Initiative aims to prepare UAE national university students to excel in the private sectorAbu Dhabi, United Arab Emirates – National Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based district cooling utility company, today launched a new training programme aimed at UAE national university students.  The programme will commence in the upcoming academic year 2013/2014 and is a long-term commitment by the company to develop the skills of Emirati university students and prepare them to enter the private sector workforce.The programme is comprised of three distinct parts including tailored training as well as theoretical and practical components.  In addition to internships, students will have the opportunity to participate in a series of engineering lectures by the company’s senior management team, while visits to Tabreed’s plants aim to give students first-hand industry experience through on-site practical instruction.The programme will run in partnership with a number of prestigious academic institutions in the UAE, including UAE University, Higher Colleges of Technology, Zayed University, Abu Dhabi University and Khalifa University.Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said: “We are delighted to launch this important initiative and create new career paths for our students. The programme’s objective is to make national students aware of the exciting and diverse career opportunities available to them in the private sector, while also fostering a greater understanding of the technology and engineering underpinning our industry and its crucial role in enabling the sustainable development of the UAE.  We also want to mentor students and give them real, hands-on experience as they embark on their professional careers.”The internship programme, available to Emirati students in their third or final year of study, will cover a variety of functions including engineering, finance and accounting, communications, human resources, and business development. The programme’s lectures and plant visits will be conducted by the company’s senior management, and are open to all university students specializing in engineering.Tabreed currently has 66 plants across the GCC and provides its district cooling services to many of the region’s landmark projects including the Sheikh Zayed Grand Mosque, Dubai Metro, World Trade Center Abu Dhabi, Ferrari World Abu Dhabi, Yas Marina Circuit, the Pearl – Qatar, and Bahrain Financial Harbour.

Strong business fundamentals drive company’s consistent performanceAbu Dhabi, United Arab Emirates – National Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based district cooling utility company, today released its consolidated first half (H1) 2013 financial results. The company’s strong performance was driven by new customer connections as well as improved operating efficiencies and lower finance costs.Financial highlights – six months ended 30 June 2013:Net profit attributable to the parent increased by 34 per cent to  AED 127.2 million (H1 2012: AED 94.7 million)Core chilled water revenue increased by 4.4 per cent to AED 464.8 million (H1 2012: AED 444.9 million)Core chilled water profit from operations increased by 7 per cent to AED 166.4 million (H1 2012: AED 155.5 million)In line with expectations as the company continued to phase out the non-core businesses, group revenue declined by 3.6 percent to AED 497.2 million (H1 2012: AED 515.7 million)EBITDA increased by 7.8 per cent to AED 240.5 million (H1 2012: AED 223 million)Net finance costs decreased by 13.6 per cent to AED 75.3 million (H1 2012: AED 87.2 million)Operational highlights – six months ended 30 June 2013:Company continues to capitalize on cost reductions and efficiencies46,000 RT of new customer connections were added across the regionGroup’s connected capacity across the region reached 813,000 RTConnected capacity in the UAE reached 608,000 RTWaleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “These robust results demonstrate the benefits of the company’s steadfast focus on growing our core chilled water business while improving operational efficiency and cost discipline. Our energy-efficient, cost-effective and environmentally-friendlier cooling delivers sustainable solutions that help to address the region’s energy challenges and contribute to its world-class infrastructure development.”Jasim Thabet, Tabreed’s CEO, added: “Our strong financial and operational performance underpins the strength of Tabreed and positions us well on the way to meeting our objectives for the year. With connected capacity now reaching a record high of 813,000 RT, we are proud to continue to be the world’s largest district cooling provider and a partner of choice for leading government and private organizations in the region.”Tabreed currently has 66 plants across the GCC and provides its district cooling services to many of the region’s landmark projects including the Sheikh Zayed Grand Mosque, Dubai Metro, World Trade Center Abu Dhabi, Ferrari World Abu Dhabi, Yas Marina Circuit, the Pearl – Qatar, and Bahrain Financial Harbour.

