Platform to target $400 million in capital deployment in India and other South East Asian countries03 March 2021 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based international district cooling developer and the International Finance Corporation (IFC), a member of the World Bank Group, are planning to establish a district energy investment platform in Singapore that will invest in district cooling, trigeneration and cooling as a service offering with primary focus on India followed by other South East Asian countries.The joint venture aims to build on Tabreed’s ongoing development activities in India following establishment of its wholly owned subsidiary in the country and will seek to provide more energy efficient end to end cooling as a service offering through an outsourced utility model for real estate developments, new urban masterplans and ongoing redevelopments across target cities.Energy demand in South East Asia is growing twice as fast as the rest of the world. In India, now the world’s third largest energy consuming country, cooling continues to be the largest contributor to this growth with the government’s India Cooling Action Plan forecasting an eight-fold increase in demand through to 2038 and the commercial real estate sector alone estimated to add 100 million refrigeration tons in capacity during this period.Globally, district cooling and heating utilities have been providing more cost-effective low carbon pathways for cities to meet their energy needs, also accelerating the transition of green buildings to carbon net-zero buildings. In India however, the cooling as a service market remains in a relatively embryonic stage due to real estate developers making their own individual and varied cooling technology choices, funding capex from their balance sheets to thereafter work with a fragmented ecosystem of service providers leaving significant headroom for cooling utilities like Tabreed to make inroads to deliver life cycle costs savings, energy efficiency improvements and better cooling service delivery through enhanced operations, maintenance and health and safety norms being adopted.Commenting on this partnership, Bader Saeed Al Lamki, Tabreed’s Chief Executive Officer, said: “The size and dynamism of India and other South East Asian countries will keep them at the heart of the global energy system with all roads to a successful global clean energy transition going via India. Sustainable cooling plays a crucial role in materializing this vision. As a global leader in creating markets for climate businesses, we are proud to be collaborating with the IFC, who also enjoy a significant advisory and investment presence in the region to help spearhead development of district cooling and broader cooling as a service market.”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 86 district cooling plants, Tabreed currently delivers over 1.4 million RT to key developments, including iconic projects such as the Burj Khalifa, Dubai Opera, The Dubai Mall, Sheikh Zayed Grand Mosque, Al Maryah Island, Yas Island, the Dubai Metro, the Bahrain Financial Harbour and the Jabal Omar Development in the Holy City of Mecca in the Kingdom of Saudi Arabia.

Company targeting efficiency improvement of 30% against comparable industry performance benchmarks28 February 2021 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based international district cooling developer, has announced the launch of four pilot projects. These projects are part of Tabreed’s R&D funding commitment, which reinforces the company’s unwavering stewardship towards sustainability beyond just environmental benefits. This will also contribute to an improvement in Tabreed’s operational efficiency while enhancing district cooling plant life and reliability, with the funding expected to contribute towards increasing plant energy efficiency by 30% against comparable industry performance benchmarks as well as lowering overall plant lifecycle costs.Commenting on the announcement, Bader Saeed Al Lamki, Tabreed’s Chief Executive Officer, said: “Innovation, research and development is a very important pillar in our business strategy. Developing appropriate infrastructure, while preserving the environment is one of the key priorities in UAE Vision 2030 and we are committed to our key role in supporting the UAE’s sustainable development agenda.  Energy Efficiency is essential more than ever, and I am very proud of the relentless efforts of our innovation focused teams who continuously work to make sure we adopt the latest technologies and pioneer the district cooling industry with highest efficiency and less impact on our environment.”“Future of Cooling” is the name of the first initiative. It aims to introduce new concept design and control philosophy as well as innovative and disruptive technologies into each district cooling plant, resulting in material improvements in plant performance as well as a prolonged life and lower plant lifecycle costs.“Based on the simulation of this pilot project, we forecast a 25 to 30% increase in performance, compared to our industry benchmarks,” said François-Xavier Boul, Tabreed’s Chief Development Officer. “We will be tendering two projects based on this concept to validate how actual results compare to our analysis. This approach will be implemented accordingly in our existing plant operations (through retrofitting) and into future plants,” he added.