The National Central Cooling Company, better known as Tabreed, has been confirmed as the preferred bidder for a long-term district cooling concession at the Hyderabad Pharma City master plan in India.
Hyderabad Pharma City is being developed as one of the world’s largest integrated clusters for the pharmaceutical industry.
Phase one will feature the construction of 2,500 refrigeration tonnes (RT) of district cooling capacity at an estimated cost of Dh36.2 million ($9.9 million), Tabreed said on Monday in a filing to the Dubai Financial Market, where its shares are traded.
The project will be expanded in phases as cooling demand rises, and is expected to reach a total concession load of 125,000 RT.
Tabreed was selected as the preferred bidder by the Telangana State Industrial Infrastructure Corporation, with an obligation to execute a concession agreement.
The UAE company will provide chilled water services to the development in Hyderabad, in the south-central Indian state of Telangana.
“Assets to be developed will support Tabreed’s growth plans in India. We do not expect this transaction will materially impact Tabreed’s existing operations or the rights of its shareholders,” the company said.
Assets to be developed will support Tabreed’s growth plans in India.
Tabreed
Hyderabad Pharma City is one of world's largest integrated clusters for pharmaceutical research and development and manufacturing, according to its website.
Located about 25km from Hyderabad International Airport, the project is a platform for companies in the life sciences sector.
It is expected to attract investments worth $9.7 billion and create 560,000 jobs, according to the website.
Tabreed's selection as the preferred bidder on the Indian project comes at a time when it is expanding globally.
The company said in May it was investing Dh44.34 million in an information technology park in north India.
“As the world’s most populous country and one of the fastest-growing economies, India will be a key strategic market and important partner for Tabreed as we expand our international presence,” chairman Khaled Al Qubaisi said at the time.
“We expect to see large-scale adoption of district cooling in India as demand for real estate and cooling grows at a rapid pace.”
Tabreed is optimistic about growth in India and is looking at acquisitions and greenfield projects to expand in Asia’s third-largest economy.
In 2021, the company formed a holding company with the World Bank’s International Finance Corporation to invest up to $400 million over the next five years for the purpose of its expansion in India.
Cooling demand across India is projected to rise at a rate of 15 per cent to 20 per cent annually while aggregated cooling demand will expand by about eight times from 2037 to 2038, as compared to the 2017-2018 baseline, the World Bank said in a report last year, citing the India Cooling Action Plan.
Founded in 1998, Tabreed 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.
Tabreed said that the first phase of the Hyderabad Pharma City project would have a funding mix of 75 per cent local financing and 25 per cent equity funding, paid in line with construction milestones.
“Additional investment will be required to fund construction of additional cooling infrastructure in line with project requirements as needed to meet demands,” it said in the filing on Monday.
The deal is set to close in the fourth quarter of 2023, with construction work expected to start “as soon as possible”, Tabreed said.
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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The specs
Engine 60kwh FWD
Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power 204hp Torque 360Nm
Price, base / as tested Dh174,500
ESSENTIALS
The flights
Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
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Racecard
6pm: The Pointe - Conditions (TB) Dh82,500 (Turf) 1,400m
6.35pm: Palm West Beach - Maiden (TB) Dh82,500 (T) 1,800m
7.10pm: The View at the Palm - Handicap (TB) Dh85,000 (Dirt) 1,400m
7.45pm: Nakeel Graduate Stakes - Conditions (TB) Dh100,000 (T) 1,600m
8.20pm: Club Vista Mare - Handicap (TB) Dh95,000 (D) 1,900m
8.55pm: The Palm Fountain - Handicap (TB) Dh95,000 (D) 1,200m
9.30pm: The Palm Tower - Handicap (TB) Dh87,500 (T) 1,600m
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
