the foremost companies providing petroleum services in Egypt marks a significant turning point in the entire sector. This transformation is driven by TAQA’s expertise and capabilities, which will bring a positive impact on production through the utilization of cutting-edge technologies and modern equipment, which the company intends to launch in Egyptian well Production & Drilling operations. We are also interested in exploring new opportunities in the fields of renewable energy.”
“TAQA’s commitment extends to maximizing its efforts both in the field and on the administrative front. As we initiate our operations in Egypt, we are committed to providing job opportunities for Egyptian youth to work within our projects here in Egypt. TAQA’s workforce will expand to over 5,000 employees regionally, dedicated to serving a broad and diverse customer base across 20 countries. This expansion will facilitate the formation of a specialized and integrated well services company with a regional and international presence,” he added.
The acquisition stands as a demonstration of TAQA’s commitment to making a positive contribution to the global energy sector as well as its vision to make Egypt its central hub and a gateway for well solutions that will serve Iraq and Africa. As a company that has been present in Egypt for 17 years, TAQA prides itself on its well-established reputation as one of the market’s finest names in the energy sector.
The live-streamed celebration also witnessed an informative and enlightening presentation by world-renowned author and entrepreneur Tony Seba related to disruption and the evolution of energy and transportation. Seba dived deep into the details of how the invention of cars was the catalyst of a series of historic changes over a century as well as the future outlook for energy and transportation within the coming years.
Audiences were entertained and inspired by a live drones show as well as a performance by soprano opera singer Amira Selim, well-known in both Paris and Egypt.