08/29/2021 | Press release | Distributed by Public on 08/29/2021 03:13
Abu Dhabi, UAE, 29 August 2021: National Central Cooling Company PJSC (DFM: Tabreed) has announced the acquisition of an additional 50% stake in the exclusive 80,000 refrigeration ton district cooling scheme supplying Al Maryah Island in Abu Dhabi, including its major entertainment, hospitality, retail, commercial and residential developments.
The acquisition is from joint venture partner, Mubadala Infrastructure Partners (MIP), bringing Tabreed's ownership to 100%. Tabreed will continue to operate the Al Maryah scheme under a 30-year exclusive concession granted in 2014 by Al Sowwah Square Properties LLC, a wholly owned subsidiary of Mubadala Investment Company.
Having doubled its stake in this landmark district cooling scheme, 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% stake in Emaar's Downtown Dubai network and acquiring Aldar's Saadiyat Island plant and the Masdar City district cooling scheme in Abu Dhabi.
Commenting on the deal, Tabreed's CEO, Khalid Abdullah al Marzooqi, highlighted what it 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.
'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. 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.'
This new 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.