• Shareholders approve second-half cash dividend of 6.5 fils per share, bringing total annual dividend to 13.0 fils per share
• Shareholders also approve re-election of existing Board of Directors 
• Chairman celebrates a transformative year of exceptional portfolio growth

Abu Dhabi, United Arab Emirates – 26 March 2026: National Central Cooling Company PJSC (DFM: TABREED / ISIN: AEA002201018), the world’s leading and most diversified district cooling company, yesterday held its Annual General Assembly (AGA). In recognition of the company’s resilient financial and operational performance throughout 2025, shareholders approved a second-half dividend payment of 6.5 fils per share, to be distributed fully in cash, resulting in a total 2025 dividend of 13.0 fils per share – a dividend yield of ~5.0% based on 25 March 2026 closing share price.

This dividend demonstrates Tabreed’s commitment to delivering attractive returns while continuing to invest in high‑quality, long‑term opportunities. Despite significant M&A investments during 2025 the company’s dividend payout as a percentage of net profit increased to 79%, consistent with its strong track record.

During the AGA, Tabreed also elected its board of directors for a three-year term in accordance with the regulations of Capital Market Authority (CMA), with the nine existing board members having been re-elected and endorsed by shareholders.

The AGA was chaired by Tabreed’s Chairman, Dr Bakheet Al Katheeri. Following the meeting he said that, over the years, Tabreed has grown from a traditional utility provider into a future‑ready, resilient, and innovation‑driven infrastructure company, adding that “our long‑term contracts, strong customer base and solid financial position make Tabreed one of the most reliable infrastructure investments in the region.

“In 2025, Tabreed delivered strong operational performance and advanced its long‑term growth strategy,” he said. “Our core business remains robust, with stable operations, healthy margins, and high asset availability. Connected capacity during 2025 reached 1.57 million RT, a 19% increase year‑on‑year driven by both organic growth and M&A. Excluding M&A, organic capacity growth was 4.4%, near the top of our guidance range.

“Our balance sheet remains strong, and we continue to maintain investment‑grade metrics, which is a core priority, and Tabreed’s strong and visible growth pipeline gives us exceptional confidence in the future and reflects our commitment to sustainable value creation for our shareholders. Our strategy is disciplined and balanced: rewarding shareholders today while strengthening the company for tomorrow. We are well positioned to capitalise on the growth already secured through long-term concessions and new opportunities ahead of us.”

• Connected capacity increased 19% YoY to 1.57 million Refrigeration Tons
• Revenue of AED 2.46 billion and EBITDA at AED 1.27 billion, with a margin of 51.6%

Abu Dhabi, United Arab Emirates – 13 February 2026: National Central Cooling Company PJSC (DFM: TABREED / ISIN: AEA002201018), the world’s leading and most diversified district cooling company, today announced its results for the period ending 31 December 2025, reporting revenues of AED 2.46 billion and net profit of AED 465 million. The results reflect continued operational resilience, record capacity expansion and disciplined capital execution.

Total connected capacity increased 19% year-on-year to 1.57 million Refrigeration Tons (RT) as of 31 December 2025, driven by strong organic expansion and acquisitions. Excluding the impact of M&A, connected capacity growth was up 4.4% year-on-year, near the high end of the company’s guidance range. Organic additions reached 58,200 RT in 2025 — the highest level in the past five years — driven primarily by new connections in the UAE. 

Inorganic additions totaled 190,800 RT, resulting from the PAL Cooling acquisition in a 50:50 joint venture alongside CVC DIF. Three new greenfield plants were commissioned during the year and five operational plants were acquired as part of PAL Cooling, bringing the group’s total to 99 operating plants. Consumption volumes reached 2.62 billion RTH, a slight 1% year-on-year decline due to relatively colder weather conditions. Throughout the year, operational availability and efficiency remained high, reflecting Tabreed’s investment in innovative technologies and proactive asset management.

