Few may have heard of Taqa, one of oil-rich Abu Dhabi’s youngest companies. But the quasi-sovereign investment vehicle has been on a multi-billion dollar spending spree that has seen it make aggressive inroads into energy markets in North America and Europe.

With little fuss and attention it has doubled its assets to $21bn following six acquisitions last year, emerging as another tool in the Abu Dhabi government’s growing chest of investment entities that are expanding the emirate’s global portfolio.