Tabreed names Khalid Al Marzouqi as its new chief executive

Company's new leader joins from Dolphin Energy, where he was chief operating officer of the downstream division

Tabreed on Monday appointed Khalid Al Marzouqi as its new chief executive. Jumana El Heloueh / Reuters
Tabreed on Monday appointed Khalid Al Marzouqi as its new chief executive. Jumana El Heloueh / Reuters

The National Central Cooling Company, also known as Tabreed, appointed Khalid Al Marzouqi as its new chief executive.

Mr Al Marzouqi joins Tabreed from Dolphin Energy where he worked as chief operating officer of its downstream division, according to a statement from the company on Monday. He has more than 25 years of experience in the energy industry and holds qualifications in chemical engineering and petroleum engineering.

“Khalid Al Marzouqi joins Tabreed at the beginning of an exciting new chapter for the company and brings with him a wealth of experience in the energy sector, where he has worked at the most senior levels,” Khaled Al Qubaisi, chairman of Tabreed, said.

Tabreed, in which French utility Engie and Mubadala Investment Company own significant stakes, currently operates 86 district cooling plants, delivering more than 1.4 million refrigeration tonnes of cooling to districts in the UAE and across the GCC.

Earlier this month, Tabreed, reported a 4 per cent increase in net profit for the first quarter of 2021 to Dh85.5 million ($23.2m), as sales were boosted by recent additions to its portfolio.

“Khalid’s considerable expertise will help drive us towards achieving ever more impressive results," Mr Al Qubaisi said.

Prior to joining Dolphin Energy – a joint venture between Abu Dhabi's Mubadala Investment Company and US-based Occidental Petroleum – Mr Al Marzouqi occupied senior roles at Abu Dhabi Water and Electricity Authority and the emirate's Department of Transport.

Mr Al Marzouqi is replacing Bader Al Lamki, who had been chief executive of the company for two years.

"The board sincerely thanks Bader Al Lamki for his steadfast belief in this company and his unwavering commitment meant that his time here was impactful for all the right reasons. Tabreed is bigger and more profitable than ever, delivering a 24 per cent increase in consolidated connected capacity, ensuring a 20 per cent increase in revenues," Mr Al Qubaisi said.

He also highlighted Mr Al Lamki's "pivotal" role in the company's Dh2.48 billion acquisition of an 80 per cent stake in the Downtown Dubai district cooling network from Emaar Properties in April last year. Tabreed also bought two district cooling plants on Saadiyat Island in Abu Dhabi for Dh963m from Aldar Properties in December.

The company is now targeting growth in countries with high-density populations such as Egypt, India and Saudi Arabia.

Published: May 17, 2021 05:27 PM

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