Group revenue increased 1% year-on-year to AED 2.46 billion, underscoring the resilience provided by fixed capacity charges despite weather-related softness in consumption revenue. EBITDA increased by 1% year-on-year to AED 1.27 billion, with a margin of 51.6%, supported by operating leverage and efficiencies.

Net profit for FY 2025 was AED 465 million, primarily reflecting the company’s continued operational strength while absorbing the impact of higher finance costs following the refinancing of low-cost debt at prevailing market rates and additional debt raised to fund Tabreed’s investment in PAL Cooling. Reported earnings also reflect one-off transaction costs related to the closing of the Palm Jebel Ali concession and PAL Cooling acquisition, as well as higher financing and fair value amoritisation charges related to the PAL Cooling JV.

Strategic Milestones 

• Completed the acquisition of PAL Cooling Holding in a 50/50 partnership with CVC DIF for an enterprise value of AED 4.1 billion, adding c. 600,000 RT of concession capacity across eight exclusive concessions on Abu Dhabi’s main island and Al Reem Island (ADGM)
• Signed a landmark joint venture and concession with Dubai Holding Investments to provide 250,000 RT of district cooling to Palm Jebel Ali. Construction commenced in Q3 2025, with first cooling expected in late 2027 or early 2028
• Commissioned three new greenfield plants during 2025 and added five operating plants as part of the PAL Cooling acquisition, deepening Tabreed’s presence across core markets and reinforcing high operational availability
• In partnership with the UAE Ministry of Defence and Emerge, Tabreed completed the integration of around 4,000 solar panels supplying 2.4 MW of clean electricity to two Abu Dhabi district cooling plants. This reduces reliance on the grid during peak periods and prevents more than 2,600 tonnes of CO₂ annually 
• Entered a long‑term framework with Johnson Controls to co‑develop next‑generation cooling technologies, including centrifugal chillers with variable‑speed drives and AI‑enabled performance analytics, supporting efficiency, reliability and regional climate‑neutrality goals
• Strengthened the capital structure and liquidity profile through refinancing of debt and additional debt issuance, thereby extending average loan maturity and supporting growth investments

Commenting on the full-year performance, Dr Bakheet Al Katheeri, Tabreed’s Chairman, said: “2025 was a transformational year for Tabreed, marked by major strategic steps that have strengthened our platform for both the medium and long term. The addition of PAL Cooling and the Palm Jebel Ali concession have deepened our presence in core markets and expanded the scale at which we operate. Across the business, our teams continued to deliver reliably for customers while investing in the systems and infrastructure that will support the company’s next phase of growth. As a national champion in district cooling, we are proud to support the UAE’s energy efficiency goals and remain focused on delivering capacity-led, concession-backed growth and creating lasting, sustainable value for our shareholders and stakeholders.” 

Financial Resilience

As of year-end 2025, net debt to EBITDA stood at 4.6x, a temporary increase in leverage reflecting the impact of PAL Cooling acquisition. Liquidity remains robust, supported by a fully undrawn AED 1.2 billion Green RCF and the absence of any near‑term debt maturities. The company remains disciplined and focused in its capital allocation approach.

Tabreed strengthened its financial position during 2025 through the issuance of a USD 700 million Green Sukuk in Q1, executed under its Green Finance Framework, with proceeds directed toward refinancing of debt obligations. In Q3, the Company doubled its Green Revolving Credit Facility to AED 1.2 billion from AED 600 million maintaining original terms. This increase materially improves Tabreed’s funding flexibility and underpins its broader creditworthiness. In Q4, the company raised AED 1.8 billion new bank debt to support its strategic growth initiatives and optimise its capital structure.

Tabreed continues to hold investment-grade ratings from Moody’s and Fitch.

Dividend and Outlook

The Board of Directors recommended a final dividend of 6.5 fils for H2 2025, bringing the total dividend for the year to 13 fils per share. This represents a payout ratio of 71% of 2025 normalised net profit, aligned with historical levels, despite significant investment undertaken to secure long-term growth.

