National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based district cooling utility infrastructure company, today released its 2016 first half consolidated financial results. The company continues to deliver a consistent performance driven by its core chilled water business and its strong regional presence. Financial highlights – six months ended 30 June 2016: Net profit attributable to the parent increased by 5 per cent to AED 160.5 million (H1 2015: AED 153.4 million)Earnings per share increased by 34 per cent to 5.9 fils (H1 2015: 4.4 fils)Group revenue increased by 4 per cent to AED 578.6 million (H1 2015: AED 555.3 million)Core chilled water revenue increased by 2 per cent to AED 516 million (H1 2015: AED 507.2 million)EBITDA increased by 4 per cent to AED 275.4 million (H1 2015: AED 264.4 million)Share of results of associates and joint ventures increased by 45 per cent to AED 48.2 million (H1 2015: AED 33.2 million) Operational highlights – six months ended 30 June 2016: Total Group connected capacity across the GCC increased to 980,200 Refrigerated Tons (RT), with 5,800 RT of new customer connections added in the first half of the year, as follows :4,200 RT in the United Arab Emirates1,600 RT in Qatar 523 million kilowatt hours of electricity was saved across the GCC – enough energy to power approximately 17,500 homes every yearThis prevented the release of almost 261,600 tons of carbon dioxide – the equivalent of eliminating the emissions of 52,300 vehicles annually Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “As a utility company, Tabreed benefits from having long-term contracts with blue-chip entities across the GCC, enabling us to consistently deliver strong results, even in today’s current economic environment. Tabreed’s first half net profit of AED 160.5 million represents the best first half performance in the company’s 18 year history, further underlining our robust business model and stable revenue stream.” “Tabreed continues to focus on enhancing shareholder value, with earnings per share increasing by 34 per cent compared to the same period last year.” Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “Tabreed has a sizable presence across several GCC markets, primarily among them the UAE, Saudi Arabia and Qatar.  Across the five countries we operate in, we now deliver over 980,000 RT to many of those nations’ high profile and critical infrastructure projects.” “Tabreed continues to leverage its regional footprint, with profit from our associates and joint ventures increasing by 45 per cent to AED 48.2 million.” Today, Tabreed provides its district cooling services to many of the region’s landmark projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl Island in Qatar, and the Aramco Development Project in Al Dhahran in Saudi Arabia.

National Central Cooling Company PJSC (DFM: Tabreed), the Abu Dhabi-based regional district cooling utility company, today released its 2016 first quarter consolidated financial results. The company’s robust financial performance continues to be driven by its strong operations across the Gulf Cooperation Council (GCC).Financial highlights – three months ended 31 March 2016:Net profit attributable to the parent increased by 3.6 per cent to AED 63.4 million (Q1 2015: AED 61.2 million)Group revenue increased by 6.7 per cent to AED 255.5 million (Q1 2015: AED 239.5 million)Core chilled water revenue increased by 3.7 per cent to AED 222.3 million (Q1 2015: AED 214.4 million)EBITDA increased by 4.9 per cent to AED 124.8 million (Q1 2015: AED 119 million)Share of results of associates and joint ventures increased by 26.4 per cent to AED 21.9 million (Q1 2015: AED 17.3 million)A dividend of 6 fils per share was paid to shareholders for 2015, up from 5 fils per share in 2014Operational highlights – three months ended 31 March 2016:Total Group connected capacity across the GCC increased to 977,037 Refrigerated Tons (RT)168 million kilowatt hours was saved across the GCC – enough energy to power approximately 5,600 homes every yearThis prevented the release into the atmosphere of almost 83,900 tons of carbon dioxide – the equivalent of eliminating the emissions of 16,800 vehicles annuallyWaleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “Over the years, Tabreed has successfully transferred the knowledge and expertise honed in its home market of the UAE to key regional markets, enabling the company to continue to grow its core chilled water business and to deliver stable and consistent results. Today, Tabreed’s regional operations constitute 29% of its total connected capacity, and contribute nearly 25% to profits.”Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “Tabreed has an industry leading regional presence, with 69 district cooling plants located throughout the GCC delivering over 977,000 RT to many of the region’s critical infrastructure projects. As we look ahead to the rest of the year, we expect this regional footprint to continue to underpin our strong performance, and to present us with potential growth opportunities, which Tabreed today has the financial strength and operational know-how to leverage.”Today, Tabreed provides its district cooling services to many of the region’s critical projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl Island in Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

