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

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

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

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

New projects take company’s total connected capacity to 1.3 million RTInternational expansion continues into second half of the year as Tabreed begins commercial operations in IndiaAbu Dhabi, United Arab Emirates – 28 July 2023: The National Central Cooling Company (PJSC) – Tabreed, the world’s leading district cooling company, yesterday released its consolidated financial results for the first six months of 2023, reporting a net profit of AED 386.4 million, compared to AED 240.4 million during the same period in 2022. In the first half of the year, Tabreed’s revenue increased by 9.4% YoY to AED 1.067 billion, from AED 975.7 million in H1 2022. Further new customers and projects were added during H1 2023, including commissioning of 1 new plant in UAE and 2 new plants in KSA, with an addition of 33,483 Refrigeration Tons (RT) in the UAE, Bahrain, Oman and Saudi Arabia increasing Tabreed’s total connected capacity to 1.30 million RT. Tabreed’s international growth has continued into the second half of the year, with the successful acquisition of cooling infrastructure serving Intellion Park, a cutting-edge real estate development by TATA Realty in Gurugram, India with the grant of a long term concession. Earlier this month, Tabreed started operating the cooling infrastructure, officially commencing the company’s first operations in India, securing a key partner and entry into a strategic market for Tabreed as it expands its international portfolio. Tabreed continued its commitment to driving technical innovation and fostering collaboration in the UAE’s utilities sector in first half of the year, resuming its high-level partnership and sponsorship of World Utilities Congress, hosted by TAQA at Abu Dhabi National Exhibition Centre, and participating in the ADNOC Technology Forum, showcasing its pioneering research with geothermal energy. Financial highlights – six months ended 30 June 2023:   Group revenue increased by 9.4% to AED 1.067 billion (H1 2022: AED 975.7 million)Profit from Operation increased by 5% to AED 394.2 million (H1 2022: AED 376.6 million)Tabreed reported healthy EBITDA at AED 590.1 million (H1 2022: AED 589.3 million)Net profit attributable to the parent is AED 386.4 million (H1 2022: AED 240.4 million) Operational highlights – six months ended 30 June 2023:          Total connected capacity reached 1.30 million Refrigeration Tons (RT) 33,483 Refrigeration Tons (RT) of new customer connections added, with load additions of 17,396 RT in the UAE, 14,163 RT in KSA, 1,018 RT in Bahrain and 906 RT in OmanCommissioned 3 new plants (1 in UAE and 2 in KSA)Tabreed achieved a record 18.5 million hours worked without a single lost time incident (LTI), the last incident occurred   in July 2015 Commenting on the results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “Following last year’s strong performance, Tabreed is delighted to report further growth in revenue and profits year-on-year for the first half of 2023. The addition of new capacity across the GCC and the launch of our first cooling services in India is not only supplying our growing international customer base with efficient and reliable cooling, but also having a significant impact on preventing carbon emissions. “With COP28 now fast approaching, Tabreed’s focus on technological innovation and strategic partnerships is enabling us to meet the demands of the communities we serve, unlocking value for all stakeholders and supporting the energy transition through the delivery of efficient and environmentally friendly cooling services. Tabreed’s recently released 2022 ESG report highlighted the investments that we are making in our people through employee well-being, localisation and diversity programmes. A continued focus on achieving operational excellence and attracting the best talent will stand us in good stead for the second half of the year and into 2024.”