Tabreed enters 2026 with a strong and stable core business, supported by long-term contracted capacity, high operational availability and disciplined financial management. Capacity growth and margins are expected to remain within the company’s guided range, driven by continued real estate development, infrastructure expansion and delivery of new tourism destinations across the UAE and KSA. Demand fundamentals and customer relationships remain solid and the organic capex programme continues to progress on schedule.

Looking ahead, medium-term growth will be reinforced by the integration and ramp-up of PAL Cooling and the buildout of Palm Jebel Ali, both expected to contribute positively as capacity comes online. With a well-capitalised balance sheet and proven execution capability, Tabreed is well positioned to deliver sustainable, capacity-led growth through 2026 and beyond. 

• Sixteen Tabreed-branded Sparklomat machines to be positioned around the country
• Collaboration predicted to collect more than four million bottles and cans annually

Abu Dhabi, United Arab Emirates – 16 December 2025: Tabreed, the world’s leading district cooling company, has announced a new sustainability partnership with Sparklo, a UAE-based cleantech company building smart recycling infrastructure. The collaboration will see the installation of 16 reverse vending machines (RVMs) – called Sparklomats – across the UAE, enabling residents to recycle plastic bottles and aluminium cans in exchange for digital rewards.

In accordance with the agreement signed by Khalid Al Marzouqi, Chief Executive Officer of Tabreed, and Sparklo’s founder, Maxim Kaplevich, one Sparklomat has been installed at Tabreed’s headquarters, while 15 others will be placed in high-traffic locations including Ferrari World Abu Dhabi, Yas Water World and a selection of malls in Abu Dhabi and Dubai. The initiative will make it easier for residents to recycle bottles and cans while earning bonus points in the Sparklo app, redeemable for discounts at grocery stores, taxi rides and more. 

Based on Sparklo’s average UAE collection data, the partnership is projected to collect more than four million bottles and cans annually, averaging 11,600 containers per day across the network. This is expected to prevent approximately 637,400 kilograms of CO₂ emissions each year, directly contributing to the UAE Net Zero 2050 and Circular Economy Policy goals, while encouraging sustainable behavior through positive motivation rather than obligation. Last year, a single Sparklomat recorded over 13,000 containers collected in a single day, demonstrating the product’s potential when placed in high-traffic locations.

Khalid Al Marzooqi, Chief Executive Officer of Tabreed, said:  “At Tabreed, we believe that innovation and collaboration are essential to achieving the UAE’s Net Zero 2050 vision. This project with Sparklo reflects our commitment to decarbonisation through innovation and strategic partnerships, allowing us to make the places we cool more sustainable overall. By introducing smart recycling solutions in communities across Abu Dhabi, we are extending our sustainability efforts beyond our operations – creating real opportunities for residents and visitors to take part in climate action.”

Maxim Kaplevich, Founder of Sparklo, added: “Sustainability works best when it’s built into people’s daily lives. Together, we’re addressing two sides of the same challenge: making the places where people live, shop, and spend time both more energy-efficient and more circular. This partnership shows how shared infrastructure and positive incentives can turn sustainability into everyday action, achieving real progress.”

Maha Sallam, Chair of Tabreed’s Social Sub-committee, underscored the importance of this initiative, adding: “This is a clear demonstration of the importance of community to Tabreed, positioning our name in the spaces people use the most in their everyday lives. Sustainability is a mindset shared across the entire company, with everyone aligned on the importance of even the smallest contribution. Every time we set aside our plastics and other recyclables to be properly processed, it’s a positive step and proof that we’re aware of our collective impact on the environment.”

This collaboration reinforces Tabreed’s 2024 sustainability commitments, including its Net Zero 2050 target, energy-efficiency retrofits, and supply chain decarbonisation principles. By integrating smart recycling infrastructure into its sustainability ecosystem, Tabreed continues to lead in advancing the UAE’s green transition through partnerships that create measurable, shared environmental impact.

