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
© Press Release 2019