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.”
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
