Major agreement signed with Meraas Leisure and EntertainmentOctober 23: Abu Dhabi – United Arab Emirates: National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based regional district cooling utility infrastructure company, today released its 2014 third quarter (Q3) consolidated financial results. In addition to the approximately 100,000 Refrigerated Ton (RT) of new customer connections added throughout the year, the highlight of the company’s Q3 performance was the signing of a long-term agreement with Meraas Leisure and Entertainment to supply district cooling services to the new Dubai Parks and Resorts development in Jebel Ali.Financial highlights – nine months ended 30 September 2014:Net profit attributable to the parent increased by 21 per cent to AED 244.5 million (Q3 2013: AED 202.3 million)Core chilled water revenue increased by 4 per cent to AED 804.9 million (Q3 2013: AED 775.9 million)Core chilled water profit from operations increased by 6 per cent to AED 281.7 million (Q3 2013: AED 266.4 million)Group revenue increased by 5 per cent to AED 870.7 million (Q3 2013: AED 826.5  million)EBITDA increased by 8 per cent to AED 411.7 million (Q3 2013: AED 382.9 million)Operational highlights – nine months ended 30 September 2014:Signed a long-term agreement with Meraas Leisure and Entertainment to provide 45,600 tons of cooling to the new Dubai Parks and Resorts development in Jebel Ali99,700 RT of new customer connections added across the groupTotal group connected capacity across the GCC increased by 12 per cent to 938,800 RTCommenting on the company’s performance, Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “Our core chilled water business continues to deliver strong returns, which is again demonstrated by this set of strong year-to-date results, with net profit for the first nine months of the year reaching a record high of AED 244 million.  Just as importantly, we continue to see an increased awareness of the energy and environmental benefits of district cooling, which has resulted in almost 100,000 RT of new connections made throughout the region.He further commented: “Looking ahead, we are confident that Tabreed’s regional experience, coupled with our partnership approach, as demonstrated by our recent agreement with Dubai based Meraas Leisure and Entertainment, will enable us to further support the development of key infrastructure projects across the GCC region.”Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “It has been another quarter of growth driven by improved operational efficiencies, reduced finance costs and a 12% increase in connections as real estate projects in our key markets continue to come online.“Today, bolstered by major connections in Qatar, Saudi Arabia and the UAE, our total group capacity approaches one million tons of cooling delivered to developments that aim to diversify and grow these nations’ respective economies.”Tabreed currently has 67 district cooling plants across the GCC and provides its cooling services to many of the region’s landmark projects including the Sheikh Zayed Grand Mosque, Dubai Metro, Cleveland Clinic Abu Dhabi, Al Maryah Island in Abu Dhabi, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

Tabreed has signed a long term concession with Meraas Leisure and Entertainment to provide 45,600 tons of cooling to the new Dubai Parks and Resorts development in Jebel Ali. The district cooling infrastructure being developed by Tabreed is scheduled for completion in 2016.

