Additional stake in Saudi Tabreed amounts to $34.4mln
Dubai-listed National Central Cooling Company PJSC (Tabreed) has increased its stake in Saudi Arabia-based district cooling firm Saudi Tabreed to 28 percent from 20 percent.
Vision Invest (known as ACWA Holding previously) and IDB Infrastructure Fund II of the Public Investment Fund (PIF) of Saudi Arabia are among other investors in Saudi Tabreed.
“This acquisition underscores our commitment to supporting and fulfilling the current and future infrastructure needs of large scale developments throughout the Middle East and further cements our position as a leading international district cooling developer,” Khaled Al Qubaisi, Chairman of Tabreed, said in a statement on Dubai Financial Market (DFM).
“With the rapid growth and urbanisation of the largest market in the GCC, Tabreed’s acquisition of an additional stake in Saudi Tabreed amounting to SAR129 million will further enhance its ability to capitalise on new business opportunities,” Qubaisi added.
Saudi Tabreed currently provides and operates 187,000 Refrigeration Tonnes (RT) of cooling to projects including Jabal Omar Development in Mecca, Aramco in Dahran and King Abdullah Financial District.
The company commissioned a district cooling plant at the King Khalid International Airport Phase 1 in Riyadh with a total capacity of 20,000 RT serving terminals 1 to 4 on exclusive basis.
“The concession of 20K RT demonstrates our commitment to the Saudi market where, as published in the Global Market Insight, district cooling is set to exceed $1 billion by the next five years,” Bader Al Lamki, Chief Executive Officer of Tabreed said in the bourse filing.
Earlier in February this year, Tabreed’s former CEO told Zawya that the firm is focused on growing its presence in Saudi Arabia.
