Engaging with the region’s premier developers and legislators, Tabreed champions the virtues of District Cooling as the only viable option for Sustainable CitiesAbu Dhabi, United Arab Emirates – 30 June 2024: Tabreed, the world’s leading district cooling company, has completed its participation at this year’s Big 5 Construct Egypt, where members of its executive management team led the discussion on the vital topics of decarbonisation through planning efficiency and the role of district cooling in sustainable cities.This was the sixth edition of the most influential construction event in Egypt, with technology and sustainability both high on its agenda. For Tabreed, this presented an unmissable opportunity to engage with developers, architects, planners, engineers, consultants and government officials, to openly discuss the opportunities available to them through the uptake of district cooling. The industry has already proved itself over many decades to enormously benefit governments, customers, communities and investors across the GCC, enabling societal progress and rapid, sustainable growth.“District cooling is universally acknowledged as a vital player in the mitigation of climate change,” commented Tabreed’s Chief Executive Officer, Khalid Al Marzooqi. “As global populations and temperatures rise, so is the demand for cooling. Meeting that demand should not cost the earth and district cooling has shown itself to be indispensable, using 50% less energy than conventional air conditioning.“Every year our operations prevent the release of millions of tons of carbon emissions and Egypt already benefits from Tabreed’s presence – we provide cooling for the prestigious Downtown Katameya in New Cairo. We see enormous potential for further expansion across the country, which is undergoing a significant construction boom with many new cities planned or under development. Big 5 Construct, then, has provided us with an excellent platform from which to address vitally important and influential decision makers about incorporating district cooling in their plans at the earliest possible stages, so it forms an integral part of a sustainable and intelligent infrastructure.”

• Company made significant strides in decarbonisation of cooling throughout 2023• Enrolled in DFM’s Carbon Credits Pilot and purchased Clean Energy CertificatesAbu Dhabi, United Arab Emirates – 6 June 2024: Tabreed, the world’s leading district cooling company, today publishes its fourth annual Environmental, Social and Governance (ESG) Report, covering the year 2023.The comprehensive report details Tabreed’s overwhelmingly positive environmental impact during 2023, showing that its operations reduced overall energy consumption by 2.52 billion kWh – equivalent to powering more than 143,000 homes – which, in turn, prevented 1.5 million metric tons of CO2 emissions, which equates to removing 330,000 vehicles from our roads.Renewable energy became a permanent fixture in the company’s operations last year. In partnership with ADNOC, Tabreed designed, built and commissioned G2COOL, the region’s first district cooling plant to be powered using renewable geothermal energy from deep underground. The plant plays an important new role in decarbonising the way buildings are cooled in Abu Dhabi’s Masdar City, while diversifying the country’s energy mix in support of the UAE National Energy Strategy 2050.In a further renewable energy initiative, during 2023 Tabreed purchased 116,000 MWh of solar-sourced Clean Energy Certificates (CECs) from the Emirates Water and Electricity Company (EWEC), demonstrating its commitment to a diverse energy mix. These CECs are equivalent to the amount of energy required to cool prominent locations such as Masdar City, Raha Beach, and key attractions on Yas Island.Also during 2023, Tabreed joined a highly anticipated carbon credits trading pilot by Dubai Financial Market (DFM), which saw 24 of the UAE’s most esteemed companies and developers taking part, including Dubai Electricity and Water Authority (DEWA), DP World, Dubai Municipality, Dubai International Financial Centre (DIFC), Emirates NBD and Majid Al Futtaim. The carbon credits traded on DFM were supplied by DEWA, First Abu Dhabi Bank and MyCarbon, coming from internationally certified carbon projects around the world.Tabreed spent 2023 being increasingly active in the community, through a range of Corporate Social Responsibility (CSR) initiatives. For instance, assisting startups and young entrepreneurs working on climate solutions, the company sponsored and partnered with HUB71+ climateTECH and, during the Holy Month of Ramadan, Tabreed partnered with Emirates Red Crescent to provide many thousands of meals to underprivileged members of the community. Closer to home, in a move designed to improve the work/life balance for Tabreed’s staff, remote workday allowances were increased by 50% and a ‘personal hours’ policy was introduced.“In short,” said Khalid Al Marzooqi, Tabreed’s CEO, “this incredible, visionary company spent 2023 reaffirming its reputation as an undeniable force for good. Good for our customers, our investors, our staff, our communities and our environment. I am immensely proud to lead Tabreed and look forward to even greater achievements in the years to come.”View Tabreed’s 2023 ESG report in its entirety here.

