Abu Dhabi-based Tabreed's stake in Saudi Arabian-arm reaches 28%
The Dubai Financial Market-listed firm acquired an additional 8% stake worth $34.4m (SAR129m) in Saudi Tabreed
Abu Dhabi-based and Dubai Financial Market-listed (DFM) district cooling developer, The National Central Cooling Company (Tabreed) has acquired an additional 8% stake worth $34.4m (SAR129m) in Saudi Tabreed — its district cooling investment arm in Saudi Arabia —, with the firm’s overall stake in the company totalling to 28%.
Saudi Tabreed is jointly held by Vision Invest — formerly ACWA Holding —, IDB Infrastructure Fund II of the kingdom’s sovereign wealth fund, Public Investment Fund (PIF), and other institutions.
In a stock market filing the company cited its chairman, Khaled Al Qubaisi, who said that Saudi Tabreed provides and operates 187,000 RT of cooling to projects in the kingdom. These projects include, Jabal Omar Development in Mecca, ARAMCO in Dahran, and King Abdullah Financial District.
Al Qubaisi added: “This acquisition underscores our commitment to supporting and fulfilling the current and future infrastructure needs of large scale developments throughout the Middle East.”
Saudi Tabreed works alongside the kingdom’s public sector under build-operate-own-transfer model to optimise energy consumption through district cooling.
Following the acquisition, Saudi Tabreed also revealed that the company has commissioned the district cooling plant at the King Khalid International Airport Phase 1 in Riyadh, with the plant’s total capacity being 20,000 RT that will serve Terminals 1 to 4.
Meanwhile, chief executive officer of Tabreed, Bader Al Lamki, said: “Tabreed is enabling businesses in the Kingdom of Saudi Arabia to enhance their energy efficiency, reduce costs, and meet their sustainability objectives by integrating advanced technology, operational excellence and the latest innovation in district cooling into its solutions.”