Total capacity of the concession is 88k RT23 December 2020 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based international district cooling developer has announced the acquisition of Saadiyat Cooling LLC (SCL), which is currently majority owned by Aldar Properties PJSC, and Saadiyat District Cooling Sole Proprietorship LLC (SDCL), which is wholly owned by Aldar Investment Properties PJSC, at a cost of AED 963 million.Through an interconnected network of two district cooling plants with potential for a third plant to be built upon further ramping up of demand on the island in the future, SCL has a currently connected capacity of 24k Refrigerated Tonnes (RT) and a total concession of 77k RT. The SDCL plant is dedicated to the New York University (NYUAD) for a connected capacity of 11k RT. The ultimate capacity of the concession is 88k RT; additional prestigious projects are expected to be developed in the coming years in this prime cultural and touristic area of Abu Dhabi. Following the completion of the transaction, Tabreed’s presence in Abu Dhabi will increase to 655k RT from a total of 46 plants.The agreement represents another major milestone in Tabreed’s strategy, reinforcing its position as a global district cooling industry leader. Added to other recently closed large transactions, this demonstrates the company’s ability to deliver on its growth potential and be confirmed as the cooling provider of choice for landmark developments in the region and beyond. The agreement will see Tabreed provide cooling to some of Abu Dhabi’s most prestigious developments, including the Louvre Abu Dhabi, NYUAD, and Manarat Al Saadiyat.Commenting on the agreement, Bader Saeed Al Lamki, Tabreed’s Chief Executive Officer, said: “I am delighted to be signing this agreement today, as we continue to accelerate our growth trajectory and consolidate our position in the UAE. As an industry leader, our strategic partnerships have allowed Tabreed to grow into an international powerhouse in district cooling, with over 22 years of experience and investments across six countries. Our partnership with Aldar is one such example, and this transaction is testament to the strong relationship we enjoy with them.”“Moving forward, we are well placed – both financially and operationally – to continue to take advantage of further growth opportunities in the UAE market and beyond,” Al Lamki added.Talal Al Dhiyebi, Chief Executive Officer of Aldar Properties, said: “We are pleased to be deepening our long-standing relationship with Tabreed with this win-win transaction. This divestment crystalizes significant value for Aldar shareholders and is a clear example of our strategy for value creation in action. Aldar is pursuing attractive acquisitions, implementing an active approach to asset management and continuously recycling capital to invest in future growth. In line with this strategy, Aldar will build on its strong financial and operating performance in 2020 by further deploying capital in the long-term growth of our two core real estate businesses – Asset Management and Development Management.”In September 2019, the Abu Dhabi Department of Energy (DoE) issued the District Cooling Regulations and the District Cooling Applicability Regulations, becoming the first regulatory authority in the MENA region to set up a complete integrated system for district cooling. Both SCL and SDCL will be the first District Cooling schemes to receive the new license in Abu Dhabi, supporting the DoE’s commitment to taking the lead in the regional and global energy sector, and its focus on developing infrastructure, ensuring energy efficiency, and promoting sustainable solutions.Commenting on the announcement, His Excellency Mohamed Bin Jarsh Al Falasi, Undersecretary of the Department of Energy (DoE) said: ” As part of our focus to support Abu Dhabi’s strategic vision for sustainable development, we have developed the regulatory framework for district cooling to enable innovations in sustainable technologies and infrastructures while ensuring cost-efficiency to customers and high environmental standards. We are delighted with the outcome of our collaboration with Al Dar and Tabreed over the past few months to facilitate the SCL and SDCL transaction. The implementation of the district cooling regulations in these schemes will offer significant benefits of up to 30% reduction in consumption fees for residential consumers served by the SCL scheme and will maximize cost transparency, service charges and capacity. We command Tabreed’s commitment to explore sustainable solutions such as using recycled water in SCL and SDCL, bringing further environmental benefits to Abu Dhabi and making Saadiyat Island an even more attractive destination for its residents, tourists and investors.” Earlier this year, Tabreed announced that it had raised USD500m (Dhs1.8bn) with a new 7-year, 2.5 per cent coupon bond issuance. The successful issuance will support the closing of the transaction.With this agreement, Tabreed’s extensive portfolio of iconic developments will now include the Louvre Abu Dhabi, New York University, the Saadiyat Island hotels, the Burj Khalifa, Dubai Mall, Dubai Opera, Etihad Towers, Yas Island, Aldar HQ, World Trade Centre Abu Dhabi, Cleveland Clinic Abu Dhabi, The Sheikh Zayed Grand Mosque, Bahrain Financial Harbour, Knowledge Oasis Muscat and the Jabal Omar Project in the holy city of Mecca.