Emirati artist, Saggaf Alhashmi, designed the stunning artwork bringing beauty of Emirati natural world to the capital’s new central business districtAbu Dhabi, United Arab Emirates – 28 May 2024: Tabreed, the world’s leading district cooling company, has transformed one of its major UAE facilities into a masterpiece of street art. The company’s Al Maryah Island plant supplies an impressive roster of clients, such as Cleveland Clinic, Rosewood Abu Dhabi, Four Seasons, Galleria Mall and Abu Dhabi Global Market, with essential district cooling services.Tabreed’s executive management team suggested the plant would make an ideal ‘canvas’ for a new artwork, the likes of which Abu Dhabi has been building an enviable global reputation for in recent years, and the company’s Strategic Communications department quickly engaged with several local artists. Design proposals were sought, resulting in the renowned, self-taught Emirati artist, Saggaf Alhashmi, being chosen for his stunning ‘3D’concept featuring two of the UAE’s most famous residents: the Arabian Oryx and Arabian Sand Gazelle.“The result is, I’m sure everyone will agree, extraordinary,” said Tabreed’s Chairman, Khaled Al Qubaisi. “We have transformed what was previously an unremarkable, utilitarian building into a thing of profound beauty, which will bring joy to residents and visitors for many years to come. Saggaf’s concept has been faithfully transferred to surfaces that are functional and designed to aid in the district cooling process, which was a Herculean challenge for everyone involved but the efforts have been well worth it.”Describing his creative process, Alhashmi said he was inspired by the island itself: “Al Maryah is named after a famous oasis region in Abu Dhabi, Al Mariyah, which in turn is named after the species of Arabian deer which live there. It struck me that we could use the mural to bring the Al Mariyah deer to Al Maryah Island, celebrating the link between the life-giving oasis and the way that Tabreed uses air and water to cool the island today.”Work was completed ahead of schedule on 20 April, carried out by six different artists using three boom cranes at a height of 35 metres above ground for access to the 7,140 louvred panels being painted. By the time the area had been cleaned, prepared and painted, a total 7.2 sq. km had been worked on. Fifty-two different colours were used to recreate Alhashmi’s vision, with more than 4,800 litres of paint applied over a period of 47 working days.“Tabreed,” concluded Al Qubaisi, “has a well-deserved reputation for environmental protection through its sustainability-led energy efficiencies, preventing millions of tons of carbon emissions. Yet there is more to environmentalism than mitigating climate change and improving air quality – architecture and urban design is important to our quality of life, too. And, as Tabreed’s Chairman, I am proud to see the company setting itself apart from its competitors, embracing change, accepting challenges and overcoming them to retain its position as the world’s leader in district cooling.”

Consumption volumes for Tabreed’s cooling services growing organically by 9% year-on-yearAbu Dhabi, United Arab Emirates – 14 May 2024: Tabreed, the UAE’s leading international district cooling company, today released its consolidated financial results for the first three months of 2024, recording consumption volume increases year-on-year of 9%, driven by new connections attributing to organic growth recorded during the past year. The company reported a net profit before tax of AED 122 million, representing an increase of 4% compared to AED 117 million (adjusted for one-off gains and losses) reported during the same period last year.During Q1 2024, Tabreed’s topline and earnings before interest, taxes, depreciation and amortisation (EBITDA) continued to climb, with a healthy rate compared to Q1 2023. Reaffirming the company’s solid financial management and profit generation capability, Tabreed’s EBITDA margin was 58%, compared to 57% in the first quarter of 2023, with topline group revenue of AED 468m for the first quarter of 2024.Tabreed’s adept management of working capital has enabled it to achieve a cash conversion rate of 90%, demonstrating efficiency in the running of its operations. A clear demonstration of this relentless pursuit for operational excellence was the successful completion of the third phase of the ‘Tasheel’ initiative, an extensive programme to retrofit chillers with Variable Frequency Drives (VFDs), significantly enhancing energy efficiency while playing a pivotal role in efforts to decarbonise cooling provided to clients.The company’s commitment to sound financial practice is also evident in its reduced debt levels – leading to healthier leverage ratios – showcasing a net debt to EBITDA ratio of 3.97x as at the end of the first quarter of 2024. Following the first quarter end, Tabreed successfully concluded a tender offer for the repurchase of certain of its outstanding USD 500 million sukuk due in 2025. Including sukuk purchased prior to the tender offer, Tabreed has now repurchased a total of USD 240 million (AED 880 million) of its outstanding sukuk due in 2025. The buyback is part of Tabreed’s active management of its debt profile to optimise its cost of funding and further strengthen its balance sheet.Financial highlights – three months ended 31 March 2024: Group revenue increased to AED 468 million (Q1 2023: AED 464 million)EBITDA increased to AED 272 million (Q1 2023: AED 268 million)Normalised net profit before tax increased by 4% to AED 122 million (Q1 2023: AED 117 million)Net profit after tax is AED 112 million (Q1 2023: AED 236 million including one-off gains)Operational highlights – three months ended 31 March 2024:      Tabreed’s consumption volumes increased by 9% year-on-yearTotal connected capacity reached 1.305 million Refrigeration Tons (RT)1,710 Refrigeration Tons (RT) of new customer connections added, mostly in the UAECommenting on the Q1 2024 results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said:“I am particularly pleased to share details of the growth delivered by Tabreed across key financial and operational metrics, showcasing our commitment to delivering value to our investors. This upward trajectory is a testament to our strategic initiatives and highlights the company’s resilient performance.“Our strategic initiatives, both locally and internationally, are geared towards ensuring we maintain our positive momentum in the medium term. We are confident in our ability to continue leading the way in sustainable cooling, creating value for our shareholders and positively contributing to the communities, businesses and industries we serve.”

