The UAE-based energy company Taqa has completed the sale of its 49% stake in Masar Solutions to Blue Five Capital.

Taqa did not disclose details of the transaction in its statement on the Abu Dhabi Securities Exchange website.

It is worth noting that TAQA's profits in the first quarter of this year remained stable at AED 2.1 billion, supported by a nearly 3% increase in revenues from electricity and water transmission and distribution, reaching AED 9.4 billion, in addition to a decrease in operating expenses.

This comes despite a decline of more than 33% in TAQA's oil and gas revenues, which fell to AED 992 million.