Renewed agreement with the United Arab Emirates Armed Forces valued at AED 6 billionNational Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based district cooling utility infrastructure company, today released its 2014 first half consolidated financial results. Driven by increased awareness of the energy and environmental benefits of district cooling, the company continues to successfully connect new customers in the UAE and across the GCC to its district cooling plants, with customer connections increasing by 87,700 RT in the first half of the year.Financial highlights – six months ended 30 June 2014:Net profit attributable to the parent increased by 17 per cent to AED 148.6 million (H1 2013: AED 127.2 million)Core chilled water revenue increased by 4 per cent to AED 483.1 million (H1 2013: AED 464.8 million)Core chilled water profit from operations increased by 4 per cent to AED 172.8 million (H1 2013: AED 166.4 million)Group revenue increased by 6 per cent to AED 526.3 million (H1 2013: AED 497.2 million)EBITDA increased by 5 per cent to AED 259.9 million (H1 2013: AED 246.5 million)Operational highlights – six months ended 30 June 2014:Tabreed-MIP consortium acquired the 80,000 RT Al Maryah Island district cooling plant in a transaction valued at AED 1.05 billionCustomer connections increased by 87,700 RTExpanded affiliate company S&T Cool’s Reem Island plant by 17,000 RT to just over 30,000 RTGroup connected capacity in the GCC increased by 10 per cent to 926,100 RTWaleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “In addition to a strong financial performance, Tabreed reached several important operational milestones in the first half of 2014, underlined by the renewed master services agreement signed with the United Arab Emirates Armed Forces, which is valued at AED 6 billion over the next 20 years, as well as our expanding regional footprint. Today, we supply over 926,000 RT to a wide-spectrum of the region’s most critical infrastructure projects, ranging from Yas Island in Abu Dhabi and the Dubai Metro, to the Pearl-Qatar and the Jabal Omar Development Project in the Holy City of Mecca.“As we look ahead to the remainder of 2014, Tabreed will continue to distinguish itself by collaborating with leading entities to deliver environmentally-friendly and energy-efficient solutions that support the region’s sustainable economic and social development.”Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “During the first half of 2014, we successfully leveraged our economies of scale to connect new customers to our plants, with just over 87,000 RT connected during this period. This increasing demand for district cooling is driven by a robust economy and a maturing market, as companies today are actively seeking to reduce their organizations’ carbon footprint.“With a long track record of successful partnerships across the region, Tabreed continues to work with property developers and equity investors in the GCC to find flexible and innovative investment opportunities that enable them to benefit from the rising demand for district cooling.”Tabreed currently has 67 district cooling plants across the GCC and provides its cooling services to many of the region’s landmark projects including the Sheikh Zayed Grand Mosque, Cleveland Clinic Abu Dhabi, Dubai Metro, World Trade Center Abu Dhabi, Ferrari World Abu Dhabi, Yas Marina Circuit, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

A consortium comprising National Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based district cooling utility company, and 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, today announced that it has acquired a 30-year concession to be the exclusive provider of district cooling services to the developments on the southern part of Al Maryah Island, Abu Dhabi.The transaction, which is valued at approximately AED 1,050 million, involves the acquisition of the existing district cooling provider to Al Maryah Island (Al Wajeez Development Company PJSC) and will be funded through a combination of equity and a 20-year long-term non-recourse senior loan provided by First Gulf Bank.The 30-year concession represents an installed capacity of up to 80,000 refrigerated tons (RT) for Abu Dhabi’s new Central Business District and luxury lifestyle destination on Al Maryah Island. Al Maryah Island Phase I developments encompass 450,000m2 of office, retail and hotel developments designed to form the commercial and financial hub of the Emirate of Abu Dhabi. Key developments on the Island include Cleveland Clinic Abu Dhabi, Four Seasons Hotel, Rosewood Hotel, Sowwah Square Towers, Galleria Mall, Al Hilal bank and Abu Dhabi Exchange Building.Commenting on the acquisition, Jasim Husain Thabet, CEO of Tabreed, said: “The acquisition of the Al Maryah Island plant, which currently has over 43,000 RT of connected capacity and utilizes some of the latest district cooling technology, represents an important milestone for us.  The strength of the contractual arrangements and the high quality of customers on the Island makes this an attractive acquisition. The new Central Business District on Al Maryah Island is a vital part of Abu Dhabi’s economic and social development and Tabreed’s vast experience working on complex infrastructure projects across the region has positioned it well to provide essential year-round cooling services to this critical project.“The combination of a strong partner and the positive industry outlook has resulted in us obtaining favorable financing terms to complete this acquisition, which is an affirmation of the market confidence in the Tabreed – MIP consortium.”Philip Haddad, CEO of MIP, added: “The acquisition of Al Wajeez in partnership with Tabreed, a leading regional operator, represents an important addition to our portfolio in Abu Dhabi and in the GCC. District cooling is an innovative, energy-efficient and attractive asset class for long-term investors. “André Sayegh, CEO of FGB, added: “The acquisition finance of Al Wajeez shows First Gulf Bank’s commitment to taking a leading role in Project Finance and supporting the infrastructure development of the Emirate of Abu Dhabi. I am very proud of this major transaction that reflects the strong relationships we have with Tabreed and MIP.”The acquisition of the Al Maryah Island plant brings the total number of district cooling plants owned and operated by Tabreed in the GCC to 67, and increases its connected capacity  to over 900,000 RT.