• Record organic capacity addition of 52.9k RT in 9M 2025 – more than double the full-year 2024 total
• Total connected capacity rises 4.5% year-on-year, consumption volumes remain stable
• Revenue increases by 1% year-on-year on continued capacity expansion
• EBITDA increases 5% year-on-year to AED 975 million, supported by cost discipline and efficiency improvements, with an EBITDA margin of 52.2%
• PAL Cooling acquisition and finalisation of Palm Jebel Ali concession - transformational deals that secure portfolio growth
• Tabreed achieved Emerging Markets Small Cap Index inclusion effective close of 24 November 2025, highlighting Tabreed’s growing visibility among global investors
• First-ever interim dividend of 6.5 fils per share, representing AED 184.9 million, approved for H1 2025

Abu Dhabi, United Arab Emirates – 14 November 2025: National Central Cooling Company PJSC (DFM: TABREED / ISIN: AEA002201018), the world’s leading and most diversified district cooling company, today announced the results for the nine-month period ended 30 September 2025.

Total connected capacity rose by 4.5% year-on-year to 1.38 million Refrigeration Tons (RT) as of 30 September 2025, with a record 52.9k RT organic capacity added year-to-date – more than double the full-year 2024 total. This growth was driven by 29.1k RT of new connections in the UAE and 23.8k RT in other markets, reinforcing Tabreed’s position as a cross-regional operator.

Group revenue reached AED 1.87 billion, an increase of 1% year-on-year reflecting the stability provided by fixed capacity revenue backed by long-term concession agreements, despite milder weather in Q3 2025. EBITDA grew 5% year-on-year to AED 975 million, with margins expanding to 52.2%, reflecting operating leverage, scale efficiencies and sustained cost discipline.

Net profit stood at AED 420 million in the first nine months of 2025 compared to AED 425 million during the same period last year. This mainly reflects higher finance costs on the recent Green Sukuk issuance at the end of Q1 2025, which refinanced bank debt raised during the low rate environment in 2020. Excluding the impact of higher finance costs and other one-off items, adjusted net profit would have increased by approximately 5% year-on-year, driven by underlying growth in EBITDA. 

Strategic Milestones 

In 2025, Tabreed achieved two of the most significant strategic milestones in its history:

• In partnership with CVC DIF, Tabreed completed the acquisition of PAL Cooling Holding from Multiply Group on 13 October 2025, following regulatory approvals, for an enterprise value of AED 4.1 billion. The transaction adds approximately 600,000 RT of capacity across eight exclusive concessions in Abu Dhabi’s main island and Al Reem Island (now a free zone under ADGM). In the first nine months of 2025, PAL Cooling further expanded its connected capacity from 182,000 RT to 189,000 RT, immediately increasing Tabreed’s pro-forma connected capacity by approximately 14% to around 1.57 million RT. It also brings long-term contracts averaging 25 years with leading developers including Aldar, Modon and Imkan, expanding the concession base and contributing to a secured capacity pipeline of more than one million RT, equivalent to 80% of current connected capacity.
• Tabreed finalised a landmark concession agreement with Dubai Holding Investments to provide district cooling services to Palm Jebel Ali, one of the emirate’s most eagerly anticipated large-scale developments. The 250,000 RT system will be delivered through a joint venture with Dubai Holding Investments (Tabreed 51%, Dubai Holding Investments 49%). Construction on the project commenced in Q3 of this year with the first cooling expected by 2027. 

Together, these two transactions strengthen Tabreed’s position as a leader in the UAE’s district cooling industry, expanding total site capacity to approximately 2.6 million RT and reinforcing a platform for secure, capital-efficient growth. This supports Tabreed’s continued focus on stable, predictable cash flows and disciplined value creation.

