Abu Dhabi: Jasim Thabet, former CEO of Tabreed, has been appointed as chief executive officer and managing director of the newly formed Abu Dhabi Power Corporation (AD Power), an active investment manager in the water and electricity sector.
“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,” Saif Mohammad Al Hajeri, Chairman of AD Power, said in a statement on Sunday.
Thabet joins from National Central Cooling Company (Tabreed). At Tabreed, he played an important role in 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, and led Tabreed to investment-grade credit ratings from Moody’s and Fitch.
Prior to working at Tabreed, Thabet 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, 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. He also worked with Adnoc Offshore, one of the region’s leading oil producers.
Abu Dhabi Power Corporation’s 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) and Al Mirfa Power Company (AMPC).
