Saudi Tabreed launched to benefit from the US$35 billion construction market
Tabreed, the Middle East’s award-winning district cooling pioneer has joined hands with Saudi Arabia’s A. Abunayyan Group subsidiary AQWA Power, and RUSD Bank to launch Saudi Tabreed a new district cooling company specialising in the Kingdom’s requirements.
Saudi Tabreed is a private joint stock company and marks the fourth venture of UAE-based Tabreed into the GCC market.
“The Saudi market is of great importance to us because it is by far the biggest construction market in the whole region with investment from both the public and private sectors,” said Dany Safi, CEO, Tabreed.
“Office complexes, hotel developments, shopping centres, educational campuses and new hospitals are all coming off drawing boards with intense regularity – making this a construction market, said by analysts to be currently worth some US$35 billion. Tabreed is a world leader in district cooling and its entry into the Kingdom will further consolidate this position.
“The launch of Saudi Tabreed now sees our company represented in almost every state within the GCC. WE are truly a regional company and one with great ambitions within the Middle East and beyond.”
Saudi Tabreed will be headquartered in Al Khobar, the industrial city which serves the greater Dammam metropolitan district.
“Saudi Tabreed will specialise in delivering district cooling systems by providing chilled water for air-conditioning use to real estate projects, commercial malls, office and industrial complexes as well as education and medical campuses,” explained Safi.
“Increasingly developers around the region are looking for cost-efficient cooling alternatives and this is where Saudi Tabreed can come into its own. District cooling is already an established, proven and rapidly developing technology in the US and Europe and is increasingly being taken up throughout the Gulf.
“In establishing Saudi Tabreed we have opted for a high calibre of partners – partners we now believe in, and can live up to Tabreed’s reputation for quality, consistency and technological advancement. Together with our partners we are confident of gaining a significant share in the Kingdom’s cooling market.”
- Saudi Tabreed Achieves Financial Closure of SAR 1.84 Billion Project to Provide District Cooling to Saudi Aramco
- Tabreed partner in Qatar signs two deals
- Tabreed’s net profit soars 62% thanks to booming construction activity
- Saudi investor purchases 12 percent stake in UAE’s Tabreed
- Tabreed to start operations in Bahrain