12 November, 2020 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based international district cooling developer, today reported financial results for the third quarter of 2020.Tabreed maintained a strong performance in a challenging environment, and the company was able to outperform several key metrics year-on-year (YoY). Third quarter net profit was at AED 370 million, a 13% increase YoY from the same period in 2019, whilst total revenue also increased by 12% YoY, to AED 1,258 million.The results demonstrate that Tabreed’s flexible and dynamic strategy has adapted well ensuring business continuity and pursuing growth. The company has proceeded to take every precaution to ensure its services remain uninterrupted, whilst also adopting industry-leading health and safety practices and sanitization programmes to ensure the safety of its staff, customers and suppliers.Financial highlights – nine months ended 30 September 2020:          Group revenue increased by 12% to AED 1,258 million (Q3 2019: AED 1,128 million)Core chilled water revenue increased by 14% to AED 1,219 million (Q3 2019: AED 1,073 million)EBITDA increased by 20% to AED 677 million (Q3 2019: AED 563 million)Net profit attributable to the parent increased by 13% to AED 370 million (Q3 2019: AED 329 million)Share of results of associates and joint ventures decreased by 17% to AED 58 million (Q3 2019: AED 70 million)Operational highlights – nine months ended 30 September 2020:     Total Group connected capacity across the GCC increased to 1352.4k Refrigeration Tons (RT), with 169.7k RT of new customer connections added in the first nine months of the year as follows:158.4k RT in the United Arab Emirates11.3k RT outside United Arab EmiratesCommenting on the results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “Tabreed’s resilience and agility to adjust to the unique operating environment this year is not only demonstrated in our current results, but also in the team’s continued focus on advancing solutions that have helped make us the district cooling partner of choice across the region and continuing our growth despite the challenges.”Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “Tabreed remains well positioned from an operational and capital perspective despite the uncertainties and challenges brought on by this year’s events, as reflected by the resilient and strong performance of our businesses. In turn, we are making progress on executing on our long-term plans, including investing in infrastructure, and deploying capital in attractive long-term opportunities.”Last month, Tabreed raised $500 million (Dh1.8 billion) with a seven-year, 2.5% coupon bond issuance. The issuance was oversubscribed almost five times at its initial size of $400 million which demonstrates international investors’ confidence in Tabreed’s past and future performance.For over 22 years, Tabreed has been the partner of choice for organizations seeking environmentally friendly cooling solutions to support their sustainability goals and to reduce their overall energy consumption and carbon footprint. With 83 district cooling plants, Tabreed currently delivers over 1.352 million refrigeration tons to key developments, including iconic developments such as the Burj Khalifa, Dubai Opera, The Dubai Mall, Sheikh Zayed Grand Mosque, Al Maryah Island, Yas Island and Ferrari World Abu Dhabi, Dubai Metro, the Bahrain Financial Harbour and the Jabal Omar Development in the Holy City of Mecca in the Kingdom of Saudi Arabia.

21 October, 2020 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading  District Cooling developer headquartered in the UAE, today announced that it has successfully raised USD500 million (AED 1.8 billion) with a 7-year, 2.5% coupon bond issuance.With orders coming from around 140 high quality local and international investors, the issuance was oversubscribed almost 5 times at its initial size of USD 400 million, demonstrating strong investor confidence in Tabreed’s solid credit fundamentals, despite current global economic uncertainty. This significant demand allowed Tabreed to tighten pricing significantly to achieve a final coupon of 2.5% and to increase the size of the final bond to USD 500 million.  The bond is rated Baa3 by Moody’s and BBB by Fitch, in line with Tabreed’s corporate ratings.The 7-year bond was particularly well received by international investors, who accounted for 90% of the final geographical allocation, with 49% from Europe, 21% from Asia and 20% from offshore US funds.  The bond will be listed on the London Stock Exchange, alongside Tabreed’s existing 2025 Sukuk.Commenting on the issuance, Khaled Abdulla Al Qubaisi, Tabreed Chairman said: “The success of the issuance is proof of the continued confidence in Tabreed and its ability to generate sustainable cash flows and returns.   Our solid fundamentals and strong credit ratings have translated into unprecedented market appetite, and I am proud to say that this has enabled us to attract significantly oversubscribed demand from a diverse pool of investors. This is also a vote of confidence from investors in Tabreed’s future and the growth potential of the organization.”Bader Saeed Al Lamki, Tabreed Chief Executive Officer, said: “The  bond issuance, which was extremely well received by the market, is part of a long-term strategy and it enables us to further expand our operations with a focus on scalable growth. The global interest in Tabreed is a testament of its strong financial position, sound business model and leading position in the District Cooling industry.JP Morgan and HSBC acted as Joint Global Coordinators and Bookrunners for the issuance, with Commercial Bank of Dubai acting as a Joint Lead Manager.For over 22 years, Tabreed has been the partner of choice for organizations seeking environmentally friendly cooling solutions to support their sustainability goals and to reduce their overall energy consumption and carbon footprint. With 83 District Cooling plants, Tabreed currently delivers over 1.342 million refrigeration tons to key projects, including iconic developments such as the Burj Khalifa, Dubai Opera, The Dubai Mall, Sheikh Zayed Grand Mosque, Al Maryah Island, Yas Island and Ferrari World Abu Dhabi, Dubai Metro, the Bahrain Financial Harbour and the Jabal Omar Development in the Holy City of Mecca in the Kingdom of Saudi Arabia.

