Abu Dhabi: Jasim Thabet has been appointed Chief Executive Officer and Managing Director of the newly formed Abu Dhabi Power Corporation (ADPower), an active investment manager in the water and electricity sector, to drive forward the transformation of the utilities sector in Abu Dhabi.
Mr. Thabet joins from National Central Cooling Company PJSC (Tabreed), where he was CEO. At Tabreed, Mr. Thabet successfully pioneered a new model of sustainable growth, delivering approximately 50% growth in consolidated capacity, 28% growth in revenues in the UAE and across the GCC over six years, and led Tabreed to investment grade credit ratings from Moody’s and Fitch.
H.E Saif Mohammad Alhajeri, Chairman of ADPower said: “Jasim 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.”
On his appointment Jasim 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.”
Prior to working at Tabreed, Jasim served as Vice President in the Industry unit of Mubadala Investment Company. During this time, he played a central role in Tabreed’s 2010 recapitalisation programme to put in place a stable capital structure for future success.
Earlier in his career, Jasim 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.
Abu Dhabi Power Corporation is an active investment manager in the water and electricity sector based in Abu Dhabi. Its goal is 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.
It does this through active asset management of key investments in the utilities sector across the UAE.
Its portfolio of investments comprises a number of utilities and subsidiaries including Emirates Water and Electricity Company (EWEC) Abu Dhabi Transmission and Despatch Company (TRANSCO) Abu Dhabi Distribution Company (ADDC) Al Ain Distribution Company (AADC) Al Mirfa Power Company (AMPC).
For Media Enquiries, please contact:
Taryam Subaihi, Communications Senior Manager
Abu Dhabi Power Corporation
Sonia Blanco, Senior Account Manager
+971 50 863 9744
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.