Annual General Assembly also confirms new appointment to Board of DirectorsAbu Dhabi, United Arab Emirates – 20 March 2024: Tabreed, the UAE’s leading international district cooling company, yesterday held its Annual General Assembly (AGA), during which shareholders approved a record high dividend payment of 15.5 fils per share, paid fully in cash. As disclosed in the company’s recent full-year results for 2023, this represents an increase of 15% over the previous year and recognises Tabreed’s strong financial performance. During 2023, Tabreed reported a growth of 9% in revenue and an increase of 25% in net profit before tax to parent.Tabreed’s AGA was chaired by the company’s Chairman, Khaled Abdullah Al Qubaisi, and during the meeting shareholders confirmed the appointment of two new board members: Geert Bunkens and Marion Deridder Blondel.Commenting on Tabreed’s record-setting 2023, Al Qubaisi said that the confirmed dividend payments demonstrate the company’s approach to growth is the right one. “Our shareholders are a top priority for Tabreed and the business has a stellar reputation for delivering consistently excellent returns for our investors. We have just enjoyed another remarkable year and our name as a torchbearer for sustainability is growing, with Tabreed playing a decisive role in steering the conversation about global cooling during COP28.“The simple fact is, that Tabreed’s steady growth is not just good for business but good for the planet. Our experience, stretching back more than quarter of a century, is unrivalled. As more countries turn their attention to ever increasing demands for cooling, realising too that they must act to mitigate climate change, district cooling is an obvious and well-established solution. And nobody does it better than Tabreed, which is why we are now gearing up for further international expansion.”Last year Tabreed added 53,000 refrigeration tons [RT] of new connections across its portfolio, which also grew with the addition of six new plants. The company now operates in six different countries, including India, and sees enormous potential to increase market share over the coming months and years. Also investing heavily in renewable energy and setting new standards in decarbonisation, Tabreed undoubtedly remains the world’s leader in district cooling.

Abu Dhabi, United Arab Emirates – 14 February 2024: Tabreed, the UAE’s leading international district cooling company, today released its consolidated financial results for the year 2023, reporting a revenue of AED 2.4 billion – a 9% increase over 2022 – and a net profit attributable to parent, before deferred tax, of AED 751 million.Tabreed’s balance sheet strengthened further, underscored by an improved net debt/EBITDA ratio of 4.11x (4.49x as end of FY 2022). Tabreed’s net debt decreased in 2023 thanks to strong cash generation and a decline in gross debt due to a proactive debt management exercise carried out during the year. As a result of prudent financial management, the company achieved reductions in its net finance costs by 24%, despite a high interest rate environment. Throughout the year, Tabreed continued to maintain its strong cash flow profile, underpinned by long-term contracts, resilient margins and efficient working capital management. Net cash from operating activities totalled AED 1.31 billion in 2023 (AED 1.35 billion in 2022), while free cash flows increased by 8% to AED 1.21 billion, driven by strong operating income, continued investment in growth and streamlining of existing asset portfolio. Tabreed’s Board of Directors, in recognition of the company’s strong financial performance throughout the year, robust cash generation and positive outlook, hasrecommended a record high dividend payment of 15.5 fils per share in cash. This represents an increase of 15% over 2022 and reinforces Tabreed’s commitment to maximising value for its shareholders. During 2023, with the enactment of UAE corporate tax law, there was a one-off, non-cash accounting impact due to recognising a deferred tax liability amounting to AED 359 million, resulting in a reported net profit of AED 431 million for the year. Tabreed added 53k Refrigeration Tons (RT) of new connections in 2023, across its portfolio in the UAE and internationally. Expansion was driven largely by organic growth, through new connections in existing concession areas, as well as new ‘greenfield’ plants. Tabreed continued to strengthen its presence in its core markets of the UAE and GCC, with the addition of 31k RT in the UAE, 14k RT in Saudi Arabia, 3k RT in Bahrain and 1k RT in Oman. Tabreed entered the India market during 2023, in a strategic alliance with TATA Realty and Infrastructure Limited, demonstrating its commitment to diversify and expand beyond the GCC’s geographical borders. While growing its presence in international markets, the company remained focused on optimising its existing portfolio to enhance returns, Tabreed’s total connected capacity increasing in 2023 to reach 1.303 million RT. Tabreed enjoyed a remarkable 2023 on many levels, being the year of the company’s 25th Anniversary. Publicly engaged more than ever before, Tabreed exhibited at the second World Utilities Congress and was billed as exclusive ‘Cooling Partner’. During COP28 in December, the company took part as an exhibitor on Mubadala’s pavilion and C-Suite executives were active in high-level debates and panel discussions in both Green and Blue Zones, particularly as strategic partners