Successful syndication is recognition of Tabreed’s strong market positiondespite challenging global conditions9 September, 2020 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (“Tabreed” or the “Company“), the leading international district cooling developer based in UAE, has announced the successful syndication of a landmark term-loan facility, which was pre-funded by HSBC Bank Middle East Limited (“HSBC”) in March 2020, as part of the company’s acquisition funding of a 80% stake in Emaar Properties PJSC’s (DFM: Emaar) Downtown Dubai district cooling business.The $692 million loan has a tenor of 5 years (until March 2025) and was structured as a multi-tranche syndicated facility with Islamic and conventional tranches (the “Facility”). Against a backdrop of unprecedented market conditions and related loan market volatility and price dislocation, the syndication was successfully closed and over-subscribed by a diverse group of nine international, regional and local banks.In addition to financing the acquisition of Tabreed’s stake in the Downtown Dubai district cooling business, the Facility will also support the development of a new state-of-the-art district cooling plant in Downtown Dubai. The Downtown Dubai district cooling scheme currently provides 148,471RT of contracted capacity through a network that distributes chilled water produced in 3 already existing interconnected district cooling plants.Commenting on the successful syndication of the facility, Bader Al Lamki, Chief Executive Officer at Tabreed, said: “The successful syndication of this loan facility underscores Tabreed’s strong business fundamentals, the solid relationships with our key partnering banks and the confidence the financial markets have in our expansion projects, both in Dubai and across the region.’’“This syndication demonstrates the strong partnerships we have with all our existing relationship banks who have been key stakeholders of the company over the past several years. In line with other utility infrastructure companies, we recognize the role of strong financial institutions as a key pillar to success, and we look forward to future collaboration opportunities,” added Adel Salem Al Wahedi, Chief Financial Officer at Tabreed.HSBC and ADIB acted as Joint Underwriters, Bookrunners, Initial Mandated Lead Arrangers as well as Global Facility Agent and Investment Agent, respectively for the Facility. The Facility saw participation from nine banks, with over 40% of the deal subscribed to by regional and international banks with strong anchorage by the UAE banking market. Emirates NBD Capital Limited and Samba acted as Mandated Lead Arrangers on the Facility. The Facility represents a milestone syndicated facility in support of a major acquisition by a government-related entity in 2020 and marks Tabreed’s successful return to the syndicated market.Mohammed Al Marzouqi, Managing Director, Head of Abu Dhabi Coverage, Global Banking, HSBC Bank Middle East Limited, said: “This transaction is a major milestone in Tabreed’s growth transformation strategy, successfully executed notwithstanding the unprecedented environment owing to the unforeseen market condition. Further to supporting Tabreed’s momentous acquisition of an 80% stake in the Downtown Dubai district cooling business by acting as sole financial advisor, HSBC is honored to have also acted as Initial Sole Underwriter, Initial Mandated Lead Arranger, Global Facility Agent and Conventional Facility Agent on the Facility. The extension of a fully underwritten facility followed by a successful syndication demonstrates HSBC’s longstanding relationship and commitment to Tabreed, its major shareholders Mubadala Investment Company and Engie, as well as the UAE.“Amir Riad, Global Head of Corporate Finance and Investment Banking at ADIB, said: “We are privileged to collaborate with Tabreed on this monumental financing. The successful syndication of the Facility, against challenging market backdrop demonstrates our leadership in structuring and executing major syndicated financing for major government-related entities where we can bring in our structuring and product expertise, as well as our strong distribution capabilities, to provide optimal financing solutions and is a testament of our leading capabilities and commitment to our clients.”“We are also pleased that Fitch and Moody’s have recently reaffirmed our credit rating which reflect the view that Tabreed’s credit profile has proved resilient to negative pressures stemming from the current market environment”, Bader Al Lamki added.Following the completion of the Downtown Dubai district cooling transaction, Tabreed’s presence in Dubai increased to 278,801 RT and its total capacity increased by 13.5% to 1,342,574 RT from 83 plants. The transaction represented a major milestone in Tabreed’s history, demonstrating the company’s ability to deliver on its growth potential and reinforced its position as the global district cooling industry leader and the cooling provider of choice for remarkable developments in the region and beyond.For over 22 years, Tabreed has been the partner of choice for organizations seeking environmentally friendly cooling solutions to support their sustainability goals and to reduce their overall energy consumption and carbon footprint. With 83 district cooling plants, Tabreed currently delivers over 1.342 million refrigeration tons to key developments, including iconic developments such as the Burj Khalifa, Dubai Opera, The Dubai Mall, Sheikh Zayed Grand Mosque, Al Maryah Island, Yas Island and Ferrari World Abu Dhabi, Dubai Metro, the Bahrain Financial Harbour and the Jabal Omar Development in the Holy City of Mecca in the Kingdom of Saudi Arabia.