Energy efficient cooling system to reduce Abu Dhabi’s tallest residential tower’s carbon dioxide emissions by 3,500 tons per yearNational Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based district cooling utility company, recently began the supply of chilled water to The Residences at World Trade Center Abu Dhabi (WTCAD), delivering over 5,000 refrigeration tons (RT) to the 382-meter tower, the tallest in the capital.Tabreed is helping The Residences at WTCAD reduce its expected energy consumption by approximately 8 million KwH per year compared to conventional cooling. This will drive an estimated reduction in CO2 emissions of 3,500 tons per year.Jasim Husain Thabet, Tabreed’s CEO, said: “We are delighted to contribute to the success of this landmark development that is reshaping our capital’s skyline.  In particular, we are pleased to support The Residences at WTCAD’s efforts to reduce its carbon footprint that mirror our nation’s ambitious plans for an environmentally friendlier future.”Thabet added: “District cooling is the ideal solution for large scale, high density developments as it consumes approximately half of the energy required compared to conventional cooling, creating significant benefits in terms of energy efficiencies, lower costs and reduced carbon emissions.  We continue to partner with the region’s leading organizations and are proud our cooling infrastructure underpins the region’s economic development.”The Residences is part of the WTCAD development, located in the heart of Abu Dhabi. The project occupies 5 hectares of prime city space, and upon full completion will comprise 474 luxurious apartments and penthouses, premium Grade A office space, international restaurants, a world class hotel, a mall and a traditional Arabian souq.Tabreed currently has 66 plants across the GCC and provides district cooling services to many of the region’s landmark projects including the Sheikh Zayed Grand Mosque, Dubai Metro, Ferrari World Abu Dhabi, Yas Marina Circuit, the Pearl – Qatar, Bahrain Financial Harbour, and the Jebal Omar Development Project in Mecca. 

Tabreed receives global recognition with first and second prize in two categories from over 1,700 membersAbu Dhabi – United Arab Emirates: National Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based district cooling utility company, yesterday received two awards at the 104th annual International District Energy Association (IDEA) conference held in Miami, USA.Tabreed are pleased to announce the following awards:Gold award, the IDEA’s top prize, for ‘Total Building Area Committed’ outside of North America, reflecting Tabreed’s connection of a significant area of real estate to district cooling in 2012.Silver Award, for number of buildings connected to district cooling outside of North America last year.Jasim Thabet, Tabreed’s Chief Executive Officer, said: “Based on our strong performance in 2012, Tabreed are honored to be recognized by the world’s leading district energy association.  These awards, achieved against over 1,700 global members,are a testament to our delivery of vital cooling infrastructure that is enabling regional economic development and diversification across the GCC, and our commitment to our clients to remain their partner of choice.”“Over the years, our top priority at Tabreed has always been to utilize state-of-the-art technology to deliver tailored cooling solutions for our clients that facilitate significant reductions in energy consumption, costs and CO2 emissions.”IDEA is an American-based non-profit trade association founded in 1909 to facilitate the exchange of information among district energy professionals. IDEA has over 1,700 members in 25 nations across the globe.Tabreed currently has 66 plants across the GCC delivering over 800,000 tons of cooling to many of the region’s landmark projects including the Sheikh Zayed Grand Mosque, Dubai Metro, Ferrari World Abu Dhabi, Yas Marina Circuit, the Pearl – Qatar, Jabal Omer Development Project in Mecca, and Bahrain Financial Harbour.

Chilled water revenue reaches AED 203 millionAbu Dhabi – United Arab Emirates: National Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based district cooling utility company, today released its 2013 first quarter consolidated financial results. The company continued to benefit from the consistent performance of its core chilled water business and its cost discipline.Financial highlights – three months ended 31 March 2013:• Net profit attributable to the parent increased by 30 per cent to AED 47.8 million (Q1 2012: AED 36.8 million)• Group revenue remained consistent with last year at AED 219 million and in line with expectations as the phase-out of the non-core businesses continued• Chilled water revenue increased by 5 per cent to AED 202.7 million (Q1 2012: AED 193.2 million)• Chilled water profit from operations increased by 1 per cent to AED 74.3 million (Q1 2012: AED 73.2 million)• EBITDA increased by 5 per cent to AED 110.4 million (Q1 2012: AED 105.5 million)• Net finance costs decreased by 14 per cent to AED 38.7 million (Q1 2012: AED 45.0 million)Operational highlights – three months ended 31 March 2013:• 1 new plant with a capacity of 27,000 RT came online in Saudi Arabia• Group’s connected capacity across the region increased by almost 2 per cent to reach 800,000 RT• Connected capacity in the UAE remained unchanged at 602,000 RTWaleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “Our strategy to grow our core chilled water business while further improving cost control and efficiency continues to deliver positive results. As an organization, we remain committed to pioneering creative solutions for some of the key challenges facing the region, namely the need for world-class cooling infrastructure that enables lower energy consumption and the sustainable management of resources.”Jasim Thabet, Tabreed’s CEO, said: “We have begun 2013 well, recording strong profitability during the period driven by improved operational efficiencies and lower finance costs.  We were involved in a number of exciting new projects at home and in key markets abroad, including the landmark Jabal Omar development in the Holy City of Mecca as well as the opening of Yas Waterworld Abu Dhabi, for which Tabreed is the exclusive supplier of cooling services.”Tabreed currently has 66 plants across the GCC and provides its district cooling services to many of the region’s landmark projects including the Sheikh Zayed Grand Mosque, Dubai Metro, Ferrari World Abu Dhabi, Yas Marina Circuit, the Pearl – Qatar, and Bahrain Financial Harbour.