“Carbon NanoTube” is another R&D initiative by Tabreed which aims at drastically enhancing the performance and life span of plant and equipment as well as reducing plant and energy transfer station (ETS) footprints using carbon nanotube (CNT) material which has outstanding properties in terms of heat transfer. We are in discussion with a number of partners to provide us with the material and support such as ENGIE Lab CRIGEN in France, Sustainable Energy Development Research Group, and another reputed higher education institution in the region,” said François-Xavier, Chief Development Officer.  “Through these partnerships we will run pilot projects to confirm this approach to be adopted in our future plants.”The third initiative, called “Wet Bulb Forecasting”, will aim to drastically enhance demand side management. The initiative aims to more accurately forecast customer demand for the next 24 hours to allow for a more efficient operation by optimizing production of cooling, using AI. The first step is to rely on a stable weather forecasting system based on information updated in real time. The second step will be to use data science to develop models and correlations and finally, based on demand forecast, drive the plant performance.The last initiative targets enhancing the district cooling plant’s condenser circuit and its cooling tower, which is one of the critical components in the plant and has a significant impact on the plant’s performance. Tabreed is currently redesigning the equipment to enhance its efficiency through improving water and air distribution as well as heat transfer, which will eventually impact the overall performance of the plant.Tabreed’s announcement of its R&D and Innovation initiatives aligns with the commemoration of the UAE Innovation Week, which is being held under the slogan “UAE Innovates 2021”.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 86 district cooling plants, Tabreed currently delivers over 1.4 million RT to key developments, including iconic projects such as the Burj Khalifa, Dubai Opera, The Dubai Mall, Sheikh Zayed Grand Mosque, Al Maryah Island, Yas Island, Dubai Metro, the Bahrain Financial Harbour and the Jabal Omar Development in the Holy City of Mecca in the Kingdom of Saudi Arabia.

15 February, 2021 – 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 2020. Tabreed reported a 16.5% increase in 2020 net income to AED 550 Million, adding 39.6k Refrigeration Tons (RT) of organic capacity growth and 181.5k RT of inorganic capacity additions, resulting in the delivery of 1,403,819 RT of cooling capacity at the end of the calendar year.Tabreed’s Board of Directors have recommended a return of value to shareholders for 2020 through the combination of a cash dividend of 5.75 fils per share plus a bonus share issue of 1 share for every 45 shares held. This equates at current share price to roughly 11.5 fils/share and represents a 10% increase on 2019 dividend. This cash plus equity dividend in 2020 reflects the Board’s intention to prioritize returning value to shareholders and positions Tabreed strongly to secure further growth opportunities.Despite a challenging business environment through a large part of the year, Tabreed announced a number of notable achievements during 2020, including the acquisition of the world’s largest district cooling scheme in Downtown Dubai with a total capacity of 235,000RT and two concessions with a total capacity of 88,000RT in Saadiyat Island.This growth was underscored by strong investor confidence in its performance, as well as industry recognition. In October, Tabreed raised USD 500 million through a seven-year, 2.5% coupon bond issuance that was oversubscribed at almost five times its initial size. The company also received several industry awards in 2020, including the Clean Energy Ministerial Energy Management Insight Award, the Solar Impulse Efficient Solution Label Award, and the International District Energy Association System of the Year Award for its advancements in energy system management and efficiency.The results reinforce Tabreed’s resilience and organizational flexibility, with the company moving quickly early in the year to cope with the challenges brought on by uncertain market conditions. Every precaution was, and still is, being put in place to ensure that service remains uninterrupted and operations are adjusted to secure the safety of our staff on the ground by utilizing innovative AI to decrease human interaction onsite, with Tabreed also adopting industry-leading health and safety practices and sanitization programs at all company sites.In parallel, the company launched its ‘#TabreedCares’ initiative in 2020, through a number of individual programs run across Tabreed’s operations in collaboration with partners across the region. This included financial contributions to help facilitate testing and aid local communities, in addition to technical assistance to support operational precautionary measures at select sites.Financial highlights – 12 months ended 31 December 2020:  Net income increased by 16.5% to AED 550 million (2019: AED 472 million)Group revenue increased by 14.5% to AED 1,741 million (2019: AED 1,520 million)EBITDA increased by 27% to AED 970 million (2019: AED 763 million)Operational highlights – 12 months ended 31 December 2020:         Total Group connected capacity across the total portfolio increased to 1,403,819 Refrigeration Tons (RT)221.1k Refrigeration Tons (RT) of new customer connections added6 new plants added through