The National Central Cooling Company, better known as Tabreed, has signed a Dh306.4 million ($83.43m) agreement with developer Egyptians for Healthcare Services (EHCS) to provide district energy services to CapitalMed, its new healthcare city project.
The move is part of the company’s plans to expand its presence in Egypt, Tabreed said in a filing on Wednesday to the Dubai Financial Market, where its shares are traded.
Under the long-term concession agreement, Tabreed will fund, construct and operate a bespoke district energy plant to meet the cooling and heating demands for CapitalMed, with 19,500 refrigeration tonnes (RT) of cooling required for the first phase and a concession of between 28,000 RT and 30,000 RT for the entire development.
“Commencing operations in Egypt [in February] was an important strategic move that is part of our long-term plans for sustainable growth beyond our traditional geographic borders,” said Tabreed chief executive Khalid Al Marzooqi.
“We look forward to a very long and fruitful presence in Egypt as we bring our unrivalled expertise to such an exciting, dynamic and promising market. EHCS and Tabreed will work extremely well together, sharing common goals of maximum efficiency.”
Earlier this year, Tabreed collaborated with the Egyptian Company for Energy and Cooling projects and Marakez for Real Estate Investment Company to provide district cooling services to the new District Five Mall in east Cairo.
As part of its regional expansion, Tabreed also plans to enter new markets in North Africa and Kuwait, it said in June.
The company owns and operates 86 district cooling plants across the GCC, including 75 in the UAE, three in Saudi Arabia, seven in Oman and one in Bahrain, in addition to other international projects and operations.
“The assets to be developed in Egypt are an important, strategic step for Tabreed and its regional expansion plans. We do not expect this transaction will materially impact Tabreed’s existing operations or the rights of its shareholders,” the company said in the bourse filing.
EHCS and Tabreed will work extremely well together, sharing common goals of maximum efficiency
Khalid Al Marzooqi,
chief executive of Tabreed
CapitalMed will be constructed over four phases. In the initial phase, 7,500 RT of capacity will be installed, 12 megawatts of space heating will be provided by hot water boilers and associated energy services will be supplied to all buildings, providing a full, end-to-end long-term solution, the bourse filing said.
The complex will include 700 ICUs, 70 operating rooms and more than 15,000 multidisciplinary health care providers offering about 100 specialities.
The healthcare city will also include a University Hospital Centre, a doctors’ plaza, a simulation centre and virtual hospital, the filing said.
It will also have institutes specialising in precision medicine, transplants, rehabilitation, cosmetics and wellness, trauma and emergency, as well as those focused on the research and development of advanced health and medicine.
Once completed, CapitalMed will be a smart medical city, hosting patients from across the Middle East, Africa and the rest of the world, the filing said.
“We have ensured that every aspect of this … project is future-proof, with efficiency and sustainability at its core,” said EHCS chairman and managing director Hassan El Kalla.
“Tabreed’s experience and expertise in district energy is renowned the world over, and we are thrilled to have a company of its stature providing us with reliable and technologically advanced services.”
Hotel Data Cloud profile
Date started: June 2016
Founders: Gregor Amon and Kevin Czok
Based: Dubai
Sector: Travel Tech
Size: 10 employees
Funding: $350,000 (Dh1.3 million)
Investors: five angel investors (undisclosed except for Amar Shubar)
Origin
Dan Brown
Doubleday
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The bio
Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Racecard
6.35pm: The Madjani Stakes – Group 2 (PA) Dh97,500 (Dirt) 1,900m
7.10pm: Evidenza – Handicap (TB) Dh87,500 (D) 1,200m
7.45pm: The Longines Conquest – Maiden (TB) Dh82,500 (D) 2,000m
8.20: The Longines Elegant – Conditions (TB) Dh82,500 (D)
8.35pm: The Dubai Creek Mile – Listed (TB) Dh132,500 (D) 1,600m
9.30pm: Mirdif Stakes – Conditions (TB) Dh120,000 (D) 1,400m
10.05pm: The Longines Record – Handicap (TB) Dh87,500 (D) 1,900m
MATCH INFO
Crawley Town 3 (Tsaroulla 50', Nadesan 53', Tunnicliffe 70')
Leeds United 0
Unresolved crisis
Russia and Ukraine have been locked in a bitter conflict since 2014, when Ukraine’s Kremlin-friendly president was ousted, Moscow annexed Crimea and then backed a separatist insurgency in the east.
Fighting between the Russia-backed rebels and Ukrainian forces has killed more than 14,000 people. In 2015, France and Germany helped broker a peace deal, known as the Minsk agreements, that ended large-scale hostilities but failed to bring a political settlement of the conflict.
The Kremlin has repeatedly accused Kiev of sabotaging the deal, and Ukrainian officials in recent weeks said that implementing it in full would hurt Ukraine.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
MATCH DETAILS
Juventus 2 (Bonucci 36, Ronaldo 90 6)
Genoa 1 (Kouame 40)