Abu Dhabi – United Arab Emirates: The Annual General Assembly of National Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based district cooling utility company, yesterday approved all resolutions presented to shareholders including a dividend distribution of 5 fils per share.The assembly, chaired by Waleed Al Mokarrab Al Muhairi, Chairman of Tabreed’s Board of Directors, reviewed and approved the Board of Directors’ report, the auditor’s report and the financial statements for the year ended 31 December 2012, and the appointment of the company’s auditor for 2013.  The assembly also approved the Board of Directors’ remuneration and discharged them and the auditor of the company from liability for 2012.In 2012, Tabreed’s net profit increased by 29% from the previous year to reach just over AED 236 million, with overall group revenues reaching AED 1,129 million.

The Board of Directors of National Central Cooling Company PJSC “Tabreed” is pleased to invite its shareholders to attend the Annual General Assembly meeting, which is to be held on Tuesday, April 9th,2013 at 5.30 P.M. (17:30 hrs) at Al Thuraya Ballroom, Beach Rotana – Abu Dhabi,to discuss and resolve the items detailedhereunder:1) Consider and approve thereport of the Board of Directors on the Company’s activities and its financialposition for the fiscal year ending 31 December 2012.2) Consider and approve the auditor’s report on the Company’s financial position for the fiscal year ending 31 December 2012.3) Consider and approve the Company’s financial statements and profit and loss statement for the fiscal year ending 31 December 2012.4) Consider and approve the proposal of the Board of Directors regarding the distribution of cash dividends at 5 fils per share or 5% of the company capital for the fiscal year ending 31December 2012.5) Discharge the members of Board of Directors and the auditors from their liabilities for the fiscal year ending 31 December 2012.6) Approve the Board of Directors remuneration for the fiscal year ending 31 December 2012.7) Appoint the Company’s auditors for the fiscal year ending 31 December 2013 and determine their remuneration. Remarks: Each shareholder who is registered in the Company’s share book on Monday, April 8th, 2013 is entitled to attend the Company’s Annual General Assembly Meeting and may authorize another person (other than a member of the Company’s Board of Directors) to attend the above mentioned meeting on behalf of the shareholder pursuant to a proxy (as per the approved format) provided that the representative does not hold in such capacity more than 5% of the Company’s share capital The proxy form must be submitted and delivered to the Securities Services Department at National Bank of Abu Dhabi, P.O. Box 6865, Abu Dhabi or delivered to the Company’s headquarters not less than two days prior to thedate of the meeting.  Only originalproxies will be accepted.Shareholders that are registered in the Company’s share book 10 days after the convened Ordinary Annual General Meeting shall be deemed to be entitled to receive the dividends.In the event a quorum for the meeting is not achieved, the Annual General Assembly meeting will be adjourned until Tuesday, April 16th, 2013 at the same time and place. And shareholder who is registered in the company’s share book on 15 April 2013 is entitled to attend the meeting.Where the necessary quorum is not achieved, all duly completed proxy forms shall continue to be valid and in full force for any adjourned meeting unless revoked by the relevant shareholder by notice to the Securities Services Department at the National Bank of Abu Dhabi at least two days prior to the relevant adjourned meeting.Copies of the Company’s financial report for the year ended 31 December 2012 are available at the main office of the Company during regular office hours, on the Company’s website http://www.tabreed.ae  and at the meeting venue upon registration.The Chairman