Operational Progress and Portfolio Expansion

Beyond these transactions, Tabreed continued to expand its network, commission new capacity, and enhance execution. During the first nine months of 2025, three new greenfield plants were brought online, deepening the company’s presence in core and international markets.

In parallel, Tabreed signed a long-term framework agreement with Johnson Controls to co-develop next-generation cooling technologies, including centrifugal chillers with variable-speed drives and AI-enabled performance analytics, strengthening operational resilience and supporting regional climate-neutrality goals.

Commenting on the results, Dr. Bakheet Al Katheeri, Tabreed’s Chairman, said: “Tabreed’s performance this year demonstrates the strength of our foundation and the discipline with which we continue to deliver on our growth strategy. With the completion of the PAL Cooling acquisition and finalisation of the Palm Jebel Ali concession, Tabreed has entered a new phase of scale and stability that strengthens future earnings visibility. As a national champion in district cooling, Tabreed is well placed to contribute meaningfully to the UAE’s energy efficiency and sustainability goals. Our market-leading position, built on long-term concessions and operational excellence, ensures we remain a key enabler of the country’s vision for a low-carbon, resource-efficient economy.”

Commenting on the company’s performance, Khalid Al Marzooqi, Tabreed’s Chief Executive Officer, said: “This year has been about building for the next decade; investing in capacity, technology and execution so Tabreed can grow predictably and sustainably. We added record organic capacity, brought new plants online across our network, and advanced innovation through partnerships that sharpen efficiency and resilience. With a strong balance sheet, optimisation of our operations and disciplined delivery on our pipeline, we’re positioning Tabreed to serve more customers reliably, lower lifecycle costs, and convert today’s foundations into long-term value for shareholders and communities.”

Financial Resilience

Tabreed’s capital position remains robust following the successful issuance of a USD 700 million Green Sukuk in Q1 under its Green Finance Framework, to refinance near-term maturities and strengthened liquidity. In Q3, Tabreed successfully increased its Green Revolving Credit Facility (RCF) from AED 600 million to AED 1.2 billion while maintaining the existing financing terms. This increased size of green RCF further enhances Tabreed’s liquidity position and reinforces its credit fundamentals.

Following funding of Tabreed’s equity investment (held in escrow account as of 30 September 2025) to acquire PAL Cooling, net debt to EBITDA stood at 4.5x as of 9M 2025 (4.0x as of 9M 2024), in line with expectations and reflecting project-level financing utilised to fund PAL Cooling acquisition. Strong cash generation and disciplined capital allocation continue to support growth and shareholder returns.

The company continues to hold investment-grade ratings from Moody’s and Fitch.

Dividend and Outlook

In September 2025, shareholders approved Tabreed’s first-ever interim dividend of AED 184.9 million, equivalent to 6.5 fils per share, marking a new step in the company’s distribution profile and reflecting confidence in its growth plan.

Tabreed also welcomed its inclusion in the MSCI Emerging Markets Small Cap Index, effective close of November 24, 2025. This milestone reflects Tabreed’s expanding growth pipeline and increasing institutional confidence in the company’s fundamentals and strategy.

2025 continues to be a pivotal year for Tabreed, with strong operational progress, strategic platform expansion and new partnerships supporting portfolio growth and innovation. Likewise, the PAL Cooling and Palm Jebel Ali transactions lay a strong foundation for Tabreed’s sustained value creation in the years ahead.

During the meeting of Tabreed’s Board of Directors, it was also agreed that Khalid Al Marzooqi would retire from his position as Chief Executive Officer. 

Commenting on this development, Tabreed’s Chairman, Dr. Bakheet Al Katheeri, said: “Khalid has proved to be an exceptional leader of this company. During his tenure, Tabreed has gone through seismic changes that have secured its long-term future as an indispensable pillar of the utilities sector both in the UAE and further afield. A gifted engineer, his unique insights have meant Tabreed has continued to forge its reputation as a globally renowned innovator, firmly rooted in energy efficiency. While we will be sad to see him stepping down, me and my fellow Board members wish Khalid all the very best for a long and enjoyable retirement.”