Dividend yield amongst the top 10 companies on the DFMShareholders of National Central Cooling Company PJSC (DFM: Tabreed), the regional UAE-based district cooling utility company, yesterday approved a cash dividend of six fils per share for 2015 at the company’s Annual General Assembly (AGA). The approved dividend is 20% higher than the dividend distributed the previous year.Tabreed’s dividend of six fils per share represents a yield of 6%, placing the company’s dividend yield in the top 10 among listed companies on the Dubai Financial Market.The AGA was chaired by Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, and attended by Tabreed’s Board of Directors, shareholders, and the company’s senior leadership team.Commenting on Tabreed’s performance in 2015, Al Muhairi said: “Tabreed’s performance continues to steadily grow year-on-year, and the company today has a robust capital structure underpinned by a stable and recurring revenue stream.”“The decision by Tabreed’s Board of Directors to increase dividends for 2015 is driven by the company’s solid performance during the year and its positive future outlook, in addition to our commitment to provide sustainable returns to shareholders.”Addressing Tabreed’s shareholders, Jasim Husain Thabet, Chief Executive Officer, added: “Tabreed’s position as the only district cooling provider that operates across the GCC, has enabled us to benefit from the continued growth opportunities in markets such as Qatar and Saudi Arabia, in addition to the UAE. We expect this pattern to continue in the years ahead, and for the company to leverage on its existing network and strong presence across these key regional markets.”Shareholders also approved amendments to Tabreed’s Articles of Association in-line with the requirements of the new UAE Commercial Companies Law.Thabet concluded: “In the ever-changing macro-economic environment, we have witnessed an increased interest by local and foreign institutional investors in Tabreed over the past year as the company continues to provide stable and attractive returns to shareholders.”Additionally, shareholders approved the Board of Directors’ Report, the Independent Auditors’ Report, the appointment of a new auditor for the next three years, and the Financial Statements for the year ending 31 December 2015.Tabreed delivered solid financial and operational results in 2015, with net profit increasing by 6% to reach AED 345 million. The company’s net income has been growing at a rate of 13% since 2012.Operationally, Tabreed now has several major projects under development across the region, including the 45,000 refrigerated tons (RT) district cooling plant for Dubai Parks and Resorts and a 40,000 RT plant in Doha’s West Bay.The company has a total of 69 plants across the GCC and provides its services to many of the region’s critical projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

The Board of Directors of National Central Cooling Company PJSC (Tabreed or the Company) is pleased to invite its shareholders to attend the General Annual General Assembly Meeting, which is to be held on Wednesday, 2 March, 2016 at 5.00 P.M. (17:00 hrs) at the Beach Rotana Hotel, Al Thuraya  ballroom – Abu Dhabi, to discuss and resolve the items detailed hereunder:1) Special Resolution:Consider and approve amending the Company’s articles of association in line with Federal Law No 2 of 2015 concerning the Commercial Companies.2) Consider and approve the report of the Board of Directors on the Company’s activities and its financial position for the fiscal year ending 31 December 2015.3) Consider and approve the auditor’s report on the Company’s financial position for the fiscal year ending 31 December 2015.4) Consider and approve the Company’s financial statements and profit and loss statement for the fiscal year ending 31 December 2015.5) Consider and approve the proposal of the Board of Directors regarding the distribution of cash dividends at 6 fils per share or 6% of the Company capital for the fiscal year ending 31 December 2015.6) Discharge the members of the Board of Directors from their liabilities for the fiscal year ending 31 December 2015.7) Discharge the auditors from their liabilities for the fiscal year ending 31 December 2015.8) Approve the Board of Directors remuneration for the fiscal year ending 31 December 2015.9) Appoint the Company’s auditors for the fiscal year ending 31 December 2016 and determine their remuneration.Remarks:1.) Each shareholder 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 provided that the representative does not hold in such capacity more than 5% of the Company’s share capital (persons of incomplete capacity or incapable shall be represented by their legal representatives and minors shall be represented by their parent or guardian). A corporate person may delegate a representative or those in charge of its management pursuant to a resolution of its board of directors or its equivalent to represent such corporate person in a general assembly. The delegated person shall have the powers as determined in the delegating resolution. 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 not less than two days prior to the date of the meeting. Only original proxies will be accepted.2.) Shareholders who are registered in the Company’s share book on Sunday 13 March 2016 shall be deemed to be entitled to receive the dividends if the Annual General Assembly Meeting convened on its first meeting on 2 March 2016. Shareholders who are registered on Sunday 20 March 2016 shall be deemed to be entitled to receive the dividends if the Annual General Assembly Meeting convened on its second meeting on 9 March 2016.3.) The Annual General Assembly Meeting will be quorate if shareholders representing not less than 50% of the Company’s share capital attend. Each shareholder who is registered in the Company’s share book on Tuesday 1 March 2016 is entitled to attend the first meeting on 2 March 2016. In the event a quorum for the first meeting is not achieved, the Annual General Assembly Meeting will be adjourned until Wednesday, 9 March, 2016 at the same time and place and will be considered duly convened if attended by one or more shareholders. Shareholders whom are registered in the Company’s share book on 8 March, 2016 shall then be entitled to attend the second meeting.4.) Where the necessary quorum is not achieved in the first meeting, 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.5.) Shareholders are required to update their contact details at the Dubai Financial Market to ensure that dividends are delivered properly. Dividends will be distributed through the Dubai Financial Market.6.) Copies of the Company’s articles of association together with the proposed amendments, financial report and Corporate Governance Report for the year ended 31 December 2015 are available on the Company’s website http://www.tabreed.ae and will be available at the meeting venue upon registration on the day of meeting.The Board of Directors 