Multi-million-dirham investment opens door to enormous potential in IndiaDemand for cooling set to surge by 800% across country over next 15 years Abu Dhabi, United Arab Emirates – 30 May 2023: Tabreed, the world’s leading District Cooling provider, today announces it has achieved its first district cooling transaction in India through a strategic alliance with TATA Realty and Infrastructure Limited (TRIL). The deal includes an investment of INR100 Cr (AED 44.34 million) in TATA Realty’s Intellion Park special economic zone (SEZ) development in Gurugram, northern India. Through the investment, Tabreed will acquire the existing cooling infrastructure at the Intellion Park development, which covers a total area of 3.5 million square feet, and develop additional capacity to meet the development’s rising demand for cooling services. Moving away from the standard market practice in India where real estate developers own and operate cooling assets through facility management contracts, Tabreed will provide cost-effective and efficient cooling solutions for tenants of Intellion Park. Khaled Abdulla Al Qubaisi, Chairman of Tabreed, said: “As the world’s most populous country and one of the fastest growing economies, India will be a key strategic market and important partner for Tabreed as we expand our international presence. “We expect to see large-scale adoption of District Cooling in India as demand for real estate and cooling grows at a rapid pace. Tabreed is delighted to partner with Tata Realty to develop leading, innovative District Cooling services, which will support sustainable urban development across India. This will unlock value for our stakeholders, while benefitting communities and reducing carbon emissions.” India’s Ministry of Environment, Forest and Climate Change forecasts that aggregated cooling demand will rise eightfold by 2037-38, with cooling expected to account for 45% of peak energy demand across the country by 2050. In 2019, the ministry established the India Cooling Action Plan (ICAP) to support the growth of a sustainable District Cooling sector across the country. Developers in India are currently allocating significant sums of capital on HVAC systems for new buildings, as well as highly-inefficient existing buildings, to achieve their net zero goals, while competing with and balancing other demands on their capex. Through demonstrating the value of cooling services at Intellion Park, Tabreed intends to pave the way for more rapid adoption of District Cooling in India, easing the burden of upfront costs for developers to inspire more sustainable cooling solutions for the Indian real estate sector, which is set to witness its fastest global increase in cooling-related energy demand in the coming decades. Sanjay Dutt, Managing Director and Chief Executive Officer of Tata Realty said: “Tata Realty has been at the forefront of promoting sustainable real estate development in India. With numerous achievements, including the country’s first net-zero certified commercial real estate campus, the company has set a high bar for the rest of the industry. In continuation of this trend, Tata Realty’s engagement with Tabreed to launch the Cooling as a Service (CaaS) market in India is expected to be a pivotal event, enabling the delivery of superior value to occupants, while promoting higher standards of ESG and wellness in commercial and mixed-use real estate developments.”

Partnership with Saudi Arabia’s Public Investment Fund results in 30% stake Group well positioned for further growth during 2023 Abu Dhabi, United Arab Emirates – 12 May 2023: Tabreed, the UAE headquartered leading international district cooling developer, today released its consolidated financial results for the first quarter of 2023, reporting a net profit of AED 236.4 million, compared to AED 88 million during the same period in 2022. In the three months ended on 31 March 2023, Tabreed’s revenue increased by 10% YoY to AED 464 million, from AED 420 million in Q1 2022. This was mainly driven by increases in new connections during the past 12 months and higher consumption volumes. Further new customers and projects were added during the first quarter, with an addition of 12,000 Refrigerated Tons (RT) across the UAE and Oman, increasing Tabreed’s total connected capacity to 1.276 million RT. Additionally, in February, Saudi Tabreed entered a partnership with the Saudi Public Investment Fund (PIF) as a new shareholder with a 30% stake, reflecting the Group’s continual focus on high potential growth markets. Financial highlights – three months ended 31 March 2023:   Group revenue increased by 10% to AED 464 million (Q1 2022: AED 420 million)Profit from Operation increased by 12% to AED 172 million (Q1 2022: AED 154 million)EBITDA increased by 1.5% to AED 268 million (Q1 2022: AED 264 million)Net profit attributable to the parent is AED 236 million(Q1 2022: AED 88 million) Operational highlights – three months ended 31 March 2023:          Total connected capacity reached 1.276 million Refrigeration Tons (RT)12,000 Refrigeration Tons (RT) of new customer connections added, with load additions of 11,000 RT in the UAE and 1,000 RT in OmanTabreed achieved a record 17.7 million hours worked without a single lost time incident (LTI), the most recent occurring in July 2015 Commenting on the results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “As we mark our 25th year of operation, Tabreed has closed a solid first quarter, backed by robust financialperformance and the achievement of operational milestones that have set the company up for a successful 2023. “For the remainder of the year, we will continue to focus on our sustainable and strategic growth plans which will see Tabreed grow its regional and international reach in close alignment with governments and legislators, and deliver strong results that benefit our shareholders, employees, partners, and the communities in which we operate. “And as the UAE prepares to host COP28 later this year, we are proud that are our focus on innovation and efficiency is reducing carbon dioxide emissions and supporting the development of sustainable cities across the region.”

