UAE’s Tabreed acquires additional stake in district cooling scheme

UAE-based central cooling company, Tabreed has secured 50% additional stake in the exclusive 80,000 refrigeration ton direct cooling project that supplies to the Al Maryah Island in Abu Dhabi.

According to a statement by Tabreed, the deal is projected to include prominent hospitality, retail, entertainment, commercial, and residential developments in Al Maryah Island.

Notably, the acquisition is from the JV partner- Mubadala Infrastructure Partners, giving Tabreed 100% ownership. Tabreed will continue to operate the AI Maryah project under a 30-year exclusive approval rewarded in the year 2014 by Al Sowwah Square Properties- a wholly-owned subsidiary of Mubadala Investment.

Tabreed continues to meet its growth ambitions in integral markets. The latest transaction marks the fourth-largest purchase for Tabreed in less than two years, after securing an 80% share in Emaar’s Downtown Dubai network along with purchasing the Saadiyat Island plant of Aldar and the Masdar City district cooling facility in Abu Dhabi.   

Commenting on the achievements, Khalid Abdullah Al Marzooqi, CEO, Tabreed, mentioned that the technical and operations team of the company have pioneered many updated technologies that have considerably helped in increasing the overall reliability and efficiency along with reducing the total carbon emissions for UAE, further outlining that district cooling will continue to be an integral part of UAE’s energy strategy and for the emerging nations across the globe.

As per reliable sources, Tabreed owns and operates nearly 84 plants across the GCC, including 75 units in UAE, five in Oman, three in Saudi Arabia, and one in Bahrain. The latest acquisition will help the firm expand its reach to offer superior-quality district cooling solutions to the region’s notable development areas.

In addition to above, the Abu Dhabi based company also offers essential cooling services to iconic infrastructures like Sheikh Zayed Grand Mosque, The Dubai Fountain, Louvre Abu Dhabi, Burj Khalifa, Dubai Metro, Dubai Opera, and Bahrain Financial Harbour.

Source Credit: https://www.khaleejtimes.com/business/local/tabreed-acquires-100-stake-in-district-cooling-scheme-at-al-maryah-island