Board of Directors recommends increasing dividend to 6 fils per shareNational Central Cooling Company PJSC (DFM: Tabreed), the regional district cooling utility company, today released its audited 2015 financial results.  The company’s robust performance was driven by its sizable presence across the GCC region and by the optimization of its capital structure, which led to a 19 percent increase in earnings per share. Based on this strong performance, Tabreed’s Board of Directors will recommend increasing cash dividends for 2015 to 6 fils per share (up from 5 fils per share for 2014).Financial highlights – twelve months ended 31 December 2015:Net profit attributable to the parent increased by 6 percent to AED 345.3 million (2014: AED 325.7million)Earnings per share increased by 19 percent to AED 0.11 largely as a result of the successful completion of the buyback of the mandatory convertible bondsThe share of results of associates and joint ventures increased by 16 percent to AED 98.6 million (2014: AED 85.4 million)Core chilled water profit from operations increased by 3 percent to AED 370.4 million (2014: AED 359.3 million)Group revenue increased by 4 percent to AED 1,171.9 million (2014: AED 1,130.6 million)EBITDA increased by 2 percent to AED 544.7 million (2014: AED 534.9 million)Operational highlights – twelve months ended 31 December 2015:Total group connected capacity across the GCC reached 974,377 RT, with 35,563 RT of new customer connections made to major regional projects including:The Pearl Island and West Bay in QatarJabal Omar Development Project in the Holy City of MeccaAvenues Mall in OmanA major district cooling agreement with Aldar was renewed for a duration of 30 years. The new agreement d sets the framework for additional connections to Tabreed’s existing plants (Q1 2015)Chilled water supply to Al Hilal Bank Tower on Al Maryah Island in Abu Dhabi commenced (Q2 2015)A new plant was inaugurated in Muscat, Oman (Q2 2015)An AED 192.5 million long term limited recourse project finance facility with Emirates NBD was finalized for the Dubai Parks and Resorts district cooling plant (Q4 2015)The amount of energy utilized for cooling in the GCC was reduced by 1.3 billion kilowatt hours during 2015 (enough electricity to power approximately 44,000 homes in the UAE every year). This reduction in energy consumption, achieved by employing district cooling instead of conventional air conditioning, has prevented the release into the atmosphere of over 650,000 tons of carbon dioxide emissions, the equivalent of eliminating the emissions of 130,000 vehicles annuallyWaleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “As a utility infrastructure company, Tabreed is able to deliver consistent and stable results year-on-year, with 2015 net profit increasing by 6% compared to the previous year to reach AED 345 million. Our operations across the GCC region have been instrumental in driving bottom-line growth, while our commitment to achieving an optimal capital structure has increased earnings per share by 19%.”“Tabreed has maintained its commitment to providing a sustainable return to shareholders, and on the back of the strong performance in 2015, the company’s Board of Directors will recommend increasing cash dividends to 6 fils at the upcoming annual general assembly.”Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “Government and private entities across the GCC continue to see the energy and environmental benefits of deploying district cooling technologies for their major infrastructure projects.  This increased appreciation of the advantages of district cooling over conventional air conditioning is creating new growth opportunities, and has helped our Qatari affiliate, Qatar Cool, win the contract to provide district cooling services to the upcoming Qatar Rail project in Doha.”“In the year ahead, Tabreed will aim to grow the business in a sustainable and consistent manner, and deliver on the existing projects under development.”Tabreed currently has 69 district cooling plants across the GCC and provides its services to many of the region’s critical projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and the Galleria, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

