Tabreed reports Dh1.5 billion deals signed in 2001
The UAE National Central Cooling Company (Tabreed) recently announced it has signed a 20-year contract with the Al-Ain municipality to supply chilled water to the new vegetable and fish market when it opens in 2003, from Tabreed’s existing scheme in Al-Ain.
The central cooling company struck contracts totaling 1.5 billion Emirati dirhams ($408 million) in 2001, reported Al-Ittihad, providing energy efficient gas-fired and electric-powered district cooling systems to various governmental and commercial projects in the UAE.
Tabreed's ongoing projects include the installation of refrigerating stations in the Abu Dhabi, Ras Al-Khaimah and Dubai industrial zones, as well as in Zayed Military City, a project carried out by Tabreed for the UAE Armed Forces under a 20-year agreement.
Completed air-conditioning projects include the Al-Manar Shopping Mall in Ras Al-Khaimah and a district cooling plant at the Al-Jimi Shopping Mall in Al-Ain. Tabreed is currently building two new plants in Dubai, on the Shaikh Zayed road and on the Sharjah Buhaira.
Formally registered as National Central Cooling Company (PJSC), Tabreed is the first district cooling service provider in the Middle East region. Established in 1998 through the efforts of the UAE Offsets Group, Tabreed was incorporated as a joint-stock company in 1998 and listed on the Dubai financial market.
The company’s share capital of Dh500 million ($136 million) was subscribed 45 percent by founder shareholders, which include 247 institutional and private investors, while the remainder was offered to UAE nationals through an initial public offering (IPO).
Tabreed reported overall net profits of Dhs 3.1 million for the fiscal year ended 31 December 2000. Dhs 463,000 was generated as core business operating income, representing 500 tons of supplied chilled water. — (menareport.com)
© 2001 Mena Report (www.menareport.com)