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Wed 8 Aug 2012 06:22 PM

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Abu Dhabi's Tabreed announces new CEO

First Emirati CEO Jasim Thabet picked; former CEO Sujit Parhar remains as advisor

Abu Dhabi's Tabreed announces new CEO
Sujit Parhar will assume the role of advisor to Tabreed.

National Central Cooling Company, the Abu Dhabi-based district cooling utility company, on Wednesday announced the appointment of Jasim Thabet as its new CEO.

Sujit Parhar will assume the role of advisor to the company, also known as Tabreed, in recognition of his "ongoing value to the business", a statement said.

Thabet, the first Emirati CEO of Tabreed, joins from Mubadala Development Company, where he was vice-president in Mubadala Industry, with responsibility for managing several utility assets.

He will take on the new role with Tabreed with immediate effect, the statement added.

Waleed Al Mokarrab Al Muhairi, Tabreed’s chairman, said: “The board is grateful to Sujit for his commitment, strong leadership and achievements over the years. 

"He has been instrumental in transforming Tabreed into a healthy and stable organization. We are pleased that he will remain with Tabreed in a new capacity, and will continue to contribute to the success of the company.”

He added: “We are also excited to have such a highly capable incoming CEO in Jasim, who has worked with Tabreed over the years and brings to the position a strong knowledge of the utilities industry. We believe his energy and expertise will be vital in leading the company through its next phase of growth."

Tabreed said in May that its first-quarter profit rose 15 percent as it expanded the chilled water business and cut operating costs.

Net income advanced to AED36.8m ($10m) from AED31.9m a year earlier.

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