Prevention of over 650,000 tons of carbon dioxide emissionsNational Central Cooling Company PJSC (DFM: Tabreed), the regional district cooling utility infrastructure company, has reduced the amount of energy utilized for cooling in the Gulf Cooperation Council (GCC) by 1.3 billion kilowatt hours during 2015. This is enough electricity to power approximately 44,000 homes in the UAE every year.This reduction in energy consumption, achieved by employing district cooling instead of conventional air conditioning, has prevented the release into the atmosphere of over 650,000 tons of carbon dioxide (CO2) emissions, the equivalent of eliminating the emissions of 130,000 vehicles annually.According to the United Nations Environment Programme, district cooling benefits from significant energy efficiencies compared to conventional air conditioning, including approximately a 50% reduction in energy consumption.Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said: “As a nation, the UAE places a high priority on safeguarding the environment and on playing a constructive role in reducing CO2 emissions.  Cooling has historically been a major consumer of energy in the region, representing more than 50% of annual energy demand. Forward-looking organizations have become increasingly aware that by utilizing district cooling technologies instead of conventional air conditioning, they are able to cut the amount of energy utilized for cooling by half, and therefore make a significant contribution to our region’s efforts to lower our carbon footprint.”“Tabreed is proud to support many of the GCC’s most high-profile projects, and to work alongside our government and private partners to collectively contribute to the sustainable development of our region.”Tabreed currently provides its district cooling services to many of the region’s iconic developments including all the projects on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the projects on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, as well as other national and regional landmarks such as Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

The project financing will be provided by Emirates NBDNational Central Cooling Company PJSC (‘Tabreed’), the leading UAE-based district cooling utility infrastructure company, today announced it has completed the signing of an AED 192.5 million long term limited recourse project finance facility with Emirates NBD for the district cooling plant it is developing for Dubai Parks and Resorts.Tabreed’s district cooling plant for Dubai Parks and Resorts is now nearing completion and will be commissioned in time for the park’s opening.Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said: “Tabreed’s approach to financing new projects is to utilise long term project financing wherever possible which we believe is the best way of financing our assets and maximizing value for all stakeholders. This loan facility with Emirates NBD is a landmark deal as it is amongst the first district cooling transactions completed in the UAE under a limited recourse project finance structure for a Greenfield development.”“We are committed to delivering district cooling services that enable Dubai Parks and Resorts to make significant savings to their energy consumption and positively contribute to the environment.”Jonathan Morris, General Manager Wholesale Banking at Emirates NBD, said: “This is our first collaboration with Tabreed and we are pleased to participate in the financing of the district cooling plant for the new Dubai Parks and Resorts. This is an important development which will further support the UAE’s economic diversification efforts and reinforce Dubai’s position as a tourist destination.”In 2014, Tabreed signed a long term concession to provide 45,600 tons of cooling to the new Dubai Parks and Resorts development in Jebel Ali.Raed Kajoor Al Nuaimi, Chief Executive Officer of Dubai Parks and Resorts, added: “At Dubai Parks and Resorts we are setting a new milestone in Dubai’s leisure and entertainment industry through our ground breaking theme parks.  As part of our mission to create a truly unique experience, we are working with the very best in class partners to ensure the delivery of our project is not only in line with international standards but also takes the environmental and economic impact into consideration. We are proud to be working with Tabreed and look forward to working with them.”In addition to Dubai Parks and Resorts, Tabreed provides its district cooling services to many of the region’s iconic developments including all the projects on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the projects on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, as well as other national and regional landmarks such as Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

