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Tabreed looking at new partnerships, acquisitions

District cooling company Tabreed will be looking at new partnerships after a recent tie-up with French energy company Engie , Jasim Husain Thabet, the CEO of Tabreed said

Engie acquired a 40% stake in National Central Cooling Company (Tabreed). [representational image]
Engie acquired a 40% stake in National Central Cooling Company (Tabreed). [representational image]

District cooling company Tabreed will be looking at new partnerships after a recent tie-up with French energy company Engie , Jasim Husain Thabet, the CEO of Tabreed said.

Thabet said: “With Engie on board, we are truly moving in the direction of being a regional international player. Having a strong energy company as a shareholder fits our appetite for growth. Our focus will continue to be on the GCC but I see us seriously exploring markets outside the GCC and closing on those if they make sense for us.”

According to Gulf News, Thabet also said joining hands with Engie will be positive for the company financially as the French firm has operations in more than seventy countries and is a key player in district cooling and heating in Europe.

Earlier this year, Engie acquired a 40% stake in National Central Cooling Company (Tabreed) from Mubadala Investment Company. 

Thabet claimed that he was optimistic about the growth of the company in the GCC, where it owns and operates more than 72 plants, including some in Saudi Arabia, Oman and Bahrain.

Thabet added that the company is always looking at acquisition opportunities in the UAE and outside. 

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Construction Week - Issue 746
Jul 20, 2019