2 September, 2020 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (Tabreed), the leading international district cooling developer based in the UAE, has announced the launch of a new initiative titled ‘#TabreedCares’. The initiative includes individual programs run across Tabreed’s operations in collaboration with our partners in the region.In the UAE, the company has announced its support to the “Your Families Are Ours” initiative with SAAED Association. The initiative took place under the banner of The International Humanitarian Work day, which provided daily contributions of necessities to families in the UAE that have been impacted by the COVID-19 pandemic. The program was run in collaboration with the SAAED Association, the Ministry of Interior, and the UAE Red Crescent.In addition to this, Tabreed will be providing technical instruments that produce a mixed oxidant solution that can be used to disinfect the potable water used at selected touristic sites in the Emirate of Abu Dhabi to help with post-COVID operational precautionary measures, through its subsidiary, Cooltech Energy Water Treatment.Commenting on the initiatives, Bader Al Lamki, Chief Executive Officer, Tabreed said: “We are committed to using our resources and expertise to support those that need it most. As we navigate a sustainable way out of the COVID-19 crisis, this initiative is the first step towards building a stronger community and extending a helping hand.”In Oman, Tabreed has committed to supporting the funding of testing for COVID-19. The company has partnered with Opal (Oman Society for Petroleum Services), a non-profit member association in the Sultanate, in addition to the Oman Ministry of Health to fund the testing. Our operations in Oman are overseen by our subsidiary Tabreed Oman, whose portfolio includes projects such as the Knowledge Oasis Muscat and the Oman Avenues Mall.In Bahrain, Tabreed is collaborating with Bahrain’s Royal Humanitarian Foundation (RHF), by taking part in the national “Feena Khair” initiative by providing financial support in Bahrain to help combat the effects of the coronavirus pandemic. Tabreed’s operations in Bahrain are managed under Tabreed Bahrain and includes projects such as Villamar, Avenues Mall and the Bahrain Financial Market.“For years now, Tabreed has worked closely with our partners, not just in the UAE but around the region to address critical cooling challenges – and these contributions are an extension of those efforts. ‘Tabreed Cares’ is one of the many ways in which the company supports the communities it operates, within, and we are already looking at further opportunities to do so in the coming months,” Al Lamki concluded.For over 22 years, Tabreed has been the partner of choice for organizations seeking environmentally friendly cooling solutions to support their sustainability goals and to reduce their overall energy consumption and carbon footprint. With 83 district cooling plants, Tabreed currently delivers over 1.342 million refrigeration tons to key developments, including iconic landmarks such as the Burj Khalifa, Dubai Opera, The Dubai Mall, Sheikh Zayed Grand Mosque, Al Maryah Island, Yas Island and Ferrari World Abu Dhabi, Dubai Metro, the Bahrain Financial Harbour and the Jabal Omar Development in the Holy City of Mecca in the Kingdom of Saudi Arabia.

