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TAQA - PROFILE BY JASIM HUSAIN THABET, GROUP CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR
Jasim Husain Thabet serves as TAQA’s Group Chief Executive Officer and Managing Director, a role he has held since July 2020. Mr. Thabet, who was elected to TAQA’s Board of Directors in 2019, is an energy industry veteran with more than two decades of experience.
Prior to his role at TAQA, he served as CEO & MD of Abu Dhabi Power Corporation, where he leveraged the company’s portfolio of assets throughout the value-chain to support the transformation of the power and water sector in the UAE. He also served as CEO of the National Central Cooling Company PJSC (Tabreed), where he drove capacity expansion and revenue growth.
Mr. Thabet sits on the board of Abu Dhabi Chamber of Commerce and Industry, Etihad Aviation Group, Abu Dhabi Ports and Abu Dhabi Future Energy Company’s (Masdar).
He holds a Bachelor of Science in Mechanical Engineering from Saint Martin’s University in the United States.
"TAQA remains as one of the largest publicly listed companies in the UAE by market capitalization and a top-10 utility company in the Europe, Middle East and Africa region by regulated assets. We have created a robust platform for continued value-generation, as our strong business model and capital structure better positions us to pursue growth opportunities, while allowing investors to share in our predictable cash flows from regulated and long term contracted assets."
In our 17th year, we find ourselves operating at the center of the global energy transition, including the UAE’s own Net Zero by 2050 Strategic Initiative and the acceleration of the economic diversification and transformation of Abu Dhabi’s utilities sector.
TAQA is committed to becoming the recognized low carbon power and water champion in Abu Dhabi and beyond. TAQA has been in a state of constant motion, making important progress as a global power and water company. We have the scale, expertise and financial strength to execute our 2030 strategy for growth and support the UAE with its decarbonization objectives.
TAQA remains as one of the largest publicly listed companies in the UAE by market capitalization and a top-10 utility company in the Europe, Middle East and Africa region by regulated assets. We have created a robust platform for continued value-generation, as our strong business model and capital structure better positions us to pursue growth opportunities, while allowing investors to share in our predictable cash flows from regulated and long term contracted assets. Meanwhile, TAQA’s domestic growth strategy is closely linked with the UAE’s national strategies for energy and water supply, which anticipates growth in demand and increased deployment of new clean energy generation facilities and displacement of thermal water generation with high efficiency reverse osmosis technology.
We also recognize an opportunity to deploy TAQA’s expertise and capital to selectively pursue growth internationally in markets that we understand well and can drive valuecreation, while rewarding our shareholders with a sustainable dividend policy. But the success of any business depends on the strength of its people.
TAQA’s multinational workforce is made up of an impressive and diverse group of talented and dedicated specialists at all levels. We remain committed to attracting leaders in our field and to providing training, development and growth opportunities that build rewarding, long-term careers.
At TAQA, we are proud to operate in highly regulated environments, and we embrace the responsibility to deliver on our purpose, vision and mission. Our work keeps the lights on, the taps running and the economy thriving. As our ambitious strategy sets an exciting path forward, we look forward to continuing our journey together towards a bright, sustainable future.
"Given our experience, we are focused on opportunities in the MENA region where we understand the culture and have strong commercial and government relationships. However, our deep experience in developing low cost solar and driving efficiencies from our existing markets puts us in a strong position to bring this knowledge to other markets where there are opportunities to add value."
In the UAE, new capacity will come from a balance of clean energy technologies such as more efficient gas-fired power plants and renewables contributing to reduced emissions. We will also increase renewables in our portfolio – in particular solar photovoltaic (PV) technology – to more than 30% by 2030, up from 5%.
On the water desalination front, we will retire 50% of existing plants, focusing instead on highly efficient reverse osmosis (RO) technology. We will also increase our RO capabilities to more than two-thirds of our capacity by 2030, with 205 MIGD already under construction.
Our Generation business ambitions will be achieved through a combination of organic growth, consolidation and selective acquisitions. This will be supported by the recruitment and expansion of our in-house expertise focusing on development and operational and maintenance (O&M) capabilities.
In our Transmission and Distribution business, we will continue to execute substantial UAE-based infrastructure and networks growth projects and invest AED 40 billion to grow our regulated asset base by 2030. We will further strengthen the position of our operating company, Abu Dhabi Energy Services (ADES), and grow new services in demand-side management, enabling public and private entities to realize their energy savings ambitions.
Given our experience, we are focused on opportunities in the MENA region where we understand the culture and have strong commercial and government relationships. However, our deep experience in developing low cost solar and driving efficiencies from our existing markets puts us in a strong position to bring this knowledge to other markets where there are opportunities to add value.
We seek investment in projects that align with our strategy and have the potential to meet higher efficiency standards – or already do – and are well-positioned to add value for our stakeholders. TAQA will pursue green opportunities for which investors have a strong appetite. Our experience and scale enable us to pursue opportunities for development and operations of such projects.
TAQA represents a unique investment proposition in the utility sector. The company offers the stability of strategic government ownership, scale and leadership in our key market, stable and predictable cash generation from long-term contracts and regulated network assets and high potential for future growth through exclusivity rights in Abu Dhabi.
As one of the largest publicly listed companies in the UAE and an issuer of credit, the company is committed to international best practice in regulatory disclosure. TAQA has a well-developed investor relations function that facilitates information flow and engagement with the global financial community.
"TAQA represents a unique investment proposition in the utility sector. The company offers the stability of strategic government ownership, scale and leadership in our key market, stable and predictable cash generation from long-term contracts and regulated network assets and high potential for future growth through exclusivity rights in Abu Dhabi."
About TAQA
Listed on the Abu Dhabi Securities Exchange (ADX), TAQA is an international energy and water company operating in 11 countries across four continents.
For more information, visit: taqa.com
