UAE’s Tabreed Appoints New CEO
The Abu Dhabi-based district cooling utility company appointed Jasim Thabet as its new chief executive officer.
Abu Dhabi-based utility company, National Central Cooling Company (Tabreed), announced that Jasim Thabet had been appointed as its new CEO with immediate effect.
Outgoing CEO Sujit Parhar will take on the role of advisor to the company and the board, Tabreed said in a statement.
Thabet, the first Emirati CEO of Tabreed, joins from Mubadala Development Company where he was vice-president in Mubadala Industry.
As part of Mubadala’s asset management team for Tabreed, he has assisted the cooling company’s recapitalisation program and worked on the development of a growth strategy for improved performance. Thabet has also previously worked with ADNOC Group and GE.
Waleed Al Mokarrab Al Muhairi, Tabreed’s chairman, said: “We are excited to have such a highly capable incoming CEO in Jasim, who has worked with Tabreed over the years and brings to the position a strong knowledge of the utilities industry.
“Jasim has worked extensively alongside Tabreed’s senior management throughout the recapitalisation program and on the delivery of key projects.
We believe his energy and expertise will be vital in leading the company through its next phase of growth.”
The utility company, which currently has 59 plants in the UAE, made a net profit of Dhs94.7 million in the first half of the year, a 25 per cent year-on-year increase.
Tabreed attributed the rise to continued cost control, improved efficiencies and a strong performance by the its chilled water business.