Al Marzooqi, whose appointment as CEO was announced on 17 May 2021, added: “Leading Tabreed has been a privilege beyond compare. I’m happy to be retiring after four-and-a-half years of service and incredibly proud of what the company has achieved during that time. Not only have we secured unprecedented long-term stability and portfolio growth but internally, too, the company’s culture has never been better. Tabreed’s people are better engaged than ever before, with record levels of workplace satisfaction, reflected in our celebrations of international diversity and a safety culture that ensures the health and wellness of everyone at every level of the company.”

A successor is yet to be announced and Al Marzooqi will remain in post until 2 January 2026.

-ENDS-

• MSCI inclusion effective close of 24 November 2025, highlighting Tabreed’s growing visibility among global investors
• Strong first-half performance and completion of PAL Cooling and Palm Jebel Ali transactions mark transformational milestones in Tabreed’s growth story
• First-ever interim dividend of 6.5 fils per share, representing AED 184.9 million, approved for H1 2025

Abu Dhabi, United Arab Emirates – 6 November 2025: National Central Cooling Company PJSC (DFM: TABREED / ISIN: AEA002201018), the world’s leading and most diversified district cooling company, today announced its inclusion in the MSCI Emerging Markets Small Cap Index, effective close of 24 November 2025. This development reflects Tabreed’s continued growth trajectory, increasing institutional confidence in the company’s fundamentals and long-term strategy.

MSCI index inclusion is an important indicator for international investors, often serving as a benchmark for global passive and active fund allocations. Tabreed’s addition is expected to enhance its visibility across global capital markets, further increase share liquidity and support incremental investor flows.

Tabreed’s Chief Executive Officer, Khalid Al Marzooqi, said: “Inclusion in the MSCI Emerging Markets Small Cap Index marks an important milestone in Tabreed’s journey as a listed company. It reflects the market’s recognition of our consistent performance, strong fundamentals and expanding presence across key markets. This achievement also reinforces our commitment to transparency, value creation and sustainable growth, while enhancing Tabreed’s investment appeal among regional and global investors.”

During the year, Tabreed delivered a strong first-half performance, underpinned by its concession-backed model and scalable operations. The year also saw two of the largest transactions in the company’s history, the completion of its PAL Cooling acquisition with CVC DIF and the Palm Jebel Ali concession in a JV with Dubai Holding – transformational milestones that expanded the platform, deepened the concession base and strengthened long-term earnings visibility. 

Commenting on the announcement, Adel Al Wahedi, Tabreed’s Chief Financial Officer, added: “In a year defined by operational focus and prudent capital allocation, this further raises the profile of Tabreed, broadens our reach with global investors and cements Tabreed’s role as a strategic enabler of sustainable infrastructure. Inclusion in such global benchmark indices aligns with our ambition to diversify our shareholding base and we remain committed to deepening our engagement with the investment community.”

In September 2025, Tabreed took an important step towards enhancing its distribution profile, with the approval of its first-ever interim dividend of AED 184.9 million, equivalent to 6.5 fils per share. This reflects the company’s strong confidence in its financial position and commitment to driving shareholder returns.

• Marks closure of landmark 2018 issuance as part of company’s proactive debt management strategy

Abu Dhabi, United Arab Emirates – 3 November 2025: National Central Cooling Company PJSC (DFM: Tabreed), the world’s leading district cooling company, today announced the  settlement of its USD 500 million Trust Certificates due in 2025, originally issued in October 2018 and maturing on 31 October 2025.

The seven-year senior unsecured Sukuk was issued under Regulation S format and listed on the London Stock Exchange. It carried a fixed 5.5% profit rate and was oversubscribed by 50%, reflecting strong demand from institutional investors across Asia, Europe and the GCC. The issuance was underpinned by Tabreed’s first-ever investment-grade ratings from Moody’s (Baa3) and Fitch (BBB) at the time.