26 July, 2020Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading international district cooling developer based in UAE, released its consolidated financial results today for the first six months of 2020. The company has reported net profit of AED 224.30 million, driven by the acquisition of its Downtown Dubai district cooling business in a long-term partnership with Emaar, one of the world’s largest real estate companies and a global property developer, to provide up to 235,000 RT of cooling from the largest integrated district cooling scheme in the world to some of Emaar’s most prestigious developments.In the midst of the global COVID-19 pandemic, the company has maintained continuous uninterrupted service to all of its customers while also adopting industry-leading health and safety practices and sanitization programmes to ensure the safety of its staff and stakeholders during these challenging times.Financial highlights – six months ended 30 June 2020:Net profit attributable to the parent increased by 13% to AED 224.30 million (H1 2019: AED 199.36 million)Group revenue increased by 6% to AED 710.02 million (H1 2019: AED 671.94 million)Core chilled water revenue increased by 7% to AED 681.17 million (H1 2019: AED 634.43 million)EBITDA increased by 14% to AED 415.4 million (H1 2019: AED 366 million)Share of results of associates and joint ventures decreased by 42% to AED 23.37 million (H1 2019: AED 40.22 million)Operational highlights – six months ended 30 June 2020:Total Group connected capacity across the GCC increased to 1.342 million refrigeration tons (RT), with 160,000 RT of new customer connections added in the first half of the year as follows: 150,000 RT in the UAE10,000 RT outside the UAEEnvironmental highlights – six months ended 30 June 2020:Tabreed’s energy efficient services prevented the release of 500,669 metric tons of carbon dioxide into the atmosphere over the course of the last 6 months – equivalent to eliminating carbon emissions from 108,841 vehiclesContributed to saving 838 million kilowatt hours of power across the GCC – enough energy to power 47,692 homes in the UAE every yearKhaled Abdulla Al Qubaisi, Tabreed’s Chairman, said:“Tabreed’s ongoing growth reflects our commitment to meet the region’s growing demand for energy-efficient and environmentally-friendly cooling solutions. We have achieved consistent progress on our sustainability targets this year and, as we look ahead, we will continue to harness our operational knowledge and capabilities towards continued growth with an ongoing contribution to the region’s sustainable development. Most notably, Tabreed continued to add to its portfolio of landmark projects with the acquisition of our Downtown Dubai district cooling business during the second quarter of 2020 in a historic partnership with Emaar,” he continued. Bader Al Lamki, Tabreed’s Chief Executive Officer, said:“Tabreed has established a leading position in the district cooling industry, with a clear vision to deliver consistent and sustainable results to investors and shareholders. Tabreed’s key strengths, including our highly efficient district cooling technology and market leadership, enabled us to achieve competitive net profit figures and EBITDA margins during the first half of 2019. Moving forward, we remain well-positioned to continue to capture growth opportunities despite the unprecedented global pandemic, in large part thanks to the efforts of the leadership of the emirates of both Abu Dhabi and Dubai, who ensured that vital operations like Tabreed’s were supported, whilst also prioritising the health and safety of residents and citizens.”For over 22 years, Tabreed has been the partner of choice for organizations seeking environmentally friendly cooling solutions to support their sustainability goals and to reduce their overall energy consumption and carbon footprint. With 83 district cooling plants, Tabreed currently delivers over 1.342 million refrigeration tons to key developments, including iconic landmarks such as the Burj Khalifa, Dubai Opera, The Dubai Mall, Sheikh Zayed Grand Mosque, Al Maryah Island, Yas Island and Ferrari World Abu Dhabi, Dubai Metro, the Bahrain Financial Harbour and the Jabal Omar Development in the Holy City of Mecca in the Kingdom of Saudi Arabia.

Tabreed navigates global pandemic to ensure highest standards are maintained across all servicesTabreed aligns work processes with health guidelines issued by relevant authorities7 May, 2020 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading international district cooling developer based in UAE, released today its consolidated financial results for the first three months of 2020, reporting net profit of AED 82.2 million, an increase of 3% compared to its 2019 Q1 performance. In the midst of the global COVID-19 pandemic, the company has taken every precaution to ensure continuous uninterrupted service is maintained to all of its customers while also adopting industry-leading health and safety practices and sanitization programmes to ensure the safety of its staff during these challenging times. Notwithstanding the unprecedented global pandemic, the company continues to meet the growing demand for district cooling solutions and has recently announced the acquisition of its Downtown Dubai district cooling business in a long-term partnership with Emaar, one of the world’s largest real estate companies and a global property developer, to provide up to 235,000 RT of cooling from the largest integrated district cooling scheme in the world to some of Emaar’s most prestigious developments. Financial highlights – three months ended 31 March 2020:Decrease in revenue of 1% driven by results from value chain businessesChilled water revenue in line with prior yearGross margins marginally up on prior year at 55%Finance costs down due to lower ratesIncrease in administrative and other expenses mainly from a provision of AED 10 million on receivables due to impact of COVID-19 offset by cost savingsEBITDA increased by 5% to AED 178.2 million (Q1 2019: AED 170.2) Operational highlights – three months ended 31 March 2020:Staff were successfully rotated to ensure at least 50% of workers were on call at any given time, while all necessary precautions are being taken to ensure their safety amid the threat of the spread of COVID-19Management were able to mitigate the threat of the virus by ensuring that services were maintained with minimal staff interaction and exposure leveraging its state-of-the-art technology and operation philosophy coupled with thorough and regular sanitization of plants and offices Environmental highlights – three months ended 31 March 2020:Tabreed’s energy efficient services prevented the release of 1,233,000 metric tons of carbon dioxide into the atmosphere over the course of the previous year – the equivalent of eliminating the emissions from 268,000 vehicles Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “Tabreed’s first quarter financial results demonstrate the resilience of our operational capabilities, proving that we are still able to deliver essential, efficient and reliable services to our customers as we collectively navigate through these challenging times.” “Tabreed has successfully continued to deliver efficient and cost-effective cooling solutions, minimizing the potential for a disruption to the service through working remotely and safely in cooperation with our highly qualified and dedicated employees. Our facilities are 100% operational and we are taking all possible measures to ensure we maintain this service level while ensuring the health and safety of all that interact with our facilities.” He added. Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “We are extremely proud of the swift and effective steps we have been taking to ensure our business continuity and ability to serve the market and our customers during this period of intense market conditions.” “Now more than ever, it is critical that we make it possible for all customers to continue their operations and help them respond to the unique demands that they are facing. Tabreed’s response in this regard has been strong, and as we align our work processes with the guidelines issued by relevant authorities, and our customers can rest assured that they can continue to count on us to support their businesses with efficient, reliable and effective district cooling solutions.” He added. For over 22 years, Tabreed has been the partner of choice for organizations seeking environmentally friendly cooling solutions to support their sustainability goals and to reduce their overall energy consumption and carbon footprint. With 83 district cooling plants, Tabreed currently delivers over 1.338 million refrigeration tons to key developments, including iconic landmarks such as the Burj Khalifa, Dubai Opera, The Dubai Mall, Sheikh Zayed Grand Mosque, Al Maryah Island, Yas Island and Ferrari World Abu Dhabi, Dubai Metro, the Bahrain Financial Harbour and the Jabal Omar Development in the Holy City of Mecca in the Kingdom of Saudi Arabia.