acquisitions of Downtown Dubai and Saadiyat IslandEnvironmental impact highlights- 12 months ended 31 December 2020:12,842,023 man-hours without a lost-time injury2.26 billion kilowatt/hours saved across the GCC – enough to power 128,443 homes every yearPrevented the release of 1.35 million metric tons of CO2 into the atmosphere, which is equivalent to the removal of 293,129 vehicles from the roads annuallyCommenting on the results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “Tabreed has become an international powerhouse in district cooling, with 86 plants and investments in six countries. Our financial and operational achievements this past year allowed us to achieve impressive results despite a challenging operating environment, solidifying Tabreed’s growth story and its reputation for leading edge innovation within the district cooling sector. For 2020 and beyond, I am confident about our ability to continue to deliver even stronger performance, whilst also contributing to the region’s sustainable development.”Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “We executed effectively and decisively on each of our 2020 priorities amidst a challenging backdrop this year. I am extremely proud of our ability to adapt quickly whilst continuing to deliver on our long-term strategy, and believe that Tabreed is well-positioned to continue to capitalise on a number of additional opportunities and partnerships, both this year, and well into the future.”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 86 district cooling plants, Tabreed currently delivers over 1.404 million RT to key developments, including iconic projects such as the Burj Khalifa, Dubai Opera, The Dubai Mall, Sheikh Zayed Grand Mosque, Al Maryah Island, Yas Island, Dubai Metro, the Bahrain Financial Harbour and the Jabal Omar Development in the Holy City of Mecca in the Kingdom of Saudi Arabia.​

24 January 2021 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based district cooling developer, has announced the signing of an agreement with twofour54 to cool its new headquarters Yas Creative Hub in Yas Bay, which it is set to open later this year. Tabreed will connect the new campus development to its existing Yas Island district cooling scheme, and will deliver a cooling capacity of 3,500 refrigeration tons (RT) by the end of this year, with a total concession capacity of 9,000 refrigeration tons. The two companies have signed a long-term services agreement that will see Tabreed supply twofour54 with district cooling services for the next 30 years. Yas Creative Hub is the first industry-specific facility built for media, entertainment, and gaming in the GCC and has been designed with the unique and evolving needs of these sectors in mind. Spanning 2.9 million sq ft (270,000 sq.m), Yas Creative Hub is expected to triple the size of Abu Dhabi’s media sector over the next 10 years, with over 600 companies moving to the development including CNN, Unity Technologies, Ubisoft and Vice Media. Commenting on the announcement, Bader Saeed Al Lamki, Tabreed’s Chief Executive Officer, said: “Tabreed has been playing a critical role in supporting Abu Dhabi’s sustainability agenda through providing sustainable cooling solutions to the Emirate’s iconic projects. Our new partnership with TwoFour54 builds on our existing presence and experience maximizing energy efficiency and reducing carbon footprint on Yas Island, and we are delighted that TwoFour54 have entrusted Tabreed for the next 30 years.” With over two decades of experience in providing technologically advanced and sustainable cooling solutions to a variety of customers across the region, Tabreed is already a partner to a number of world-class destinations on Yas Island, including Yas Water World, Warner Bros. World™ Abu Dhabi and Ferrari World Abu Dhabi, along with Yas Marina and the iconic flagship Hotel, W Abu Dhabi – Yas Island. In total, Tabreed currently serves more than 59,000RT of contracted capacity at Yas Island, and the Island as a whole has a potential overall capacity of more than 100,000 RT. Yas Creative Hub is designed to be sustainable and is targeting a 2 pearl rating under the Estidima Pearl Building Rating System, established under Abu Dhabi’s sustainable growth plan 2030. The new development will feature a fully-walkable layout, links to local public transport routes and lower building heights compared to surrounding residential buildings helping to create campus-style feel. The agreement between the two companies also includes a provision for a dedicated plant in Yas South to cater to potential expansion and future requirements by twofour54. Maha Al Jneibi, Director – Real Estate Development at twofour54 said: “By working with an industry-leading specialist in Tabreed, we are ensuring that our tenants at Yas Creative Hub will benefit from innovative cooling solutions, helping to support our, as well as their needs well into the future. Tabreed shares our commitment to sustainability, and we are delighted to be forging a new partnership with them today.” 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 86 district cooling plants, Tabreed currently delivers over 1.399 million RT to key developments, including iconic projects such as the Burj Khalifa, Dubai Opera, The Dubai Mall, Sheikh Zayed Grand Mosque, Al Maryah Island, Dubai Metro, the Bahrain Financial Harbour and the Jabal Omar Development in the Holy City of Mecca in the Kingdom of Saudi Arabia.