Company completes buyback of Bonds which will increase earnings per shareNational Central Cooling Company PJSC (‘Tabreed’), the leading UAE-based district cooling utility infrastructure company, today released its 2015 first half consolidated financial results. Tabreed’s strong performance continues to benefit from lower finance costs and further growth across the UAE and GCC, with over 13,700 refrigerated tons (RT) of new connections made in the first half of the year.Financial highlights – six months ended 30 June 2015:Net profit attributable to the parent increased by 3 per cent to AED 153.4 million (H1 2014: AED 148.6 million)Core chilled water revenue increased by 5 per cent to AED 507.2 million (H1 2014: AED 483.1million)Group revenue increased by 6 per cent to AED 555.3 million (H1 2014: AED 526.3 million)EBITDA increased by 2 per cent to AED 264.4 million (H1 2014: AED 259.9 million)The buyback of 28% of Bonds from Mubadala was unanimously approved by voting shareholders at an Ordinary general Assembly in June. The buyback was completed on 1 JulyFor the 3rd consecutive year, a dividend of 5 fils per share was declared and paid to all shareholders in AprilNet finance costs decreased by 7 per cent to AED 60.8 million (H1 2014: AED 65.2 million) as a result of the refinancing completed at the end of 2014.Operational highlights – six months ended 30 June 2015:Renewed district cooling agreement with major customer in Q1 2015.  The renewed agreement has a duration of 30 years and sets the framework for additional connections to future projectsTotal Group connected capacity across the GCC reached 953,000 RT, with over 13,700 RT of new customer connections added in the first half of the year, including:5,000 RT in Oman4,800 RT in Saudi Arabia2,400 RT in the United Arab Emirates1,500 RT in QatarWaleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “Tabreed’s consistently strong results are a testament to the company’s stable utility infrastructure business model, which is anchored in a robust core chilled water segment. As the leading district cooling provider in the GCC, Tabreed has been steadily strengthening its footprint in its key markets across the region, with almost 14,000 RT of new connections across the GCC taking total connected capacity to almost 1 million RT.”Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “We remain committed to returning consistent and positive financial results, which is exemplified in our first half earnings, with net profits increasing by 3% over the same period last year, reaching AED 153.4 million. The first half of the year also saw our shareholders approve a 5 fils dividend and the buyback of 28% of the bonds held by Mubadala.  The buyback will increase earnings per share and reduce annual financing costs.”Tabreed has  69 district cooling plants across the GCC and provides its services to many of the region’s critical projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Galleria, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

Earnings per share increases 12% as a result of the successful completion of bonds buybackNational Central Cooling Company PJSC (‘Tabreed’), the leading UAE-based district cooling utility infrastructure company, today released its 2015 third quarter (Q3) consolidated financial results. In 2015, the company has connected over 15,000 refrigerated tons (RT) to customers in key markets across the GCC, while bringing to a successful conclusion the repurchase of 28% of the outstanding mandatory convertible bonds held by its bondholder.Financial highlights – nine months ended 30 September 2015:Net profit attributable to the parent increased by 4 per cent to AED 253.8 million (Q3 2014: AED 244.5 million)Core chilled water revenue increased by 4 per cent to AED 834.2 million (Q3 2014: AED 804.9 million)Share of results of associates and joint ventures increased by 12 per cent to AED 59.7 million (Q3 2014: AED 53.5 million)Group revenue increased by 2 per cent to AED 891 million (Q3 2014: AED 870.7 million)EBITDA increased by 1 per cent to AED 414 million (Q3 2014: AED 411.7 million)Operational highlights – nine months ended 30 September 2015:Total Group connected capacity across the GCC reached 954,000 RT, with 15,200 RT of new customer connections added in the first nine months of the year as follows:5,000 RT in Oman4,800 RT in Saudi Arabia3,000 RT in Qatar2,400 RT in the United Arab EmiratesWaleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “In the current economic climate, Tabreed distinguishes itself by having a robust utility infrastructure business which delivers consistent and sustainable results. As an organization, we will continue to benefit from the strength of our long-term customer relationships, as well as from a steady increase in the number of companies across the region that are actively looking to utilize energy-efficient and environmentally-friendly cooling solutions for their projects.”Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “Tabreed has a stable utility infrastructure business model that delivers consistent and recurring revenues year-on-year. Looking forward, we anticipate this pattern will continue as we look to grow our business in a sustainable manner that enhances shareholders value and delivers long-term returns to all of our stakeholders.”Tabreed has  69 district cooling plants across the GCC and provides  services to many of the region’s critical developments including all the projects on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the projects on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks such as Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