of the United Nations Environment Programme (UNEP) and Cool Coalition. As COP28 drew to a close, Tabreed signed an AED 600 million Green Revolving Credit Facility under its green financing framework, to help meet future expansion requirements with speed and agility. Fittingly, with 2023 being the UAE’s ‘Year of Sustainability’, Tabreed became signatories to the UAE’s Responsible Companies Pledge, the Abu Dhabi Sustainable Finance Declaration and the Global Cooling Pledge – each a clear commitment to assisting the UAE and other nations in reaching their individual Net-Zero targets through energy-efficient operations. Sustainability also became intrinsically linked to Tabreed with its brand-new Geothermal district cooling plant, developed in partnership with ADNOC in Masdar City, which uses renewable energy from deep underground to produce chilled water for use in a pre-existing network.Two senior appointments were made to Tabreed’s Executive Management Team on 1 May 2023, with Nadia Bardawil assuming the role of Chief Legal Counsel and Philippe Coquelle joining as Chief Development Officer. Financial highlights – 12 months ended 31 December 2023:  Group revenue increased by 9% to AED 2.4 billion (2022: AED 2.2 billion)EBITDA at AED 1.2 billion remained resilient with healthy margin of 50% (2022: AED 1.2 billion)Net profit before tax attributable to parent increased by 25% to AED 751.4 million (2022: AED 600.2 million) Operational highlights – 12 months ended 31 December 2023:         Total connected capacity increased to 1.303 million Refrigeration Tons (RT)53k RT of new customer connections addedConsumption volumes increased by 8% year-on-year Environmental highlights – 12 months ended 31 December 2023:2.52 billion kilowatt hours saved across the GCC – enough to power more than 143,000 homes every yearPrevented the release of 1.5 million metric tons of CO2 into the atmosphere, which is equivalent to the removal of approximately 330,000 vehicles from the roads annuallyConstructed and commissioned Middle East’s first renewable energy (geothermal) district cooling plant in partnership with ADNOC at Masdar City, Abu Dhabi Following publication of the full 2023 results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “This time last year I spoke about Tabreed’s carefully planned growth and taking our globally renowned expertise into new markets. We spent 2023 making good on that promise and now operate in six countries, including India, supplying sustainable cooling to our prestigious clients. “This is just the beginning and, over the next few years, we will continue to capitalise on Tabreed’s unrivalled history and world-leading experience by aggressively, yet considerately, targeting opportunities for expansion. Opportunities that will provide healthy returns for our investors while benefiting the countries and communities in which we operate. International demand for our services is growing considerably and these results prove we are ready, willing and able to respond like no other company.”

Two of the world’s top credit ratings agencies officially acknowledge Tabreed’s long-term stability and reaffirm ‘Investment Grade’ statusAbu Dhabi, United Arab Emirates – 8 February 2024: Tabreed, the world’s leading district cooling company, has recently had its ‘Investment Grade’ status reaffirmed by Moody’s and Fitch, being rated Baa3 and BBB respectively. Moody’s report was published on 21 December 2023, with Fitch releasing its findings more recently, on 29 January 2024.Moody’s and Fitch are two of the world’s most respected credit ratings agencies, referred to by global investors to determine the organisations most likely to yield healthy financial returns and least likely to default. The reports published by these agencies provide clear, unbiased analysis of a company’s financial health and future outlook, and both referred to Tabreed’s strong market position, high cash flow visibility (thanks to long-term contracts of up to 25 years) and strong liquidity.Speaking about the published ratings, Tabreed’s Chief Financial Officer, Adel Al Wahedi, said they show the company’s impressive resilience in the face of often turbulent market conditions. “We have been the leaders in this vital utilities industry for 25 years,” he said, “and in that time our portfolio and reputation have grown beyond all recognition. Tabreed’s experience, expertise and innovation are world renowned, and our investors continuously benefit from our careful, measured approach to growth, through healthy returns that continue to set new records.”Al Wahedi added that Tabreed’s predictable cash flows put the company in an enviable position of strength, with stability one of its key attributes. “We don’t grow for the sake of it,” he said. “Rather, as responsible investors, we judge each opportunity on its own merits. We are not risk averse but equally we are not afraid to make tough decisions to protect our investors from exposure.“Our international expansion, for instance, has been an important part of Tabreed’s long-term strategy and we are now operating in six countries with plans to enter further new territories when the time and conditions are favourable. The demand for sustainable cooling is only increasing in certain countries and no company is better placed than Tabreed to meet those requirements. Sustainability is a byword for Tabreed and our solid ratings with Moody’s and Fitch provide further evidence that our approach to business is entirely sound.”