Will also provide cooling to additional projects currently under constructionAbu Dhabi – United Arab Emirates: National Central Cooling Company PJSC (“Tabreed”), the leading Abu Dhabi-based district cooling utility infrastructure company, today announced that it has signed a new agreement with the UAE University (“UAEU”) to provide them with 17,500 tons of cooling for their existing and future projects.Tabreed began providing cooling to the UAEU main campus in 2009. The new agreement paves the way for UAEU to make further connections to Tabreed’s dedicated plant once its future projects are completed.Commenting on the agreement, Jasim Husain Thabet, Tabreed’s CEO, said: “We are proud to provide critical infrastructure support to the leading educational institution in the country.  We have been partnering with the UAE University for more than 5 years and this agreement further bolsters our strong relationship.“During this period, we have focused on delivering energy-efficient and environmentally-friendly cooling solutions to the UAE University which has enabled them to reduce their energy consumption by about 26 million kWh annually. This saving translates into the elimination of over 11,000 tons of carbon dioxide emissions from the atmosphere.”The projects currently under construction by the UAE University include storage facilities and student accommodation. They are expected to be connected to Tabreed’s district cooling plant at the end of 2014.In addition to the UAE University, Tabreed’s district cooling services are delivered to many of the UAE’s iconic projects and landmarks including the Sheikh Zayed Grand Mosque, Ferrari World Abu Dhabi, Yas Marina Circuit, Dubai Metro, and Etihad Towers.  In the GCC, Tabreed provides cooling to key projects such as The Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

Two silver awards from leading global association based in USAAbu Dhabi – United Arab Emirates: National Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based district cooling utility infrastructure company, received two awards at the 105th annual International District Energy Association (IDEA) conference held in Seattle, USA.The awards granted to Tabreed include the Silver Award for ‘Total Building Area Committed’ outside of North America, reflecting Tabreed’s connection of a significant area of real estate to district cooling in 2013, as well as the Silver Award for the ‘Number of Buildings Connected’ to district cooling outside of North America during the same year.Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said: “We are honored to be recognized by the world’s leading district energy association for our achievements last year.  2013 saw Tabreed continue its strong performance and connect over 70,000 tons of cooling including high profile projects such as Yas Mall, World Trade Center Mall and Saudi Aramco.”“In addition to delivering reliable year-round cooling to these critical projects, we were likewise able to make a significant contribution to our nation’s effort to reduce its carbon footprint.  In 2013 alone, Tabreed’s energy savings reached 1.2 billion kilowatt hours, which translates into the elimination of approximately 570,000 tons of carbon dioxide  emissions – the equivalent to removing over 110,000 cars from the streets.”IDEA is an American-based non-profit trade association founded in 1909 to facilitate the exchange of information among district energy professionals. IDEA has over 1,700 members in 25 nations across the globe.Tabreed currently has 66 plants across the GCC delivering over 859,000 tons of cooling to many of the region’s landmark projects including the Sheikh Zayed Grand Mosque, Dubai Metro, Ferrari World Abu Dhabi, Yas Marina Circuit, the Pearl – Qatar, and the Jabal Omer Development Project in the Holy City of Mecca.

