Monday 19 August 2019

ADPower names new managing director, CEO

ABU DHABI, April 25, 2019

Abu Dhabi Power Corporation (ADPower), an active investment manager in the water and electricity sector set up recently in the UAE capital, has appointed Jasim Thabet, the former CEO of National Central Cooling Company (Tabreed) as the new chief executive and managing director.
Thabet, an industry veteran, has been roped in for the top job to drive forward the transformation of the utilities sector in Abu Dhabi.
Thabet joins from Tabreed, where as its CEO, he successfully pioneered a new model of sustainable growth, delivering approximately 50 per cent growth in consolidated capacity, 28 per cent growth in revenues in the UAE and across the GCC over six years.
During his tenure there, he led Tabreed to investment grade credit ratings from Moody’s and Fitch.
Welcoming the appointment, ADPower chairman Saif Mohammad Alhajeri said: "Thabet brings substantial sector expertise, experience and a solid track-record of success. We look forward to having him on board to lead the transformation of the sector and drive the role of the company as an active investor in the utilities sector delivering value for Abu Dhabi."
Prior to working at Tabreed, he served as vice president in the industry unit of Mubadala Investment Company. During this time, he played a pivotal role in Tabreed’s 2010 recapitalisation programme to put in place a stable capital structure for future success, said the statement from the company.
Earlier in his career, Thabet also served at General Electric Power Systems, where he was responsible for successfully bringing several large-scale power plants in the GCC to operation.
Prior to that, he worked with Adnoc Offshore, one of the region’s leading oil producers.
On his appointment, Thabet said: "I am honoured to be able to take up this important role at a pivotal time for the sector in Abu Dhabi. My goal is to ensure sustainable energy for Abu Dhabi whilst delivering value to the Abu Dhabi Government and all stakeholders from our national assets."
"We have a highly capable team in place and I’m confident that we can make progress quickly in realising the vision that has been set out for the utilities sector in the emirate," he added.
The ADPower has been set up with a goal to deliver value to its shareholders – the Government and people of Abu Dhabi – whilst ensuring the evolution of the utility sector to ensure water, electricity and waste water services to the people of Abu Dhabi and the UAE.-TradeArabia News Service


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