Increased energy efficiency marks significant step in decarbonising operationsAbu Dhabi, United Arab Emirates – 30 January 2024: Tabreed, the world’s leading district cooling company, has concluded the third phase of its ‘Tasheel’ programme – an ambitious and extensive retrofit of Variable Frequency Drives (VFDs) to increase energy efficiency and assist in the decarbonisation of its operations.Tabreed celebrated its silver jubilee in 2023 and is the Middle East’s original district cooling provider. It is, therefore, inevitable that certain plants in its ever-expanding portfolio will feature technology that has since been superseded with more energy efficient methods with lower operational and maintenance costs. While VFDs have been available for many years, their adoption in the district cooling industry’s very specialised facilities was not feasible until relatively recently.VFDs are situated between the electrical supply and the equipment powered by it, in this case extremely large, medium-voltage industrial electric motors for the plants’ chillers. On the originally installed equipment, the motors were often designed to work at fixed speeds, meaning they turned at the same rates no matter the cooling loads. In simple terms, installation of VFDs enables regulation of the power being fed to these motors by lowering motor speeds when load is reduced, instantly making them more energy efficient. When cooling demand increases so too does the power supplied by the VFDs to the motors, and vice versa.Tabreed’s Chief Executive Officer, Khalid Al Marzooqi, explains: “In 2019, our Operations and Maintenance department commenced a five-year efficiency plan in which we worked closely with the original manufacturers of the equipment (chillers and pumps) in some of our Abu Dhabi and Dubai plants, to better understand the impact of VFDs on energy efficiency and to retrofit where appropriate in the name of increased efficiency.“This was a sizeable undertaking yet, over the past three years, the VFDs’ performance and the resulting energy optimisation has easily exceeded our initial, ambitious targets. Most importantly, however, retrofitting VFDs to our older plants has directly reduced energy consumption to the extent that, over the next ten years, we will save an additional 223,000,000 kWh, consequently preventing the release of a further 105,000 metric tons of CO2 emissions. Projects such as this are the very essence of Tabreed – a UAE company built on the pursuit of operational excellence.”

From humble beginnings to international presence, Tabreed continues to set the gold standard in district cooling through innovation and dedicationSince its founding, the company’s operations have saved nearly 20 billion kWh, preventing nearly 8 billion tonnes of carbon emissionsAbu Dhabi, United Arab Emirates – 21 December 2023: As another year of astonishing progress draws to a close, Tabreed is celebrating its Silver Jubilee, looking back on a quarter of a century as the world’s leading district cooling company and an essential enabler of progress for communities in the UAE and the wider region.Tabreed’s Chairman, Khaled Al Qubaisi, said this is a true landmark in the company’s history, with 2023 being another record year that offers a tantalising glimpse into its future, with sustainability and energy efficiency being the key drivers of Tabreed’s next chapter.“To say I am proud to chair the Board of this extraordinary company is a huge understatement,” he added. “As we look back on our history, celebrate our achievements, consider our present and look forward to our future, it’s obvious that Tabreed is a resilient, progressive company that brings enormous benefits to its people, its stakeholders and its investors. And, as the saying goes, the best is yet to come.”25 Years of ProgressThe company started with three employees as Gulf Energy Systems in 1995 and became Tabreed, a public shareholding company, in 1998, through the efforts of the UAE Offsets Group (now known as Tawazun Council). The first district cooling service provider in the Middle East, Tabreed commissioned its first plant in 1999 – a 4,000 Refrigeration Ton (RT) facility for the first phase of Zayed Military City in Abu Dhabi. Other early projects included the Al Jimi Shopping Centre in Al Ain and Al Manar Mall in Ras Al Khaimah, the UAE’s first commercial district cooling system.By 2016 Tabreed had passed the 1,000,000 RT threshold and today it owns and operates 91 district cooling plants in the UAE, Saudi Arabia, Oman, Bahrain, India and Egypt. The company now employs more than 1,100 staff made up from more than 40 different nationalities and the portfolio is growing, with huge potential for expansion across India and Southeast Asia. Tabreed operates the world’s largest district cooling network in Downtown Dubai and has become the cooling partner of choice for many of the world’s most iconic landmarks and attractions in the UAE and beyond.25 Years of PartnershipTabreed’s strategic partnerships have helped the company to remain competitive and supported international growth. In 2006, partnerships with governments and key local companies were instrumental in establishing Tabreed Oman and Saudi Tabreed. Tabreed’s recent expansion into India, which is expected to be the world’s largest cooling market by 2050, was facilitated via partnerships with Tata Realty and the Government of Telangana, supported by its innovative tie-up with the International Finance Corporation (IFC).25 Years of PerformanceTabreed’s performance continues to set new benchmarks for the district cooling sector – the industry known for being up to 50% more energy efficient compared to traditional cooling methods, bringing with it rich rewards for the environment. Total connected capacity now exceeds 