Abu Dhabi – United Arab Emirates: National Central Cooling Company PJSC (“Tabreed”) has been notified by its bondholder, Mubadala Development Company (“Mubadala”), of its intention to exercise its right to convert approximately AED 134 million in mandatory convertible bonds (MCB) into shares.The conversion of the MCB, whose issuance was approved by Tabreed’s shareholders at the annual general assembly on 16th April 2013, will result in 79.4 million new shares being issued to Mubadala and will increase Tabreed’s issued shares to approximately 738.5 million. The conversion price is AED 1.6856 per share, which was the agreed upon price at the time of the issuance of the bonds.These MCB were issued to Mubadala in lieu of a cash dividend for fiscal year 2012. Mubadala’s decision to accept its dividend in the form of bonds rather than cash enabled Tabreed to distribute a cash dividend to its ordinary shareholders for 2012.Jasim Husain Thabet, Tabreed’s CEO, said: “Over the past several years, Tabreed continued to strengthen its business, posting year-on-year double digit net income growth and providing a sustainable and stable return to its shareholders. Given the strength of the district cooling market and positive industry outlook, we are confident of our ability to continue to deliver value to our shareholders in the years ahead.”A resolution was circulated to Tabreed’s Board of Directors on 9th June 2014 to authorize the conversion of the bonds and the increase in the company’s issued shares.

Abu Dhabi – National Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based district cooling utility infrastructure company, today announced the renewal of its master services agreement (MSA) with the United Arab Emirates Armed Forces (UAEAF).  The new contract is valued at AED 6 billion.Under the new agreement, which builds upon the MSA signed between the two entities in 2000, Tabreed will continue to supply the UAEAF’ existing and prospective facilities with district cooling services for the next 20 years. Additionally, new projects are currently under discussion between Tabreed and the UAEAF.A spokesperson for the UAEAF said: “We are pleased to extend our agreement with Tabreed, who have been a strategic partner to the UAE Armed Forces for more than a decade. We are excited to continue working with Tabreed to acquire reliable and energy-efficient district cooling services to support our commitment to greater sustainability, enabling us to make significant reductions in our energy consumption and thereby lower our carbon footprint.”Jasim Husain Thabet, Tabreed’s CEO, added: “It is a source of great pride for us to renew our long-standing partnership with the UAE Armed Forces, a key supporter of Tabreed since the company’s inception 15 years ago. This long-term collaboration is a clear endorsement of the energy, environmental and economic benefits of Tabreed’s district cooling services.”Tabreed’s first district cooling plant was commissioned by the UAEAF in 1998 to service their facilities in Abu Dhabi.Through a combination of developing reliable and advanced district cooling technology and timely delivery of projects, Tabreed has become a crucial pillar of economic growth in the UAE and the region. The company delivers long term value for its stakeholders and customers through disciplined growth as it focuses on meeting regional demand for district cooling.

Abu Dhabi, May 25 2014 – National Central Cooling Company PJSC (“Tabreed”), the leading Abu Dhabi-based district cooling utility infrastructure company, has continued its expansion in the GCC with the signing by its Qatari affiliate, “Qatar Cool”, of a contract for the construction of a fourth district cooling plant in the State of Qatar.Upon completion in 2016, the plant will provide cooling to residential and commercial towers in West Bay, one of Doha’s most prestigious developments. The plant is designed to deliver 40,000 tons of cooling, cutting down energy consumption by approximately 50% compared to conventional cooling, and thereby leading to a significant reduction in carbon dioxide emissions.Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said, “Qatar is a significant market for Tabreed as we look to continue to strengthen our regional footprint.  For several years now, our affiliate, Qatar Cool, has been leading the way in Qatar’s district cooling market and has cemented its position as the main supplier of energy-efficient, economical and environmentally-friendlier cooling solutions.”Qatar Cool was founded in 2003 as a joint venture between Qatar’s United Development Company and Tabreed, along with other Qatari investors. The company currently operates three plants in Qatar including the world’s largest district cooling plant on The Pearl, with a capacity to deliver 130,000 ton of cooling to all the developments on the Island.