20 January 2021 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the international, leading UAE-based district cooling developer, has announced that it is expanding its partnership with Masdar by developing and connecting Masdar and Tabreed infrastructure to help increase operating synergies further.The collaboration represents another major milestone in Tabreed’s strategy of providing efficient cooling to sustainable cities around the world, and expands on Tabreed and Masdar’s existing relationship. In January 2020, Tabreed acquired Masdar City’s district cooling company, a move that is set to provide efficient cooling services to more than 2.7 million sq.m in Masdar City, with an ultimate total capacity of 69,000 Refrigerated Tonnes (RT) under the concession.The two companies also announced that Tabreed will leverage its sector expertise to carry out Research & Development testing on two deep geothermal wells located in Masdar City. The tests will study the viability of geothermal energy technology and its ability to substantially reduce electricity consumption.Commenting on the announcement, Bader Saeed Al Lamki, Tabreed’s Chief Executive Officer, said: “As an industry leader, our strategic partnerships have allowed us to diversify our operations and venture into innovative solutions that support our core business, such as deep geothermal technology, a first in the region. We are committed to developing these solutions to support the growth of sustainable urban communities like Masdar City, and we look forward to the continuation of a highly successful partnership with Masdar.”As a hub for innovation, technology and research and development, Masdar City provides a strategic platform through which Tabreed can test new technologies and progress its strategy of providing efficient cooling to sustainable cities around the world.Abdulla Balalaa, Acting Executive Director, Sustainable Real Estate, Masdar City said: “Masdar City is home to one of the largest low-carbon building clusters in the world, which offers potential annual energy savings of around 50,000 MWh for companies based there, resulting in OPEX savings of more than AED 10 million. Working with an industry leader such as Tabreed, supports us in ensuring that our tenants benefit from the most sustainable and innovative cooling solutions, while continuing to progress our shared goal of a more sustainable future for all.”As one of Masdar’s key partners, Tabreed participated this week in Abu Dhabi Sustainability Week, which Masdar hosts annually. Tabreed CEO Bader Saeed Al Lamki delivered a central address around the activities of the Cool Coalition, of which Tabreed is a partner, and Tabreed’s commitment to climate action. The Coalition works to connect its network of over 100 partners from the private and public sectors, international organizations, finance, academia and civil society to expand access to cooling whilst reducing global climate impact.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 86 district cooling plants, Tabreed currently delivers over 1.399 million RT to key developments, including iconic projects such as the Burj Khalifa, Dubai Opera, The Dubai Mall, Sheikh Zayed Grand Mosque, Al Maryah Island, Dubai Metro, the Bahrain Financial Harbour and the Jabal Omar Development in the Holy City of Mecca in the Kingdom of Saudi Arabia.