1.3 million RT and it is estimated that, up to the end of 2022, the company’s operations saved 19.2 billion kilowatt hours (enough to power approximately 1.1 million homes in the GCC annually) and prevented 7.6 million metric tons of carbon emissions (equivalent to removing more than 1.6 million cars from the streets). Tabreed continues to invest heavily in R&D, conducting studies with multiple technologies, integrating renewable energy sources and harnessing the inestimable power of 25 years’ worth of real-world data in its Artificial Intelligence control systems. Financial performance sets new records every year, too, providing shareholders with maximum returns.The crown jewel in Tabreed’s sustainability journey also began to shine during 2023: its new Geothermal plant developed in partnership with ADNOC and Masdar City, which commenced operations this month. Integrating this renewable energy in district cooling operations marks the beginning of a new chapter for sustainable cooling.“Much of what we do at Tabreed is literally unseen,” said Khalid Al Marzooqi, Tabreed’s Chief Executive Officer, “our vast, complex networks being buried deep underground. But there’s no denying that everyone feels the effect and enjoys the results of our operations. When you walk into The Dubai Mall, the Burj Khalifa, Louvre Abu Dhabi or any of our other iconic landmark developments in the UAE and beyond, and that welcome blast of cold air hits you in the face on a hot and humid summer’s day, that’s thanks to everyone at Tabreed.“We never stand still, never take anything for granted and never stop innovating. And we’re in the finest possible form as we head into our next 25 years with the continued, invaluable support of our majority shareholders, Mubadala and ENGIE. Simply put, without district cooling – without this company – the world would be a poorer place. Long live Tabreed.”

Abu Dhabi, United Arab Emirates – 14 December 2023: Following a signing ceremony at the end of its hugely successful participation in COP28, Tabreed, the world’s leading district cooling company, today announces the successful closure of its inaugural AED 600 million Green Revolving Credit Facility (RCF) in partnership with First Abu Dhabi Bank (FAB) as the Green Coordinator, alongside Abu Dhabi Commercial Bank PJSC (ADCB), and Emirates NBD.This groundbreaking financing agreement, spanning five years, aligns seamlessly with Tabreed’s overarching sustainability strategy. The facility is designed to introduce highly efficient cooling solutions into the GCC market, meeting the growing demand for sustainable and innovative technologies.As an active participant in the Cool Coalition, a prestigious United Nations initiative, Tabreed’s operations and objectives are intricately linked with the United Nations Sustainable Development Goals (SDGs). The AED 600 million raised through this RCF will be exclusively allocated to finance projects and investments that adhere to Tabreed’s Green Finance Framework, established in 2022. These encompass diverse initiatives, including the development, procurement, and operation of District Cooling schemes. The funds will also support projects dedicated to enhancing Energy and Water Efficiency and those focused on proficient Wastewater Management.Commenting on the successful conclusion of the Green RCF, Tabreed’s Chief Financial Officer, Adel Al Wahedi, said: “This financing agreement is a testament to Tabreed’s unwavering commitment to sustainable practices. By allocating the proceeds exclusively to green projects, we aim to make a significant impact on environmental preservation and drive advancements in cooling technologies. We are proud to partner with FAB, ADCB, Emirates NBD Capital Limited [as Mandated Lead Arranger] and Emirates NBD Bank [as Original Lender], who share our vision for a more sustainable future.”Fawaz Abusneineh, Acting Head of Global Corporate Finance at FAB, said: “At FAB, we believe that district cooling has a major role to play in the Middle East’s energy efficient future as it is more reliable, more energy efficient, and has less negative environmental impact than standard approaches to air-conditioning.  This partnership aligns with and amplifies our commitment to lend, invest, and facilitate over USD135 billion in sustainable and transition financing by 2030. Together we are ensuring that the UAE’s built environment can transition towards a greener future.”“We are proud to partner with Tabreed in our collective pursuit of the UAE’s ambition for a net zero economy. This collaboration is a testament to our commitment to providing sustainable financing solutions and supporting our clients in their transition towards environmental sustainability. As Sustainalytics’ highest rated diversified bank in the GCC for ESG, ADCB is proud to be bringing its experience and capabilities to support its clients’ green ambitions.” stated a spokesperson from ADCB.Hitesh Vithal Asarpota, CEO – ENBD Capital Limited and Emirates NBD Capital PSC said: “We are delighted to support Tabreed’s efforts in further decarbonising the district cooling sector. This agreement comes in line with our Sustainable Finance Framework, reinforcing our commitment towards sustainability. As a leading banking group in the region, ENBD is fully aligned with the UAE’s journey to Net Zero, and through such agreements, we enable our stakeholders to play an active role in this transition.”This financial commitment reaffirms Tabreed’s unwavering commitment to environmental preservation and is at the forefront of pioneering advancements in cooling technologies. The company remains dedicated to leveraging innovative financing solutions to accelerate the transition to sustainable, efficient, and eco-friendly cooling solutions across the region.