Buyback of bonds will increase earnings per shareShareholders of National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi–based regional district cooling utility company, yesterday approved the proposal presented by the company’s Board of Directors at an Ordinary General Assembly (‘OGA’) to buy back 28 per cent of the mandatory convertible bonds held by Mubadala.The resolution for the buyback of the equivalent of 854 million bonds at a cost of AED 1 billion was unanimously approved at an OGA attended by shareholders representing 55% of Tabreed’s capital. The transaction will be finalized by early July, and the repurchased bonds will be cancelled.Jasim Husain Thabet, Chief Executive Officer of Tabreed, said: “Our company’s strong and consistent year-on-year performance since 2011 has enabled us to present this important proposal to our shareholders, and we are delighted that they have voted to approve it. This initiative is value-accretive for shareholders, and based on 2014 net income, will increase earnings per share by approximately 2.6 fils, while saving the company over AED 30 million annually.“This buyback is part of our wider strategy to continuously improve our capital structure. It follows our 2014 refinancing, which also delivered annual savings of AED 9 million. The combined yearly savings from these two transactions will reach approximately AED 40 million.”The highest standards of corporate governance best practice were implemented in pursuing this transaction. Tabreed engaged HSBC to provide a fairness opinion to its Board of Directors which stated that (as at the date of that opinion and subject to its terms) it is HSBC’s view that the proposed purchase price is fair from a financial point of view to Tabreed. Additionally, Mubadala, as the bondholder, did not vote at the OGA.The buyback will be financed through a new loan which Tabreed secured during its 2014 refinancing, and which has a lower cost of servicing than the bonds it is repurchasing.

National Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based district cooling utility company, today announced that it has recently commenced the supply of chilled water to the Al Hilal Bank tower on Abu Dhabi’s Al Maryah Island.Tabreed, which acquired the Al Maryah Island district cooling plant in 2014 in a consortium with Mubadala infrastructure Partners (MIP), an infrastructure focused fund investing in the Middle East, North Africa and Turkey, with institutional investors from the GCC region and Asia, will deliver more than 1,600 tons of cooling (RT) to the tower.Tabreed’s district cooling services will enable the Al Hilal Bank tower to reduce its expected energy consumption by approximately 2.9 million kWh per year compared to conventional cooling. This will lead to the elimination of 2,000 tons of CO2 emissions per year.Jasim Husain Thabet, Tabreed’s CEO, said: “In conjunction with our partners at MIP, we are proud to deliver our services to Al Maryah Island, which is one of Abu Dhabi’s key developments as it aims to become the new Central Business District and luxury lifestyle destination.”Thabet added: “For Al Maryah Island and other large scale, high density developments, district cooling represents the ideal solution as it consumes approximately half of the energy compared to conventional cooling. This in turn leads to significant environmental benefits and cost savings.”Mohamed Jamil Berro, Group CEO of Al Hilal Bank, said: “Al Hilal Bank prides itself as ‘the Orange bank that thinks green.’ One of our top priorities is to ensure high levels of sustainability and the least environmental impact across all of our facilities. Through Tabreed’s expertise we are fulfilling our commitment to a greener future for the communities we serve.”The tower extends over 25 levels above island podium level, providing approximately 35,570 square meters of net internal area.  The tower includes 9 levels of parking providing 1,046 spaces in total, offering a very competitive parking to office ratio.Today, Tabreed has  69 district cooling plants across the GCC and provides its services to many of the region’s critical projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Galleria, in addition to all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, as well as other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

Tabreed’s Invitation for its Ordinary General AssemblyThe Board of Directors of National Central Cooling Company PJSC (Tabreed) is pleased to invite its shareholders to attend the Ordinary General Assembly meeting to be held on Sunday 7 June 2015 at 5:30 pm in Beach Rotana Hotel in Abu Dhabi, to consider and resolve the following item:Repurchase by Tabreed from MDC Industry Holding Company LLC of an outstanding principal amount of AED 853,601,212 of the Mandatory Convertible Bonds Series B due 2019, issued by Tabreed in 2011, representing 28% of the total outstanding, at an aggregate purchase price of AED 1 billion.In the event a quorum for the first meeting is not achieved, the Ordinary General Assembly meeting will be adjourned until Sunday 14 June 2015 at the same time and place. Shareholders who are registered in the Tabreed’s share book on 11 June 2015 shall then be entitled to attend the second meeting.Where the necessary quorum is not achieved, all duly completed proxy forms for the first meeting shall continue to be valid and in full force for the second 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 date of the second meeting.To view the full (PDF) invitation please follow this link:  https://www.tabreed.ae/download/466/