Jordan District Energy formed in joint venture deal
Tabreed has set up Jordan District Energy PSC in a 50: 50 joint venture with Abdali Investment and Development PSC.
Tabreed has set up Jordan District Energy PSC in a 50: 50 joint venture with Abdali Investment and Development PSC. The new firm will introduce district cooling and heating services into Jordan and the Levant.
Sheikh Bafa'a Rafic Harari will chair the new firm, with Tabreed CEO Dany Safi taking the role of vice-chair. The firm will invest US $113 million (JD80 million) to develop district cooling and heating services for the Abdali project.
Jamal Itani, CEO of Abdali Investment and Development PSC commented in a statement: "We are introducing a whole new concept of urban development and environmentally-friendly technology that will serve end-users and greatly save development costs for our investors...the latest technology trends will enable us to meet international standards and these will give us the competitive edge in Jordan."
Safi added that the partnership "ensures Tabreed will have access to the multi-billion dollar Levant property market and one of Jordan's most prestigious real estate developments".
The deal sees district-cooling Tabreed expanding its portfolio to provide heating services.