On track to add 120,000 RT capacity over FY 2023-24, supported by new projects and new connections across existing concessionsTabreed reports 9% year-on-year growth in consumption volumesTabreed maintains ‘Investment Grade’ credit rating from Moody’s & Fitch, demonstrating prudent cash flow management and solid financial positionAbu Dhabi, United Arab Emirates – 15 November 2023: Tabreed, the world’s leading district cooling company, today reported its financial results for the nine-month period ending 30 September 2023. During the first nine months of the year, Tabreed sustained positive momentum, recording a robust top line of AED 1.8 billion, a 10% increase year-on-year, compared to AED 1.7 billion in the same period last year. Attributed to this success is the steady growth Tabreed achieved in its consumption volumes (9% year-on-year) driven by new connections and higher demand from existing customers.During the first nine months of 2023, Tabreed delivered an additional 41,319 Refrigeration Tons (RT) across its portfolio, having commissioned the all-new SeaWorld Abu Dhabi plant in the UAE, two new plants in the Kingdom of Saudi Arabia, and completed an acquisition of a plant from Tata Realty in India, bringing Tabreed’s tally to 89 plants and a total connected capacity to more than 1.3 million RT.Reflecting its commitment to driving efficiencies across its operations, Tabreed’s Gross Profit increased by 3% year-on-year in the nine-month period to AED 804 million, from AED 781 in 9M 2022, while EBITDA reached AED 914 million (AED 912 million in 9M 2022) with healthy EBITDA margin of 50%. This is further mirrored in efficient working capital management marked by a 11% year-on-year increase in Net Cash from Operating Activities (AED 959 million in 9M 2023 versus AED 866 million in 9M 2022). Tabreed’s balance sheet reflected further strength underscored by an improved Net Debt/EBITDA ratio of 4.18x (4.49x as end of FY 2022). Strong cash flow generation and prudent financial management has enabled the company to maintain an ‘Investment Grade’ credit rating with Moody’s & Fitch.Driven by revenue growth, healthy EBITDA, and lower net finance costs, the Group reported a Net Profit Before Tax attributable to parent of AED 605 million in 9M 2023 compared to AED 400 million in 9M 2022. Adjusting for one-off items (including non-cash deferred tax liability of AED 359 million recognised in the current period), Normalised Net Profit was AED 442 million for the first nine months of 2023, a 14% increase compared to AED 388 million in 9M 2022. On an absolute basis, Tabreed reported a Net Profit of AED 285 million for the nine months ending 30 September 2023.Financial highlights – nine months ended 30 September 2023:  Group revenue increased by 10% to AED 1.8 billion (9M 2022: AED 1.7 billion)EBITDA increased to AED 914 million (9M 2022: AED 912 million)Profit from Operation increased by 3% to AED 611 million (9M 2022: AED 590 million)Net Profit Before Tax attributable to parent is AED 605 million (9M 2022: AED 400 million)Operational highlights – nine months ended 30 September 2023:Total connected capacity exceeded 1.30 million Refrigeration Tons (RT)41,319 Refrigeration Tons (RT) of new customer connections added, with load additions of 24,165 RT in the UAE, 14,163 RT in KSA, 1,085 RT in Bahrain, 1,000 RT in India and 906 RT in OmanTabreed achieved a record 19.2 million hours worked without a single lost time incident (LTI), the most recent occurring in July 2015Commenting on the results, Khaled Al Qubaisi, Tabreed’s Chairman, said: “I am delighted to report further top-line growth over the period driven by organic customer growth and market expansion. Tabreed continued to capitalise on its regional presence, growing rapidly and strategically across its core markets, domestically in the United Arab Emirates and regionally across GCC and Asia, further cementing our position as the district cooling partner of choice.“Our new projects and capacity additions throughout the period continue to demonstrate the attractiveness of district cooling in Tabreed’s key markets, with the company on track to add 120,000 RT over 2023-2024. Equally important is Tabreed’s commitment to pursuing growth opportunities and delivering attractive and sustainable long-term returns for shareholders, underpinned by a positive business outlook and resilient business model offering predictable cash flows.”As well as commencing operations with the bespoke SeaWorld Abu Dhabi plant during the first nine months of 2023, Tabreed was named as preferred bidder for the grant of a long-term District Cooling Concession by the Hyderabad Pharma City master plan in India by Telangana State Industrial Infrastructure Corporation (TSIIC) Limited. Phase 1 of the project will be for the construction of district cooling facilities of 2,500 RT, with an approximate project cost of AED 36.2 million. The total concession capacity of the project will be 125,000 RT, which will be implemented in various phases in accordance with the progress of the master development and corresponding increase in cooling demand.Additionally in the third quarter of 2023, Saudi Tabreed was awarded a long-term District Cooling Concession for the King Salman Park project. Phase 1 of the King Salman Park project will be for 20,000 RT, with an estimated value of SAR 200 million (circa AED 200 million), with the total capacity rising to 60,000 RT on completion of construction.