Nadia Bardawil becomes first female member of Executive Management TeamPhilippe Coquelle named Chief Development Officer, succeeding Francois-Xavier Boul Abu Dhabi, United Arab Emirates – 25 April 2023: Tabreed, the UAE’s leading district cooling provider, today announced that its Board of Directors has appointed Nadia Bardawil as the company’s new Chief Legal Counsel and Philippe Coquelle as Chief Development Officer, both with effect from 1 May 2023. Bardawil succeeds Hamish Joost, Tabreed’s previous Chief Legal Counsel, and her appointment means she is the first female member of Tabreed’s Executive Management Team, while Coquelle takes over from Francois-Xavier Boul, who joined as the company’s Chief Development Officer in September 2017. Tabreed’s Chief Executive Officer, Khalid Abdullah Al Marzooqi, said the appointments were extremely important for the company, as it forges ahead in a new era of diversity and sustainability. “This is a company built on operational excellence and, as such, it is vital that our Executive Management Team is diverse, like the rest of our people who make Tabreed such a success. So, it is a privilege to be able to welcome Nadia Bardawil as our first female C-Level Officer – her breadth of experience will benefit us enormously and this appointment proves that gender is no barrier to success within progressive and inclusive companies such as this. “Philippe Coquelle will also be a huge asset to Tabreed as we establish the company’s presence in new, international markets while growing the portfolio in existing territories. His predecessor, Francois-Xavier Boul, was highly instrumental in the exceptional growth Tabreed has seen in the past six years, so while Philippe has big shoes to fill, he is also joining us at a time when we’re really getting into our stride, with new opportunities constantly opening up. I speak for everyone in the company when I wish Nadia and Philippe all the very best in their new roles and thank their predecessors for their tireless dedication, without which Tabreed would not be the company it is today.” Bardawil is a senior lawyer who has spent more than fifteen years working on the development and financing of energy and infrastructure projects in MENA and Europe. She spent 12 years at global law firm Shearman & Sterling LLP before joining Masdar as General Counsel, where she won numerous awards for leadership and promotion of diversity and inclusion and was named as a Chambers GC Influencer on their 2019 UAE list. Her most recent role was Senior Legal Advisor to Mubadala, where she was responsible for managing some of the group’s largest global assets. Coquelle joins Tabreed from ENGIE, where he has performed numerous roles in Project Management, Business Development, Project Finance and Mergers and Acquisitions (M&A) worldwide since joining in 2001, most recently as Corporate M&A Director at the Group’s Paris headquarters. For more than 20 years he has operated within the international energy sector, having worked in Paris, London, Brussels, Panama and Dubai. He spent four years in the UAE between 2014 and 2018, focusing on the development and project financing of power and water infrastructure across the Middle East, is fluent in French, Spanish and English, and has a Master in Energy and Environment from University of Brussels (Brussels, Belgium), and a Master in Finance from the London Business School (London, UK).

Annual General Assembly also elects Board of Directors with one new appointment Abu Dhabi, United Arab Emirates – 21 March 2023: The shareholders of Tabreed, the UAE’s leading district cooling company, have approved a cash dividend payment of 13.5 fils per share for 2022. This represents the highest dividend payment to Tabreed shareholders in the company’s 25-year history and marks an increase of 1.5 fils per share on the 12 fils per share equivalent paid to shareholders in 2022. The record dividend was formally approved at Tabreed’s Annual General Assembly (AGA), chaired by Chairman Khaled Abdullah Al Qubaisi, on 20 March 2023. Tabreed also used the AGA to elect its board of directors in accordance with the three-year requirement set out in SCA regulations. Eight of the existing board members have been re-elected and shareholders confirmed the appointment of one new board member, Dr Alyazia Ali Al Kuwaiti, to the Board of Directors. Reflecting on an exceptional year for the company, Al Qubaisi said: “As the UAE prepares to host COP28, Tabreed continues to build on its successful track record of delivering energy efficient and environmentally friendly district cooling solutions for customers, supporting their energy sustainability goals. We are proud of our ongoing partnership with customers to reduce energy consumption and carbon dioxide emissions and advance the growth of sustainable smart cities in the region. “On the back of an exceptional year, we are delighted to issue a record dividend payment, unlocking further value for our shareholders while we continue to benefit people, societies and the environment with our pioneering, reliable and sustainable solutions.” Khalid Abdulla Al Marzooqi, Tabreed’s Chief Executive Officer, added: “Last year, group revenue increased by 13% to AED 2.22 billion and we reported an EBITDA of AED 1.23 billion, which was an increase of 19% over 2021 – results everyone in the company can be proud of. As impressive as our financial performance undoubtedly is, at Tabreed we are equally proud of the fact that our operations prevent millions of tons of carbon emissions. Cooling is the biggest consumer of electrical energy in this region, and district cooling uses approximately half the energy required by conventional methods, so the positive impact of our business benefits everybody, everywhere. “Tabreed is a most resilient company and 2023 will be a landmark year for us, as we celebrate being in business for a quarter of a century. It is an exciting time for everyone at Tabreed, as we look ahead to the next 25 years as the world’s leading provider of sustainable cooling.” In 2022, Tabreed added nearly 55,000 refrigeration tons of new connections in the UAE and across the region, as the company invested in its robust network of assets in the UAE and Oman, and expanded into new markets.

