Company eyes expansion in Saudi Arabia, Egypt, Oman and India
UAE-based National Central Cooling Company (Tabreed) CEO Bader Al Lamki, is bullish about further growth for the company in 2020, and is exploring new opportunities in Saudi Arabia, Egypt, Oman and India.
The UAE public joint stock and DFM-listed company was established in June 1998 and is now one of the world’s largest district cooling utilities.
Tabreed has 75 ongoing projects in the region with 65 in the UAE. The infrastructure projects include Sheikh Zayed Grand Mosque, Yas Island, Dubai Metro, Dubai Parks and Resorts, Jabal Omar Development in the Holy City of Makkah, Aramco in Dhahran, King Abdullah Financial District in Riyadh and Bahrain Financial Harbour in Manama.
Overseas expansion
Apart from big plans for Saudi Arabia, Tabreed is also eyeing new markets in India, Egypt and Kuwait. The company increased its stake in its subsidiary Saudi Tabreed to 28 percent anticipating good potential consistent with the ambitious projects emanating from the grand ‘Saudi Vision 2030’.
In 2019, Tabreed inked a deal to build India’s first district cooling plant, it’s first outside the GCC market in Amravati, the new capital-designate of the Southern Indian state of Andhra Pradesh.
Tabreed reported a 20.8 percent increase in its third-quarter 2019 net income as revenues climbed on the back of new customer connections. Revenues for the reporting period climbed 3.8 percent year-on-year to AED 456m (US$ 124 mn).
“Tabreed is committed to providing energy-efficient and sustainable cooling solutions that have become an integral part of the infrastructure for major developments across the region,” affirmed Al Lamki.
The company has recently commenced supplying 12,000 RT (refrigeration tonnes) of cooling services to the expansion of the Galleria Mall on Abu Dhabi’s Al Maryah Island, covering an area of 1.4 million square feet.
The new connection comes as part of Tabreed’s long-term concession, as the exclusive provider of district cooling services for developments on Al Maryah Island through a partnership with Mubadala Infrastructure Partners.
Total group connected capacity across the GCC increased to 1.16 million RT, with 29,848 RT of new customer connections. One new district cooling plant in Oman has also become fully operational during the reporting period, according to the company.
France’s Engie and Abu Dhabi’s Mubadala Investment Company hold stakes in the company.