Pioneering nanofluid technology, developed by HTMS, demonstrates potential to increase District Cooling energy efficiency by up to 15%Abu Dhabi, United Arab Emirates – 09 November 2023: Tabreed, the world’s leading district cooling company, in partnership with Ireland-based HT Materials Science (HTMS), has concluded what is believed to be the world’s first pilot project of its kind, demonstrating results that provide real hope for significant gains in energy efficiency.Applied across Tabreed’s current portfolio of 89 district cooling plants, the heat transfer fluid technology developed by HTMS – known as ‘Maxwell’ – could result in efficiency increases of between nine- and 15%. Theoretically this could mean preventing approximately 200,000 metric tons of greenhouse gas (GHG) emissions annually, as a result of decreased electrical energy consumption. For context, this would equate to removing 43,500 cars from the roads each year as a result of saving 335 million kWh of electricity, which is enough to power approximately 20,000 homes.Maxwell, named after James Clerk Maxwell, the pioneering scientist who first developed the concept of nano fluids in the 19th century, is an engineered suspension of sub-micron aluminium oxide particles in a base fluid of water or water/glycol (‘nanofluid’) – a drop-in additive for cooling and heating systems, that works by enhancing heat transfer. It was trialled in the summer of 2023 at a Tabreed district cooling plant in Khalifah City, Abu Dhabi, which exclusively supplies chilled water to a 55,742 square metre educational campus.The performance of the Maxwell nanoparticle fluid technology at Tabreed’s facility, evaluated under industry-approved Energy Efficiency Analysis (EEA), demonstrated that its addition increased efficiency of the plant’s chillers by 13.6%, leading to an overall plant efficiency improvement of 9.0%, compared with the same period in 2022.Tabreed’s CEO, Khalid Al Marzooqi, said this development is testament to the company’s tireless pursuit of energy efficiency at every level of its operations, adding that “as a sustainable cooling champion focused on innovation, we are always looking for ways to accelerate the energy transition and provide more efficient services that benefit our customers, our stakeholders and the communities in which Tabreed operates.“This successful pilot project proves the power of international partnership and technological collaboration, and we look forward to working with HTMS to further the application of their technology to advance sustainable cooling solutions that benefit communities and industries across the world.“In real terms, what we are looking at here is a potentially seismic improvement in energy efficiency that could radically change this industry. That Tabreed is spearheading such developments should not be a surprise, and I am proud to be leading such a progressive and impactful company that’s completely aligned with the UAE’s inspirational Net-Zero strategy.”How Maxwell Works in a Chilled Water SystemMaxwell’s nanotechnology increases the thermal capacity of water, the base fluid for commercial and industrial chilled water systems. When added to a chilled water loop at a 2% concentration of nano materials, Maxwell increases the system’s cooling capacity by up to 15%. This increased cooling capacity allows chillers, fan units, pumps and other equipment to operate more efficiently, reducing electrical energy consumption and carbon emissions. Maxwell is a non-toxic, non-corrosive material and fully recoverable and recyclable.Next StepsFollowing the promising pilot study results, Tabreed and HTMS are in discussions to introduce the Maxwell technology to other district cooling facilities in the company’s portfolio. With cooling accounting for an estimated 70% of energy consumption in the GCC, and global demand expected to triple by 2050, this technology could potentially play a critical role in reducing the environmental impact of an industry already widely viewed as an essential contributor to sustainability, with district cooling being up to 50% more energy efficient than conventional cooling methods.Commenting on the successful pilot project, Thomas Grizzetti, CEO of HTMS, said: “Thanks to the ease of installation, and use in both new and existing HVAC systems, Maxwell can have a material impact on energy usage and the carbon footprint of a broad range of industries and sectors globally. Maxwell is a significant step forward for businesses wishing to drive down energy use, increase system capacity and meet regulated energy efficiency targets increasingly promulgated by governments globally. We believe Tabreed is an ideal strategic partner for HTMS to help achieve widespread adoption of this unique technology.