Project to develop ‘smart module’ capable of automatically controlling equipment to reduce energy consumptionAbu Dhabi: 3 March 2013 – National Central Cooling Company PJSC “Tabreed”, the Abu Dhabi based district cooling utility company, and the Masdar Institute of Science and Technology, an independent, research-driven, graduate-level university focused on advanced energy and sustainable technologies, are collaborating on a research and development (R&D) project that aims to enhance operational performance and reduce energy consumption in district cooling plants.The current research project – optimal chiller plant control, phase-I – aims to create a ‘smart controller’ capable of intelligently and independently managing district cooling plants to improve operational performance and decrease energy consumption, with minimal human interference.Under the terms of the collaboration, the two entities are developing a software module that can be integrated with the district cooling plants’ control system to measure all external variables that impact the operational efficiencies of the plant, such as chilled water supply, return flow, outside temperature and humidity levels. The system will then automatically decide at what capacity major equipment such as chillers, water pumps and cooling towers need to operate at in order to meet customers’ cooling requirements in the most economical and energy efficient way.Jasim Thabet, Tabreed’s CEO, said: “We are delighted to be partnering with the Masdar Institute in this important area and hope to utilize this project to gain some critical insights. Although we are in the data gathering stage at this point, this system offers interesting possibilities for the future as it can potentially lead to significant energy reductions.”Dr Fred Moavenzadeh, President, Masdar Institute, said: “Our research initiatives aim to bring operational benefits to organizations while contributing to mitigating carbon emissions. At present, Masdar Institute’s Building Technology Research Center is conducting a total of 12 projects in the general area of demand-side energy efficiency and smart buildings/grid. Among them, six projects, sponsored by the Executive Affairs Authority of Abu-Dhabi (EAA), specifically investigate ways of making cooling equipment more efficient and assessing the impact of energy efficiency measures on cooling demand.“The project with Tabreed illustrates Masdar Institute’s capability to contribute sustainable technology expertise to utilities and organizations in the UAE. Supported by the country’s leadership, our projects firmly remain relevant to sustainable development in Abu Dhabi and the UAE.”Dr. Peter Armstrong, Associate Professor – Mechanical Engineering, and Dr. Afshin Afshari, Professor of Practice – Engineering Systems & Management, are the principal investigators for the project.Dr Peter Armstrong said: “For the Tabreed project we will model and monitor a typical chiller plant in order to find cost-effective ways to reduce peak-demand, energy and carbon impacts.  Actions may include variable-speed drives and multi-stage compressors as well as optimal control to coordinate operation of compressors, pumps and cooling towers.  Phase 2 will consider cool storage and advanced controls to shift chiller load (and thus also electric utility load) to morning hours when cooler temperatures result in more efficient operation.”Air conditioning accounts for 40-50% of all electrical energy consumption in Abu Dhabi and approximately 70% on hot summer days. Well-designed district cooling however consumes less energy than traditional cooling, which translates into significant cost and environmental benefits in the form of reduced C02 emissions.Thabet added: “It is great to see two of Abu Dhabi’s leading institutions working together to create innovative solutions to one of the region’s biggest challenges.”One of Tabreed’s plants in Mohammed bin Zayed City, Abu Dhabi, was selected for the pilot project. Any successful patents brought forth by this project, which is expected to be completed in one year, will be registered under both the Masdar Institute and Tabreed names.Established as an on-going collaboration with the Massachusetts Institute of Technology (MIT), Masdar Institute integrates theory and practice to incubate a culture of innovation and entrepreneurship, working to develop the critical thinkers and leaders of tomorrow.  With its world-class faculty and top-tier students, the Institute is committed to finding solutions to the challenges of clean energy and climate change through education and research.

Abu Dhabi – United Arab Emirates: National Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based district cooling utility company, today released its consolidated third quarter (Q3) 2012 financial results.  Chilled water operations and cost discipline continue to drive profitability, with the company increasing its customer connections by nearly 18,000 RT in Q3 2012.Financial highlights – nine months ended 30 September 2012:Net profit attributable to the parent increased by 29 per cent to AED 167.6 million (2011 YTD: AED 129.8 million)Group revenue remained unchanged at AED 842.0 million (2011 YTD: AED 842.0 million) in line with expectations as the company continues to phase out its non-core value chain businesses Chilled water revenue increased by 5 per cent to AED 747.6 million (2011 YTD: AED 711.5 million)Profit from chilled water operations increased by 21 per cent to AED 255.9 million (2011 YTD: AED 212.0 million) as the company generated further value from its economies of scale and enhanced efficienciesEBITDA increased by 12 per cent to AED 362.2 million (2011 YTD: AED 323.7 million)Net finance costs decreased by 26 per cent to AED 128.6 million (2011 YTD: AED 174.7 million) Operational highlights – as of 30 September 2012:17,769 RT of customer connections added in the third quarterGroup installed capacity remained unchanged at 767,125 RT and Group connected capacity increased to 745,025 RTInstalled capacity in the UAE remained unchanged at 605,325 RT and connected capacity increased to 587,075 RTWaleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “Tabreed’s strategy – to grow its core chilled water business – continues to deliver strong financial results.  I am pleased with our performance to-date and expect us to finish the year strongly under Jasim’s leadership.  Tabreed remains in a strong position to capitalize on regional demand for district cooling and focused on creating sustainable value for all its stakeholders.”Jasim Thabet, Tabreed’s CEO, added: “Tabreed’s robust performance reflects our strong business fundamentals.  Increased customer connections coupled with improved efficiencies in the chilled water business and a decline in finance costs drove net profit up 29% during the period.  Since Q3 2011, Tabreed has added 32,000 RT in customer connections, bringing its total customer connections in the GCC to 745,025 RT, and solidifying its position as the partner of choice for leading private and government institutions in the region.”Tabreed currently has 59 plants in the UAE – 52 are wholly-owned and operated by the company and seven are operated through its affiliates and subsidiaries.  The company also has six plants in the GCC, namely in Bahrain, Oman, Qatar and Saudi Arabia, which it operates through its affiliates and subsidiaries.