AED 2.48 billion deal with Emaar 06 April 2020 – Dubai, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based international district cooling developer has announced the acquisition of a 80% stake in Emaar Properties PJSC’s (DFM: Emaar) Downtown Dubai district cooling business at a cost of AED 2.48 billion (USD 675m). Emaar, one of the world’s largest real estate companies and a global property developer, will retain a 20% stake as part of the long-term partnership with Tabreed. Downtown Dubai is Emaar’s flagship mega-development at the heart of the city. The destination is home to the iconic Burj Khalifa – the world’s tallest building, The Dubai Mall – the most visited mall in the world, The Dubai Fountain, Dubai Opera and other landmark residential, commercial and hospitality developments. The long-term concession will exclusively provide up to 235,000 RT of cooling to Dubai’s most prestigious developments with the largest integrated energy efficient cooling scheme in the world. The district cooling scheme currently provides 150,000 RT of contracted capacity through a network that distributes chilled water produced in 3 already built interconnected district cooling plants; shortly followed by a 4th state-of-the-art plant that is currently under construction. Following the completion of the transaction, Tabreed’s presence in Dubai has increased to 278,801 RT and its total capacity has increased by 12.6% to 1,338,602 RT from 83 plants. The transaction represents a major milestone in Tabreed’s history, demonstrating the Company’s ability to deliver on its growth potential and reinforcing its position as the global district cooling industry leader and the cooling provider of choice for landmark developments in the region and beyond. Khaled Abdulla Al Qubaisi, Chairman of Tabreed, said: “This is a historic achievement for Tabreed and a truly transformational transaction for the company, accelerating our growth trajectory and consolidating our position in Dubai. Tabreed is an international powerhouse in district cooling, with over 22 years of experience, operational excellence across 83 plants and investments in six countries. This acquisition, in the world’s largest district cooling market, is a further testament to our financial strength and leading market position. We are well placed to take advantage of growth opportunities and expect our enhanced presence within the Dubai market to further enable us to reach our long-term objectives.” “We are proud to be a partner of choice for Emaar and to serve their iconic developments in Downtown Dubai. We are delighted with the agreement which paves the way for a long-term relationship with one of the world’s largest and most reputed real estate developers.” Al Qubaisi concluded. Commenting on the acquisition, Chairman of Emaar Properties Mohamed Alabbar added: “This is a key transaction for both Emaar and Tabreed. Emaar values the strategic partnerships we establish, making a concerted effort to nurture and deepen these alliances. Tabreed is one such example where we can identify with many synergies between the companies, and we’re pleased to see our prosperous journey reach new heights. Downtown Dubai is a hallmark of pride for Emaar and we trust Tabreed feels the same way, serving and treating its constituents as their own.” With this transaction, Tabreed’s extensive portfolio of iconic developments now includes the Burj Khalifa, Dubai Mall, Dubai Opera, the RTA’s Dubai Metro, Abu Dhabi Global Market, Etihad Towers, Yas Island, Aldar HQ, World Trade Centre Abu Dhabi, Cleveland Clinic Abu Dhabi, The Sheikh Zayed Grand Mosque, Bahrain Financial Harbour, Knowledge Oasis Muscat and the Jabal Omar Project in the holy city of Mecca.

