Tabreed Acquires 50 Percent of Reem Island District Cooling Plant From Aldar

Press release
Published March 13th, 2018 - 07:14 GMT
Jasim Husain Thabet, Tabreed’s CEO
Jasim Husain Thabet, Tabreed’s CEO

National Central Cooling Company PJSC (‘Tabreed’), the leading UAE-based district cooling utility company, today announced the acquisition from Aldar Properties PJSC (‘Aldar’) of 50% of the shares in S&T Cool District Cooling Company LLC (‘S&T’), a major district cooling provider on Reem Island in Abu Dhabi. Tabreed will own 100% of the company following completion of the transaction, subject to relevant regulatory approvals.

S&T’s district cooling plant on Reem Island has a connected capacity of over 31,500 refrigeration tons (RT) and provides cooling to prominent landmarks on Reem Island’s skyline such as Sun & Sky Towers, Gate Towers, The Arc and Shams Boutik mall. The transaction values S&T at AED 348m.

This acquisition is consistent with Tabreed’s strategy of acquiring additional district cooling assets to add to its existing portfolio in the region. The Reem Island plant is the 6th plant in Tabreed’s portfolio providing district cooling to Aldar developments.

Jasim Husain Thabet, Tabreed’s CEO, said: “Tabreed is delighted to have completed this acquisition, especially as it serves a key Abu Dhabi growth area. The plant currently has over 31,500 RT of contracted capacity and we expect this to grow as new real estate developments in the area come online. This is also another milestone in our district cooling relationship with Aldar, the leading real estate developer in Abu Dhabi. The acquisition underscores our commitment to support and fulfill current and future infrastructure needs of large scale developments.”

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions that support the region’s energy sustainability. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia. Within the portfolio, 6 plants serve Aldar developments at Yas Island, Raha Beach, Raha Gardens, Abu Dhabi World Trade Centre, Al Jimi Mall and Reem Island.

Background Information

National Central Cooling Company (Tabreed)

From commissioning its first district cooling plant in Sweihan, Abu Dhabi in 1999 to 73 plants today across the GCC, Tabreed has defined the region’s cooling excellence standards with an unwavering commitment to quality, safety, and efficiency.

Built on a successful track record acquired over the last 20 years, our partners trust us to deliver innovative and reliable solutions that meet their cost and operational efficiency goals as well as drive energy efficiency and sustainability.

As a UAE-based regional utility leader, Tabreed offers stable financials returns and shareholder value as a publicly listed company on the Dubai Financial Market.

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Samar Abdulhadi
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