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Tabreed acquires 50% of Reem Island District Cooling Plant from Aldar
March 14, 2018
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ABU DHABI: National Central Cooling Company (Tabreed) today announced the acquisition from Aldar Properties (Aldar, of 50 per cent of the shares in S&T Cool District Cooling Company, S&T, a major district cooling provider on Reem Island in Abu Dhabi. Tabreed will own 100 per cent of the company following completion of the transaction, subject to relevant regulatory approvals.

S&T’s district cooling plant on Reem Island has a connected capacity of over 31,500 refrigeration tonnes (RT) and provides cooling to prominent landmarks on Reem Island’s skyline such as Sun & Sky Towers, Gate Towers, The Arc and Shams Boutik mall. The transaction values S&T at Dhs348 million.

This acquisition is consistent with Tabreed’s strategy of acquiring additional district cooling assets to add to its existing portfolio in the region. The Reem Island plant is the 6th plant in Tabreed’s portfolio providing district cooling to Aldar developments.

Jasim Husain Thabet, Tabreed’s CEO, said, “Tabreed is delighted to have completed this acquisition, especially as it serves a key Abu Dhabi growth area. The plant currently has over 31,500 RT of contracted capacity and we expect this to grow as new real estate developments in the area come online. This is also another milestone in our district cooling relationship with Aldar, the leading real estate developer in Abu Dhabi. The acquisition underscores our commitment to support and fulfil current and future infrastructure needs of large scale developments.” Tabreed is a partner of choice for organisations across the GCC in providing environmentally friendly district cooling solutions that support the region’s energy sustainability. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tonnes to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia. Within the portfolio, 6 plants serve Aldar developments at Yas Island, Raha Beach, Raha Gardens, Abu Dhabi World Trade Centre, Al Jimi Mall and Reem Island.

Earlier on Thursday the shareholders of Tabreed approved a dividend of 8 fils per share for the financial year 2017. This represents a 23 per cent increase on the dividend paid out in 2016, driven by the company’s robust performance in 2017.

The dividend was approved by the shareholders at the company’s Annual General Assembly, which was chaired by Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, and attended by Tabreed’s Board of Directors, shareholders, and the company’s senior leadership team.

Commenting on the full year performance and outlook, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said,”Tabreed delivered another year of strong results and net profit growth in 2017, driven by added capacity.
 
WAM

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