UAE's TAQA to cut Abu Dhabi staff to save $20 mln costs in 2014

DUBAI Thu Dec 12, 2013 3:31am EST

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DUBAI Dec 12 (Reuters) - United Arab Emirates-based energy company TAQA plans to reduce staff at its headquarters in Abu Dhabi by 16 percent to 189 in a cost-cutting drive, it said on Thursday.

The company, which has expanded into 11 countries over the last eight years, hopes to save more than $20 million in costs next year alone as a result of the staff cuts.

"The corporate centre has grown over recent years to enable us to manage TAQA's businesses across 11 countries effectively," Chief Executive Officer Carl Sheldon said.

"As we become a more cohesive international group with greater capacity in Abu Dhabi, we are able to increase efficiency by leveraging our integrated global teams."

(Reporting by Daniel Fineren; editing by Jason Neely)

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