Masdar, a renewable energy company based in the UAE, experienced a financial turnaround in 2024, reporting a profit, and markedly increased its asset base by threefold.
Masdar Remains Private Amidst UAE's Busy IPO Market
In the bustling world of initial public offerings (IPOs) in the United Arab Emirates (UAE), one notable name is conspicuously absent: Masdar, the Abu Dhabi-based renewable energy powerhouse.
As of July 2025, Masdar has not declared any plans for an IPO, despite forecasts predicting three to five IPOs by the end of the year in the UAE equity markets. The company's focus remains on expanding its renewable energy portfolio and strengthening partnerships, as evidenced by recent acquisitions and investments in Europe.
The state-owned company, which aims to grow its renewable energy capacity from 51 GW to 100 GW, reported a net profit of 412 million dirhams ($112.18 million) in 2024. This impressive figure, coupled with its total assets increasing to 59.8 billion dirhams (up from 18.2 billion dirhams in 2023), underscores Masdar's significant growth and impact in the renewable energy sector.
Masdar's shares are held by three key entities: Abu Dhabi's state-controlled utility firm TAQA (24%), the sovereign wealth fund Mubadala (33%), and the oil giant ADNOC (43%). These strategic partnerships have enabled Masdar to make significant strides, including a commitment of 5.2 billion euros ($5.95 billion) alongside Spain's Iberdrola to a major UK offshore wind project in July 2024.
Reuters reported in March 2024 that Masdar was in the early stages of considering an IPO. However, as of July 2025, no official announcement has been made, leaving the future of Masdar's public listing uncertain.
Despite the speculation, Masdar continues to make waves in the renewable energy sector. In April 2024, Masdar acquired full ownership of Greece's Terna Energy, further expanding its global footprint.
As the UAE equity markets buzz with IPO activity, Masdar stands out as a privately-held company focused on sustainable growth and strategic partnerships. Whether an IPO is in Masdar's future remains to be seen, but for now, the company is steadfast in its mission to lead the charge in renewable energy.
- Although numerous companies in the UAE equity markets are preparing for Initial Public Offerings (IPOs), Masdar, a prominent player in the renewable energy industry, has not declared any intentions for a financial transition, maintaining its focus on investing in and expanding its renewable energy business.
- Despite rumors of an impending Initial Public Offering (IPO) back in March 2024, Masdar, the Abu Dhabi-based renewable energy powerhouse, continues to remain privately held, emphasizing its commitment to its business growth and strategic partnerships in the energy sector, while keeping its sights set on becoming a leading renewable energy provider.
