Abu Dhabi-based The National Central Cooling Company (Tabreed) acquired an additional 8% stake in Saudi Tabreed, its district cooling investment vehicle in the Kingdom, bringing its ownership up to 28%.
Saudi Tabreed is held jointly by Vision Invest (formerly ACWA Holding), IDB Infrastructure Fund II of the Public Investment Fund (PIF) and others, it said in a statement.
Saudi Tabreed currently provides and operates 187,000 refrigeration ton (RT) of cooling to projects including Jabal Omar Development in Mecca, Aramco in Dhahran, and King Abdullah Financial district.
“With the rapid growth and urbanization of Saudi Arabia, Tabreed’s acquisition of an additional stake in Saudi Tabreed, amounting to SAR 129 million, will further enhance its ability to capitalize on new business opportunities,” Khaled Al Qubaisi, Tabreed’s chairman, said.
Delivering on this, Saudi Tabreed 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 1 to 4 on an exclusive basis.
“Tabreed is enabling businesses in Saudi Arabia to enhance their energy efficiency, reduce costs and meet their sustainability objectives by integrating advanced technology, operational excellence and the innovation in district cooling into its solutions,” Bader Al Lamki, Tabreed’s CEO, said.
Comments
{{DisplayName}}
{{ElapsedTime}}