World’s leading district cooling provider is key player in drive for carbon neutralityCompany built on operational excellence, aligned with UAE’s Year of Sustainability Abu Dhabi, United Arab Emirates – 7 March 2023: In line with its own commitment to achieving Net-Zero, the UAE’s original district cooling company, Tabreed, announces it has signed the UAE Ministry of Climate Change and Environment’s (MOCCAE) Climate-Responsible Companies Pledge. On 17 May 2022, the MOCCAE launched the National Dialogue for Climate Ambition (NDCA) as a platform “to define and raise sectoral climate ambition and advance all-inclusive participation in the ‘UAE Net Zero by 2050 Strategic Initiative’ to meet the country’s international climate commitments, particularly the Paris Agreement.” Stakeholders include many sectors, such as manufacturing, construction, waste, transport, finance, energy and utilities providers. The ninth session of the NDCA – and associated pledge signing – was held under the theme of ‘Decarbonising the Buildings Sector’ and featured keynote addresses by Her Excellency Mariam AlMheiri, the UAE’s Minister of Climate Change and Environment, and Talal Al Dhiyebi, Group CEO of Aldar Properties. Following the speeches, signatories of the pledge, including Tabreed’s Chief Executive Officer, Khalid Al Marzooqi, assembled together on stage to mark this historic undertaking. Sustainability is one of the key pillars Tabreed is built upon, its relentless pursuit of energy efficiency resulting in the prevention of huge amounts of greenhouse gas (GHG) emissions. An environmentally conscious driver of progress, the company, which this year celebrates its 25th anniversary, is a world authority on district energy, and a key player in the UAE’s inspirational journey to carbon neutrality. Al Marzooqi said that signing the pledge is an obvious fit for the company, which has long been known as a champion of sustainability. “It is widely acknowledged,” he remarked, “that cooling buildings in this region is responsible for the majority of electricity consumption. And while we are making enormous strides in generating power using renewable sources, it remains responsible for significant greenhouse gas emissions, so any way of reducing energy consumption has to be a positive. “And that’s where district cooling makes perfect sense because it’s approximately 50 percent more energy efficient than conventional methods. Last year alone, Tabreed’s efficiencies prevented the release of nearly 1.4 million tons of CO2 into the atmosphere – that’s like removing 300,000 vehicles from the roads and we do this year in, year out.” He added that demand for cooling will increase as the UAE’s population and infrastructure continue to grow, making the case for district cooling stronger than ever. “Without district cooling we simply could not progress as a society,” Al Marzooqi said. “But we need to approach this with sustainability in mind, which is why our business aligns so closely with the country’s wider Net-Zero targets and we have our own roadmap to become completely carbon neutral ourselves by 2050. We wholeheartedly thank and support the UAE’s Ministry of Climate Change and Environment, and signing this pledge is an outward demonstration of our commitment to do everything in our power to ensure a sustainable future for everyone, everywhere.” In a further show of its commitment to Net-Zero, following the signing of the Climate-Responsible Companies Pledge, Tabreed participated in a landmark event hosted by low-carbon energy giant, ENGIE, at Louvre Abu Dhabi: ‘E4 – Defining the Pathway to a Carbon Neutral Economy’. Hosted for ENGIE’s key stakeholders to engage in dialogue on decarbonisation and the solutions that will help governments, companies and industries to achieve Net-Zero, the E4 event – a first for the Middle East – was attended by industry leaders from the UAE, GCC and overseas. It helped showcase the well-documented benefits of district cooling in dramatically reducing emissions related to power generation, and as one of Tabreed’s majority shareholders, ENGIE continues to add exceptional value to the company through its unrivalled expertise in global energy and sustainability matters. During the E4 event, Tabreed’s Chief Asset Management Officer, Dr Yousif Al Hammadi, delivered a presentation introducing the company to a diverse audience of dignitaries, government ministers and high-ranking officials, highlighting the company’s environmental credentials with results recently posted in its record Q4 2022 results.

