Tabreed, the Middle East’s district cooling pioneer, has named Khadem Abdulla Al Qubaisi, as the new Chairman during its Annual General Meeting (AGM) held last Wednesday. During the meeting, Tabreed has approved a proposal to distribute bonus shares worth Dhs79.38 million, accounting for seven per cent of the capital, against the company’s results for 2007.
Al Qubaisi is the Managing Director of IPIC (International Petroleum Investment Company.
Meanwhile, Waleed Al Mokarrab, Chief Operating Officer of Mubadala Investment Company will now serve as the Vice-Chairman of the board while the new board members are:
• Ibrahim Ahmed Al Ansari, Board Member and General Manager, Dolphin Energy – UAE.
• Khalifa Mohamed Al Mazrouei, Board Member and Chairman of Abu Dhabi Airports Company (ADAC)
• Abdul Raouf Al Bitar, Board Member
• Abdulla Abdul Reda Khouri, Board Member and Director of Government Affairs, Abu Dhabi Executive Affairs Authority
• Ali Saeed Al Badi, Board Member and Director of Management Support Department at ADNOC
• Khaled Al Qubaisi, Chief Investment Officer – International Capital Trading
• Dany Safi, Board Member and Chief Executive Officer, Tabreed
For 2007, Tabreed has posted an increase of 26 per cent in earnings from continuing operations as compared to 2006. The company’s 2007 revenues increased to AED 549 million, a 17 per cent up over 2006.
Tabreed is a UAE public joint stock company established in June 1998 and is now the world’s largest district cooling company. It provides district cooling services throughout the GCC and Levant region with offices in Dubai, Abu Dhabi, Ras Al Khaimah, Doha, Manama, Al Khobar, Muscat and Amman.
The company has been growing at a very rapid pace and recently won two gold awards by the International District Energy Association (IDEA) in the USA for new customers by the number of buildings it serves and by the associated cooling load for 2006 in a repeat of its 2004 performance. Earlier in January 2007, Dany Safi – the company’s CEO bagged IDEA’s Global Pioneer award and Tabreed scooped its Global Partner honour.
Tabreed pioneers energy efficient gas-fired and electric-powered district cooling solutions in the UAE and across the region. The company offers customers the highest quality service through an integrated energy system devised to help them optimize their energy usage and reduce power and maintenance costs. Tabreed is a member of the International District Energy Association (IDEA), Association of Energy Engineers (AEE), International Association for Energy Economics (IAEE), International Institute of Refrigeration (IIR), American Gas Cooling Centre, Inc. (AGCC) and the Dubai Quality Group.
