In a recent press release dated August 8, 2024, National Central Cooling Company PJSC, commonly known as Tabreed, has unveiled substantial changes in its Board of Directors. These changes come as part of a Circular Resolution passed by the Board under Article 36 of the Disclosure and Transparency Regulations.
The company has confirmed the resignation of Mr. Khaled Al Qubaisi from his roles as Chairman and Board member. Mr. Al Qubaisi has been a significant figure in Tabreed, contributing to its growth and strategic direction. His departure marks the end of an era for the company.
In his place, Sheikh Mansoor Mohamed Al Hamed has been appointed as a new Board member. Sheikh Mansoor brings a wealth of experience and fresh perspectives to the company. His appointment is expected to bolster Tabreed's strategic initiatives and drive further growth.
Additionally, the Board has appointed Dr. Bakheet Al Katheeri as the new Chairman. Dr. Al Katheeri's extensive experience in the energy sector and his leadership skills are anticipated to guide Tabreed through its next phase of development.
These board changes are significant for Tabreed, a company that has been at the forefront of providing energy-efficient, cost-effective, and environmentally-friendly district cooling solutions in the GCC since its inception in 1998. With a market capitalization of AED 9.93 billion, Tabreed's cooling systems are a critical component of the region's infrastructure, serving major government, commercial, and residential projects.
While these changes bring new leadership to the company, the impact on its strategic direction and operational efficiency remains to be seen. Investors and stakeholders will be closely monitoring how the new Board members influence Tabreed's future endeavors.
Given the current circumstances and the potential for both opportunities and uncertainties, it is advisable for investors to hold their position in Tabreed. The new leadership may bring innovative strategies and growth, but it is prudent to observe their impact on the company's performance before making any significant investment decisions.
