Two power firms, one in the UAE and the other in Iran, have risen up the MEED 100 ranking. Abu Dhabi National Energy Company (Taqa) climbed 10 places between 2011 and 2012 with a current market capitalisation of $2.3bn.

Taqa has been particularly active in the region’s power sector in the past year. It submitted the lowest bid to build Dubai’s first independent power project at Hassyan alongside Japan’s Marubeni and South Korea’s SK E&S.

In Morocco, Taqa’s outlook is similarly positive. It is approaching financial close on a deal to wrap up the financing of its Jorf Lasfar expansion project. Although the firm is likely to miss out on a contract to build a 160MW concentrated solar power project at Ouarzazate, having submitted the highest bid, it hopes to develop a wind power project in Morocco on a private basis.

In Oman, Taqa has announced plans to double the size of the Sohar aluminium plant, which it owns with Oman Oil and Canada’s Rio Tinto Alcan. The firm has also branched out into projects beyond the region with a power plant in Ghana.

Mapna diversifies

While Iran Power Plants Project Management Company (Mapna’s) operations are overwhelmingly focused on its home market, it has secured several engineering, procurement and construction contracts for new power plants in the region. This, along with growing demand and capacity building at home, has assisted the company in expanding its business.

In addition to power, Mapna has diversified into other industries with the manufacturing of passenger and cargo locomotives and operations in the oil and gas industries.

Meanwhile, Saudi Electricity Company (SEC) has continued its gradual decline in the rankings from 10th in 2011 to 12th in 2012. In 2009, it ranked sixth largest in the region. The company is continuing with its plans to develop new power generation capacity to meet rapidly rising power demand across the kingdom.

Abu Dhabi National Energy Company rose 10 places between 2011 and 2012, with a market capitalisation of $2.3bn

With the continued roll-out of new services stations in 2011 and the expansion of its lubricants range into new territories, Qatar Fuel (Woqod) has moved up the MEED 100 ranking, rising from 84 in 2011 to 63 in 2012. The firm reported a net profit of QR1.2bn for 2011, up from QR1.1bn in 2010. Woqod aims to introduce its lubricants into all GCC and Levant countries by the first half of 2012.