Pioneering UAE district cooling company accelerates international expansionBoard approves record dividend payment of 13.5 fils per share Abu Dhabi, United Arab Emirates – 15 February 2023: Tabreed, the UAE’s longest-established district cooling company, today released its consolidated financial results for the year 2022, reporting an EBITDA of AED 1.23 billion – a 19% increase over 2021 and a net profit of AED 600.2 million, representing an increase of 3%. Additionally, Tabreed’s Board of Directors announces it is recommending a dividend of 13.5 fils per share, to be paid fully in cash – an increase over last year, acknowledging growth of the business while retaining availability of capital for further expansion. It was an exceptional year for Tabreed, as the company spent 2022 building on its already robust network of assets, spearheading expansion into existing and all-new markets, while investing heavily in its existing UAE infrastructure. In January, Tabreed practically doubled its concession capacity in Oman with the acquisition of a seventh district cooling plant, which services Al Mouj, the Sultanate’s most prestigious new real estate development. This was swiftly followed, in February, by the announcement of Tabreed’s partnership with Gascool and Marakez for Real Estate Investment Company, to provide district cooling services to the new D5M mall in New Katameya, east Cairo. Just seven months later, Tabreed signed an agreement with Egyptians for Healthcare Services Company (EHCS), to build, own and operate on a long-term basis, an expansive district energy plant to supply cooling and heating to CapitalMed, an all-new healthcare city project by EHCS in Cairo. In May, Tabreed sponsored and exhibited at the inaugural World Utilities Congress in Abu Dhabi’s National Exhibition Centre (ADNEC). And in June, Tabreed received valuable recognition on the international stage, being presented with the Silver Award for the Number of Buildings Committed in 2021 Beyond North America, by the International District Energy Association (IDEA), with respect to the connection of 56 new buildings to its networks. Tabreed plays a vital role in the region’s sustainability targets and, during 2022, the company was privileged to be part of the UAE’s delegation which represented the country at COP27, the global environmental summit held in Egypt. Such high-profile activities have helped Tabreed to position itself at the forefront of this nation’s sustainability agenda, gearing up for further involvement during 2023 and the UAE’s hosting of COP28. The year also began and ended with two senior appointments to Tabreed’s Executive Management Team. In January, Antonio Di Cecca was named Chief Operating Officer (replacing Jean-François Chartrain) and, in November, the all-new position of Chief Asset Management Officer was announced, with Dr Yousif Al Hammadi assuming the role. During 2022, Tabreed added 34,454 Refrigeration Tons (RT) of new connections in the UAE, 19,202 RT in Oman and 500 RT in Bahrain, increasing the company’s total connected capacity to 1,264,252 RT. Financial highlights – 12 months ended 31 December 2022:   Group revenue increased by 13% to AED 2.22 billion (2021: AED 1.95 billion)Core chilled water revenue increased by 14% to AED 2.14 billion (2021: AED 1.88 billion)EBITDA increased by 19% to AED 1.23 billion (2021: AED 1.03 billion)Net profit attributable to the parent increased by 3% to AED 600.2 million (2021: AED 585.2 million) Operational highlights – 12 months ended 31 December 2022:          Total connected capacity increased to 1,264,252 Refrigeration Tons (RT)54,156 RT of new customer connections addedTabreed achieved a record 17,039,729 hours worked without a single lost time incident (LTI), the most recent occurring in July 2015 Environmental impact highlights – 12 months ended 31 December 2022: 2.31 billion kilowatt hours saved across the GCC – enough to power approximately 132,000 homes every yearPrevented the release of 1.38 million metric tons of CO2 into the atmosphere, which is equivalent to the removal of approximately 300,000 vehicles from the roads annually Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said of the results: “With each passing year, Tabreed fortifies its already iron-clad reputation as one of this country’s most resilient companies. Targeted, strategic, carefully planned growth continues to manifest meaningful results that benefit shareholders, employees, clients, and the districts and communities in which we operate. As we take our globally renowned expertise into new markets, we further our positive impact by helping to negate climate change through optimum efficiencies. And we do this, always with sustainability as a cornerstone of our continuous success.” Adding to these remarks, Khalid Abdulla Al Marzooqi, Tabreed’s Chief Executive Officer, said: “During 2022, Tabreed’s objectives and intentions became crystal clear. Our medium- and long-term strategy is being rolled out, with the company entering additional territories and increasing awareness through close alignment with governments, legislators, and developers, who understand how vital our services are in the drive to Net-Zero. This company is built on excellence and the pursuit of maximum efficiency, and these results prove that Tabreed’s reputation as the world’s leading district cooling company is entirely justified.”