Tabreed acquires 100% stake in district cooling scheme at Al Maryah island
Tabreed will continue to operate the Al Maryah scheme under a 30-year exclusive concession granted in 2014 by Al Sowwah Square Properties
National Central Cooling Company, popularly known as Tabreed, on Sunday said it acquired 50 per cent additional stake in the exclusive 80,000 refrigeration ton district cooling scheme supplying Al Maryah Island in Abu Dhabi.
In a statement, the Dubai Financial Market-listed company said the acquisition includes major entertainment, hospitality, retail, commercial and residential developments of the Al Maryah Island.
The acquisition is from joint venture partner, Mubadala Infrastructure Partners (MIP), bringing Tabreed’s ownership to 100 per cent. Tabreed will continue to operate the Al Maryah scheme under a 30-year exclusive concession granted in 2014 by Al Sowwah Square Properties, a wholly owned subsidiary of Mubadala Investment Company.
Next phase of growth
Khalid Abdullah Al Marzooqi, chief executive of Tabreed, highlighted what the acquisition means for the next phase of growth at the company.:
“Since the start of our operations at Al Maryah island’s district cooling scheme in 2014, with the collaboration of our partners MIP, we have developed the scheme into an industry-leading model of efficiency and reliability, and we view our recent move to acquire the entire operation as the next logical step for our growth plans in Abu Dhabi,” he said.
Tabreed continues to deliver on its growth ambitions in key markets. The deal is the fourth major acquisition for Tabreed in less than two years, following the securing of an 80 per cent stake in Emaar’s Downtown Dubai network and acquiring Aldar’s Saadiyat Island plant and the Masdar City district cooling scheme in Abu Dhabi.
“I am particularly proud of our operations and technical teams, who have pioneered many of the latest technologies and operational philosophies at the Al Maryah scheme and across all of our plants in the region,” Al Marzooqi said.
“They have significantly increased overall efficiency and reliability while reducing total carbon emissions for the UAE, further highlighting that district cooling continues to be a key component of the UAE’s energy strategy and for developing nations in the region and internationally,” he added.
Tabreed owns and operates 84 plants in its portfolio across the GCC, including 75 in the UAE, three in Saudi Arabia, five in Oman and one in Bahrain. Latest acquisition sees the company extend its reach in supplying high-quality district cooling services to the region’s most notable developments.
Al Maryah Island has become the leading business district of Abu Dhabi, home to Abu Dhabi Global Market, Cleveland Clinic Abu Dhabi, The Galleria Mall, Rosewood Abu Dhabi and the Four Seasons Hotel.
Tabreed also provides essential cooling to iconic developments such as the Burj Khalifa, Sheikh Zayed Grand Mosque, Louvre Abu Dhabi, The Dubai Fountain, Dubai Opera, Dubai Metro and Bahrain Financial Harbour.
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