16 March 2020 – Abu Dhabi, United Arab Emirates: The shareholders of the National Central Cooling Company PJSC (DFM: TABREED), the leading UAE-based international district cooling developer, have approved a dividend of 10.5 fils per share for the financial year ending 31 December 2019. This represents a 11% increase on the previous year’s pay out, highlighting Tabreed’s growth in 2019 and reflecting its growing presence locally, regionally and internationally.The dividend was approved by the shareholders at the company’s Annual General Assembly (AGA), chaired by Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, and attended by shareholders and members of Tabreed’s Board of Directors. During the AGA, elections were held to elect the new Board of the Company for a period of three years, and the outcome of the shareholder vote resulted in all previous members of the Board of Directors being re-elected to their positions.Reflecting the company’s stellar full-year performance, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “In 2019, Tabreed delivered a net profit increase of 11% percent and added 51,366 RTs of new connections, bringing our total capacity to 1,182,715 RTs. Tabreed continues to rapidly expand its client base both regionally in the GCC and internationally, including through acquiring an 8% increased stake in Saudi Tabreed during the year and through our continued presence in India, both being increasingly important markets for us. Following yet another year of exceptional financial and operational performance, and building on over 22 years of excellence in the district cooling sector, we continue to deliver attractive cash dividends to shareholders each year and to reinforce our position as the industry leader in providing reliable, efficient and innovative district cooling solutions.”Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “Tabreed’s revenue increased by 5% to AED 1,520.1 million reflecting our strong and flexible business model that allows us the financial freedom to continue to adapt and seek further operational efficiencies and deliver growing dividends to our shareholders. Throughout the past year, we have continued to grow the overall cooling capacity of the business and to align ourselves with the UAE’s ambitious national energy efficiency targets and wider energy transformation strategy. We have taken steps to diversify our business offering through the creation of a new business entity that will primarily focus providing energy efficiency services that optimize the overall energy usage of buildings situated in landmark developments across the region, while also supporting our core district cooling business in the growth of existing cities and new smart cities. We are confident that this will be the blueprint for further profitability and increased shareholder dividends in the future.”With over 22 years of operational excellence, Tabreed is the partner of choice for organizations interested in benefiting from environmentally friendly district cooling solutions that support the region’s energy sustainability strategy. With 80 district cooling plants across the region, Tabreed currently delivers over 1.18 million refrigeration tons to key developments, including iconic infrastructure projects such as Sheikh Zayed Grand Mosque, Abu Dhabi’s Al Maryah Island, Yas Island, Dubai Metro, Dubai Parks and Resorts, Bahrain Financial Harbour in Manama, Kingdom of Bahrain and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

10 March 2020 – Abu Dhabi, United Arab Emirates: The National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based international district cooling developer, today announced the appointment of Mr. Adel Salem Al Wahedi as the new Chief Financial Officer (CFO) of Tabreed. Mr Al Wahedi brings a wealth of 22 years of experience to the company in the fields of corporate finance, mergers and acquisitions, statutory accounting, budgeting, planning, costing and strategic decision making. Al Wahedi has a proven track record as a business leader in both private and public companies in the region. Prior to joining Tabreed, he served as CFO for some of the largest entities in the UAE including Abu Dhabi Ports Company and Petrofac Emirates, in addition to holding senior positions at Emirates Telecommunications Corporation (Etisalat). Al Wahedi also has considerable experience working in companies that have highly technical operations at their core. Commenting on the appointment, Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “We are delighted to have Adel join Tabreed and be part of our vision and our continued success. We are certain that his experience will be an invaluable addition to Tabreed and make an immediate impact to continue to drive the business forward. This appointment will also enhance the expertise and experience of our management team and invigorate our overall financial strategy as Tabreed navigates through a period of sustained growth and expansion.” Mr Al Wahedi’s appointment will take place with immediate effect. With over 22 years of operational excellence, Tabreed is the partner of choice for organizations interested in benefiting from environmentally friendly district cooling solutions that support the region’s energy sustainability strategy. With 80 district cooling plants across the region, Tabreed currently delivers over 1.18 million refrigeration tons to key developments, including iconic infrastructure projects such as Sheikh Zayed Grand Mosque, Abu Dhabi’s Al Maryah Island, Yas Island, Dubai Metro, Dubai Parks and Resorts, Bahrain Financial Harbour in Manama, Kingdom of Bahrain and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

