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|18 April, 2019

Abu Dhabi district cooling company Tabreed appoints new CEO

Bader Saeed Al Lamki replaces Jasim Thabet after six years in the role

Traders monitor the share prices at the Abu Dhabi stock market.

Traders monitor the share prices at the Abu Dhabi stock market.

REUTERS/Ravindranath

District cooling company Tabreed has appointed Bader Saeed Al Lamki as its new chief executive officer.

The Abu Dhabi-based company said Al Lamki's appointment will become effective from Sunday. He replaced Jasim Husain Thabet, who joined Tabreed as its first Emirati CEO in August 2012.

In a press release announcing the appointment, Tabreed said that during Thabet's tenure as CEO, the company has increased its annual net income from 202.3 million United Arab Emirates dirhams ($55.1 million) to 427.6 million dirhams, while revenue has grown by 28 percent to 1.45 billion dirhams. It has also entered the debt capital market, raising a maiden $500 million sukuk last year. He also negotiated the 40 percent investment into the company by French utilities giant Engie in 2017.

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Chairman Khaled Al Qubaisi said Thabet had been “instrumental in effectively positioning Tabreed in the UAE and across the GCC and driving its growth, making it one of the best-performing and most profitable companies in the sector”.

"He leaves a more agile and resilient company, well placed to win in this fast-changing, evolving industry."

Al Lamki joins Tabreed from Abu Dhabi renewable energy firm Masdar, where he was executive director of its Clean Energy directorate. He had worked for Masdar for over a decade, joining in February 2008 from ADMA-OPCO, a marine operating division of the Abu Dhabi National Oil Company. He has also previously worked for French oil major Total.

In the statement, Al Qubaisi said Al Lamki's “vast expertise makes him the ideal successor to steer the company during the next stage of its growth strategy and further drive its operating and financial performance”.

(Writing by Michael Fahy; Editing by Mily Chakrabarty)

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© ZAWYA 2019

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