Abu Dhabi’s Tabreed has bought a district cooling plant from International Capital Trading that provides cooling to ICT’s Nation Towers on the capital’s Corniche.
The plant will be owned by Prime District Cooling, a joint venture between Tabreed and ICT, in which Tabreed holds a 75 per sent stake.
The acquisition was primarily funded with a Dh80 million loan from FGB.
“The acquisition underscores our commitment to support and fulfil current and future infrastructure needs of large-scale developments,” said Jasim Thabet, the chief executive of Tabreed. “We look forward to working with ICT on this venture and growing our portfolio of customers that we support across the region.”
Tabreed delivers more than 1 million refrigeration tonnes to major residential, commercial, government and private projects.
The acquisition brings the company’s portfolio to 71 district cooling plants in the GCC, and adds more than 11,500 refrigeration tonnes of cooling to its existing capacity.
Tabreed provides district cooling services to all the developments on Abu Dhabi’s Al Maryah Island, which includes Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and facilities on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks such as Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks & Resorts, Pearl Island in Qatar and the Aramco Development Project in Al Dhahran in Saudi Arabia.
“Our partnership enhances our ability to provide high quality and efficient district cooling services to the guests, residents and businesses of Nation Towers,” said Hamad Al Shamsi, the chief executive of ICT.
Tabreed’s stock closed 1.6 per cent higher in Dubai at Dh1.9.
ascott@thenational.ae
Follow The National's Business section on Twitter
