National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based international cooling provider, announced today that the Board of Directors has appointed Bader Saeed Al Lamki as the Company’s new Chief Executive Officer, effective 21st April, 2019.
Khaled Al Qubaisi, Chairman of Tabreed, commented, “I am very pleased to welcome Bader Al Lamki to Tabreed. His 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. His considerable industry knowledge will be invaluable to us as we continue our expansion and seek to further efficiency gains and achieve our full growth potential.”
Mr. Al Lamki joins from Masdar, where he was the Executive Director of the Clean Energy Directorate. In this role, Bader played an instrumental role in building the company’s renewable energy portfolio across 25 countries, leading on a number of its most iconic projects. He was responsible for steering the business growth activities including bidding, acquisition and green field development. He was also responsible for maximizing value from Masdar’s utility-scale renewable energy portfolio globally through effective Asset and operation Management.
Bader Al Lamki joined Masdar in February 2008 from ADMA-OPCO after successfully leading a strategic development initiative to support increasing the oil production of the company to nearly 1 million barrels per day. Earlier in his career, Mr. Al Lamki also worked with the leading French energy operator Total, advising on oil and gas project development across the Africa continent.
Mr. Al Lamki succeeds Jasim Husain Thabet, who joined as the first Emirati CEO of Tabreed in August 2012 and during his six-year tenure, the Company’s annual net income grew from approximately AED 202.3 million to AED 427.6 million. Under his leadership, Tabreed successfully pioneered a new model of sustainable growth, delivering approximately 50% growth in consolidated connected capacity and 28% growth in revenues. This outstanding performance facilitated the investment grade credit ratings from Moody’s and Fitch of Baa3 and BBB respectively and the successful re-entry to the public debt capital markets through the issue of a US$ 500 million (AED 1.8 billion) 7 year unsecured sukuk. Jasim has played a major role in the strategic acquisition by ENGIE of 40% of Tabreed and most recently, he led Tabreed’s first foray outside of the GCC market with the signing a 30-year concession for a contracted cooling capacity of 20,000 RT in Amaravati, India.
Khaled Al Qubaisi commented “The Board is grateful to Jasim for his commitment, strong leadership and many years of service to Tabreed. He has 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. I’d like to thank him both personally and on behalf of the Board, for his contributions to Tabreed.”