The Industrialization & Energy Services Company (TAQA) was established by Ministerial Decree in May 2003 and obtained its commercial registration later that year. TAQA is a Saudi Joint Stock Company and has been endorsed by the Ministry of Petroleum & Mineral Resources since its inception and during its formative stages. TAQA is owned 45% by the Saudi Government, while the remaining 55% is owned collectively by Joint Stock Companies and several private and industrial investors representing a cross-section of the Saudi industrial community.