Tabreed plans to set up JVs in Saudi Arabia and Qatar

ABU DHABI - The National Central Cooling Company (Tabreed) which is firming up with partners in countries in the region is planning to set up two joint ventures in Qatar and Saudi Arabia.

By A Staff Reporter

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Published: Thu 23 Oct 2003, 12:32 PM

Last updated: Wed 1 Apr 2015, 9:44 PM

In Qatar, a 49:51 venture, Tabreed Qatar, is being set up in partnership with local investors while in Saudi Arabia, it is teaming up with several large institutions.

Opportunities are also being sought in Kuwait, Bahrain and some other countries.

On it homeground, Tabreed is currently is engaged in 21 district cooling schemes which are in various stages of implementation with 174,000 tonnes of contracted cooling capacity. Eight cooling plants are in operation, seven under construction and six in the design stage.

The integration process of the company's overall operations is also ongoing. After setting up a Dh20 million joint venture, the Emirates Pre-insulated Pipes Industry (EPPI), in partnership with Saudi investors in the Mussafah industrial area last year, Tabreed more recently set up another in Dubai-a 60:40 joint venture, Balticare Gulf, with the US Baltimore Inc., to handle the operations and maintenance of water treatment processes.

Tabreed has also acquired 60 per cent stakes in 121, a Dubai-based venture specialising in airconditioning systems.

"We are looking at acquiring more businesses and companies related to Tabreed's core area of operations and the process of integration could also lead to Tabreed buying pipeline manufacturing units and water treatment technology ventures," said the UOG News publication quoting Dany Safi, Managing Director of Tabreed.

The establishment of operations in a number of locations in the UAE and the plans for expansion have led to a change in Tabreed's articles of association to allow injection of more capital. It has become the third listed company in the country to effect changes to allow non-UAE nationals and institutions to own up to 49 per cent of its shares, the other two being Emaar Properties and Oasis International Leasing Company (Al Waha), the latter also a venture of the UOG.

Single owners can own a maximum of 20 per cent of the company's shares.

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