13 January 2021 – Abu Dhabi, United Arab Emirates: Tabreed Energy Services, a company that provides customers with an integrated set of consultancy, operations and maintenance services and is a wholly owned subsidiary of the National Central Cooling Company PJSC (Tabreed), the leading international district cooling developer based in the UAE, established today a strategic partnership with Abu Dhabi Commercial Properties (ADCP) to increase energy efficiency across a number of their buildings.Under the terms of the partnership, Tabreed Energy Services will provide its expertise in energy efficiency and sustainable cooling operations to perform energy audits of selected buildings owned or managed by ADCP. Through the captured data, Tabreed will identify buildings with high potential to reduce its energy and water demand. Additionally, Tabreed will perform the same exercise for the buildings managed by ADCP to roll out energy efficiency improvements.Commenting on the partnership, Bader Al Lamki, Chief Executive Officer, Tabreed said: “We are pleased to collaborate with ADCP to perform this energy audit to maximise energy efficiency across their assets. This is part of our mandate to support energy demand reduction in Abu Dhabi and we are always willing to partner with entities including property and facility management companies to help optimize their energy demand.”For his part, Mohamed Binbrek, General Manager, Abu Dhabi Commercial Properties (ADCP): “We are pleased to collaborate with Tabreed Energy Services to ensure we provide the most advanced energy efficient services to our clients. Our collaboration will help us adopt innovative solutions that can deliver tangible reductions in energy consumption and overall usage while preserving the overall ecosystem.”ADCP is a multi-functional real estate and property Management Company and a subsidiary of Abu Dhabi Commercial Bank (ADCB).Established in January 2020, Tabreed Energy Services offers 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 and traditional service models.

The deal will see a new dedicated plant built by 2022 to service SeaWorld Abu Dhabi and future Yas Island projects.06 January, 2021 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based international district cooling developer, has announced the signing of an agreement with Miral to provide district cooling services to SeaWorld Abu Dhabi, a first-of-its-kind marine life theme park being developed by Miral on Yas Island, a top global destination for entertainment, leisure and business.Tabreed will connect the new SeaWorld Abu Dhabi development to its existing Yas Island district cooling scheme and will deliver a cooling capacity of  7,500 refrigeration tons with a total concession capacity of 15,000 refrigeration tons (RT).Tabreed also plans to build a new dedicated plant by 2022 at the SeaWorld Abu Dhabi site and once the plant is built, the development will benefit from a reliable, technologically advanced and sustainable source of cooling interconnected to the Yas Island centralised cooling scheme operated by Tabreed.Commenting on the announcement, Bader Saeed Al Lamki, Tabreed’s Chief Executive Officer, said: “We are delighted to have signed an agreement with Miral to provide essential district cooling services to SeaWorld Abu Dhabi. Our commitment has always been to deliver state-of-the-art district cooling solutions that are energy efficient, reliable and cost-effective. We look forward to further strengthening our long-standing partnership with Miral through the development of this key plant on Yas Island.”“Tabreed has been playing a critical role in supporting Abu Dhabi’s sustainability agenda through providing sustainable cooling solutions to the Emirate’s iconic projects to maximize energy efficiency and reduce their carbon footprint. We are proud to share the sustainability vision with Miral for SeaWorld Abu Dhabi, which aims to provide impactful education and learning opportunities that inspire future generations to care for the oceans and support marine life,” he added.Gurjit Singh, Chief Portfolio Officer at Miral commented: “We are pleased to be expanding our partnership with Tabreed, a state-of-the-art cooling infrastructure on Yas Island, delivering crucial cooling services to many of our award-winning theme parks. SeaWorld Abu Dhabi is set to be Yas Island’s next mega attraction, and with this agreement, we ensure the continuous delivery of trusted, reliable and energy-efficient services to our growing portfolio of developments. This is yet another step towards our vision of positioning Yas Island as a top global destination for leisure and entertainment.” With over two decades of experience in providing technologically advanced and sustainable cooling solutions to a variety of customers across the region, Tabreed is uniquely equipped to deliver cooling services to world-class theme parks and aquariums such as SeaWorld Abu Dhabi. Yas Water World, Warner Bros. World™ Abu Dhabi and Ferrari World Abu Dhabi, along with Yas Marina and the iconic flagship Hotel, W Abu Dhabi – Yas Island, already benefit from Tabreed’s district cooling services. In total, Tabreed currently serves more than 59,000RT of contracted capacity at Yas Island, and the Island as a whole has a potential overall capacity of more than 100,000 RT.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 86 district cooling plants, Tabreed currently delivers over 1.399 million RT to key developments, including iconic projects such as the Burj Khalifa, Dubai Opera, The Dubai Mall, Sheikh Zayed Grand Mosque, Al Maryah Island, Dubai Metro, the Bahrain Financial Harbour and the Jabal Omar Development in the Holy City of Mecca in the Kingdom of Saudi Arabia.

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.