28 January 2020 – Abu Dhabi, United Arab Emirates: The National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based international district cooling developer, today released its audited financial results for 2019. Tabreed reported an 11% increase in net profit to AED 472.5 million for the full year, adding 51,336 Refrigeration Tons (RT) of new customer connections, resulting in the delivery of 1,182,715 RT of cooling capacity. Tabreed’s Board of Directors recommended a cash dividend for 2019 of 10.5 fils per share, up 11% on prior year aligning with the company’s policy of growing dividends in line with the growth in the business. Tabreed announced a number of significant achievements during 2019, including the signing of its first cooling concession agreement in India, increasing its stake in Saudi Arabia-based district cooling firm Saudi Tabreed to 28 percent, acquiring a 69,000 RT concession in Masdar City and commissioning its DC plants at King Khaled International Airport in Riyadh and the Mall of Muscat in Oman. Operationally, Tabreed celebrated a series of accomplishments in 2019 including the achievement of 10 million safe work hours without Lost Time Injury (LTI), the integration of data-based operational intelligence software across its network of district cooling plants, and becoming the first district cooling company in the region to receive the ISO 50001:2018 certification under the revised version (2018) of the ISO 50001 standard. Financial highlights – 12 months ended 31 December 2019:Net profit attributable to the shareholders increased by 11% to AED 472.5 million (2018: AED 427.6 million)Group revenue increased by 5% to AED 1,520.1 million (2018: AED 1,446.9 million)Core chilled water revenue increased by 7% to AED 1,456.4 million (2018 AED 1,361.3 million)EBITDA increased by 10% to AED 763.2 million (2018: AED 694.2 million)Share of results of associates and joint ventures increased by 10% to AED 99.1 million (2018: AED 90.3 million)Operational highlights – 12 months ended 31 December 2019:Total Group connected capacity across the GCC increased to 1,182,715 Refrigeration Tons (RT)51,336 Refrigeration Tons (RT) of new customer connections addedSix new plants became fully operationalEnvironmental highlights – 12 months ended 31 December 2019:Contributed to saving 2.06 billion kilowatt/hours across the GCC – enough energy to power 117,500 homes in the UAE every yearThese power savings prevented the release into the atmosphere of 1.23 million metric tons of carbon dioxide – the equivalent of eliminating the emissions from 268,000 vehicles annually Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “Tabreed has become an international powerhouse in district cooling, with 80 plants and investments in six countries. Our financial and operational achievements this past year allowed us to achieve a staggering AED 472.5 million, 11% increase, in our net profit which demonstrates our exceptional strength within the market and continued growth and innovation. For 2020 and beyond, I am confident about our ability to further contribute to the region’s sustainable development as urbanization continues to drive investment into high-density developments.” Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “Tabreed’s strategy and continued financial and operational excellence is reflected in our results, represented in a net profit increase, a 10% increase in our EBITDA, 51,336 RT of new customer connections, and a number of accomplishments in digitalization, safety, and innovation. We are uniquely positioned to provide cost-effective and environmentally friendly cooling solutions to customers throughout the GCC and beyond. Tabreed will continue to play an instrumental role in supporting sustainable development as we enter 2020 and the company’s 22nd year of operations.” With over 20 years of operational excellence, Tabreed is the partner of choice for organizations interested in benefiting from environmentally friendly district cooling solutions that support the region’s energy sustainability strategy. With 80 district cooling plants across the region, Tabreed currently delivers over 1.18 million refrigeration tons to key developments, including iconic infrastructure projects such as Sheikh Zayed Grand Mosque, Abu Dhabi’s Al Maryah Island, Yas Island, Dubai Metro, Dubai Parks and Resorts, Bahrain Financial Harbour in Manama, Kingdom of Bahrain and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

15 January 2020 – Abu Dhabi, United Arab Emirates: The National Central Cooling Company PJSC (DFM: Tabreed), the leading international district cooling developer based in the UAE, establishes ‘Tabreed Energy Services’, a new entity consolidating its service businesses to provide customers with an integrated set of consultancy, operations and maintenance services, that will help them optimize the energy efficiency of their buildings and developments.Building on more than 20 years’ of experience in offering management services as a complement to its core district cooling offering, the new company will allow building owners, both government and private sector, to access Tabreed’s deep expertise in optimising energy efficiency and in particular cooling systems, which are the largest driver of energy use.Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “Energy efficiency is a key pillar under the climate change discussion, and the UAE has set ambitious national targets as a part of its wider energy transformation strategy. The launch of Tabreed Energy Services positions us at the forefront of this rapidly growing market and enables customers to benefit from our extensive experience in enhancing efficiency within the cooling industry, as well as providing them with an end-to-end service offering.”“Tabreed Energy Services strengthens our existing district cooling business by capturing further operational synergies and enabling our delivery of fully-integrated cooling solutions.” He added.With operations commencing in 2020, Tabreed Energy Services will offer the full spectrum of integrated building energy services, including energy audits and consultancy, retrofitting and asset replacement, financing, operations and maintenance; offered through both performance-based contracts (ESCO) and traditional service models.With over two decades of operational excellence, Tabreed is the partner of choice for organizations interested in benefiting from environmentally friendly district cooling solutions. With 79 district cooling plants located throughout the region, Tabreed currently delivers over 1.16 million refrigeration tons to key developments including iconic infrastructure projects such as Sheikh Zayed Grand Mosque, Dubai Metro, Ferrari World Abu Dhabi, Yas Water Park, Abu Dhabi’s Al Maryah Island, Bahrain Financial Market in the Kingdom of Bahrain and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.