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22 December 2019
HALAL ECONOMY

UAE-based Tabreed increases its stake in Saudi Tabreed

Saudi Tabreed provides and operates 187,000 refrigeration tonnes (RT) of cooling to projects including Jabal Omar Development in Mecca, Saudi Aramco facilities in Dahran and King Abdullah Financial District.

Tabreed/Supplied

by Kudakwashe Muzoriwa

The National Central Cooling Company (Tabreed) has acquired an additional eight per cent stake in Saudi Tabreed for SAR 129 million, which boosts its stake in the joint venture entity to 28 per cent.

Khaled Al Qubaisi, Tabreed’s Chairman, said, “This acquisition underscores our commitment to supporting and fulfilling the current and future infrastructure needs of large-scale developments throughout the Middle East and further cements our position as a leading international district cooling developer.”

Jointly owned by Vision Invest and IDB Infrastructure Fund II of the Public Investment Fund, Saudi Tabreed also announced the commissioning of the district cooling plant at the King Khalid International Airport phase 1 in Riyadh with a total capacity of 20,000 RT serving terminals one to four on exclusive basis.

“Tabreed is enabling businesses in the Kingdom of Saudi Arabia to enhance their energy efficiency, reduce costs and meet their sustainability objectives by integrating advanced technology, operational excellence and the latest innovation in district cooling into its solutions,” said Bader Al Lamki, Tabreed’s Chief Executive Officer.


RELATED STORIES: Saudi Tabreed Tabreed

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