FORMER CEO TO REMAIN AS ADVISORAbu Dhabi – United Arab Emirates: National Central Cooling Company PJSC (Tabreed), the Abu Dhabi-based district cooling utility company, today announced the appointment of Jasim Thabet as its new Chief Executive Officer. Sujit Parhar will assume the role of advisor to the company and the Board, in recognition of his expertise and ongoing value to the business.Thabet, the first Emirati CEO of Tabreed, joins from Mubadala Development Company (Mubadala), where he was Vice-President in Mubadala Industry, with responsibility for managing several utility assets. As part of Mubadala’s asset management team for Tabreed, he has been central to the development of major customer relationships over the past three years, assisted Tabreed’s recapitalization program and worked on the development of a growth strategy and the implementation of a road map for improved performance. The Board of Directors made the appointment with immediate effect.Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “The Board is grateful to Sujit for his commitment, strong leadership and achievements over the years.  He has been instrumental in transforming Tabreed into a healthy and stable organization. We are pleased that he will remain with Tabreed in a new capacity, and will continue to contribute to the success of the company.”“We are also excited to have such a highly capable incoming CEO in Jasim, who has worked with Tabreed over the years and brings to the position a strong knowledge of the utilities industry. Jasim has worked extensively alongside Tabreed’s senior management throughout the recapitalization program and on the delivery of key projects.  We believe his energy and expertise will be vital in leading the company through its next phase of growth,” Al Muhairi added.Thabet has significant experience in the regional utility industry, having previously worked at ADNOC Group and GE.  He holds a Bachelors of Science in Mechanical Engineering from Saint Martin’s University, USA.

Profit from chilled water operations reached AED 155.5 million Abu Dhabi – United Arab Emirates: National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based district cooling utility company, today released its consolidated first half (H1) 2012 financial results.  The company registered a robust operational and financial performance in H1 2012 driven by its core chilled water business and lower finance costs. Financial Highlights – Six months ended 30 June 2012: Net profit attributable to the parent increased by 25 per cent to AED 94.7 million (H1 2011: AED 75.7 million)Chilled water revenue increased by 5 per cent to AED 444.9 million (H1 2011: AED 425.6 million)Group revenue declined by 3 per cent to AED 515.7 million (H1 2011: AED 532.2 million) in line with expectations as the company continues to phase out its non-core value chain businessesChilled water profit from operations increased by 20 per cent to AED 155.5 million (H1 2011: AED 129.8 million) as the company generated further value from its economies of scale and enhanced efficienciesEBITDA increased by 9 per cent to AED 223 million (H1 2011: AED 204.7 million)Net finance costs decreased by 33 per cent to AED 87.2 million (H1 2011: AED 129.5 million) due to the completion of the recapitalization program in 2011 Operational Highlights – Six months ended 30 June 2012: 1 plant expansion completed in the second quarter8,000 RT gross capacity added in the second quarterGroup’s installed capacity reached 767,125 RT and connected capacity 727,256 RTInstalled capacity in the UAE reached 605,325 RT and connected capacity 570,812 RT Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “In the first six months of 2012, Tabreed delivered strong financial and operational results underpinned by continued cost control, improved efficiencies and a strong performance by the company’s chilled water business.  In line with our strategy, we remain focused on growing this segment while delivering sustainable returns and creating long-term value for our stakeholders.”Sujit Parhar, Tabreed’s CEO, added: “The underlying strength of our chilled water business is reflected in our first half performance and as we look ahead to the rest of 2012, the company will continue to enhance operational efficiencies and achieve greater yields from its existing plants.”“Today, Tabreed delivers over 727,000 RT of cooling to customers across the region, and has established itself as the partner of choice for leading government and private organizations in the GCC,” added Parhar.Tabreed currently has 59 plants in the UAE – 52 are wholly-owned and operated by the company and seven are operated through its affiliates and subsidiaries. The company also has six plants in the GCC, namely in Bahrain, Oman, Qatar and Saudi Arabia, which it operates through its affiliates and subsidiaries.