Tabreed mulls new acquisitions in Saudi Arabia, India, Egypt: CFO

Adel Al-Wahedi, Chief Financial Officer at Tabreed

UAE-based National Central Cooling Co (Tabreed) seeks promising opportunities for new acquisitions in the UAE, Saudi Arabia, India and Egypt, Al Arabiya TV reported, citing chief financial officer (CFO) Adel Al-Wahedi.

Al-Wahedi said that Tabreed offered bonds worth $500 million last October, clarifying that future issuances will depend on market developments.

Despite the impact of the coronavirus pandemic, Tabreed’s financials were strong when compared to the same quarter of last year.

In the aftermath of the pandemic, consumption and demand for cooling were affected slightly, Al-Wahedi said.

By the end of last year, the levels improved and are now recording good growth, he added, noting that the numbers are promising.