As part of its proactive liability management approach, prior to maturity, Tabreed had already repurchased trust certificates with the aggregate face amount of USD 249.5 million and the remaining USD 250.5 million balance has now been fully settled. This settlement reflects the company’s disciplined approach to managing its capital structure and underscores its strong liquidity position, supported by its recent successful raising of an AED 1.8 billion Shariah compliant debt facility.

Khalid Al Marzooqi, Chief Executive Officer of Tabreed, said: “This repayment reflects the financial strength and maturity Tabreed has built over recent years. As we continue to expand across the region, maintaining balance sheet resilience remains central to our long-term strategy. We are focused on creating value through disciplined growth, backed by a stable and well-managed capital base.”

Adel Al Wahedi, Tabreed’s Chief Financial Officer, added :  “The full settlement of this Sukuk concludes an important chapter in Tabreed’s capital markets journey. We are proud to have honoured this obligation in a structured and strategic manner, using long-term financing that aligns with our capital structure optimisation goals and sustainability priorities. This is a clear demonstration of our financial discipline and market credibility. Tabreed’s robust credit fundamentals are further reinforced by investment-grade ratings from both Moody’s and Fitch, which continue to affirm its financial strength and prudent risk management.”

This week’s repayment underscores Tabreed’s ability to manage its liabilities proactively, maintaining a strong credit profile and preserving long-term financial flexibility to support its growth strategy. 

• AED 1.8 billion Shariah-compliant loan agreement signed with leading regional banks
• Demonstrates strong credit profile and market confidence

Abu Dhabi, United Arab Emirates – 28 October 2025: Tabreed, the world’s leading district cooling company, today announced the successful raising of AED 1.8 billion new bank debt to support its strategic growth initiatives and optimise its capital structure. The new loan is part of Tabreed’s plans to finance the company’s capital needs and diversify its funding sources, including funding investment and growth requirements. 

The 1.8 billion loan (the “Facility”) has a tenor of six years and is financed by Emirates NBD and Mashreq. The facility is fully Shariah-compliant and is structured as a dual-tranche (AED/USD), reflecting Tabreed’s commitment to inclusive financing and alignment with regional investor preferences. Notably, AED 1 billion of the facility has been structured as green financing, underscoring the company’s dedication to sustainability and environmental stewardship.

Khalid Al Marzooqi, Chief Executive Officer of Tabreed, commented: “This successful financing is testament to the strength of our business model and the trust we have built with our banking partners. It enables us to pursue strategic investments that accelerate our expansion and drive long-term value, while reinforcing our commitment to responsible and sustainable financial practices.”

“Shariah-compliant financing is a key pillar of our capital strategy, reflecting our commitment to financial inclusion and alignment with the values of our stakeholders,” added Adel Al Wahedi, Tabreed’s Chief Financial Officer. “By integrating Islamic finance principles into our funding mix, we are able to access a broader pool of liquidity while maintaining our investment-grade credit profile. The successful raising of this debt not only supports our strategic M&A, but also proactively strengthens our balance sheet by optimising our debt maturity schedule and maintaining a strong financial foundation. 

Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, commented: “This transaction marks a significant milestone in Tabreed’s financing strategy, supporting the development and upkeep of critical infrastructure assets across the UAE. The innovative, multi-currency financing structure seamlessly integrates both Islamic financing principles and green finance standards within the documentation. We are proud of this successfully structured, landmark transaction, which reflects Tabreed’s continued trust in Emirates NBD and further strengthens the strategic partnership between our two institutions.”

Joel Van Dusen, Group Head of Corporate & Investment Banking at Mashreq, said: “We are pleased to partner with Tabreed on this milestone transaction, which reflects the company’s strong fundamentals and forward-looking strategy. The Shariah-compliant and green financing structure exemplifies our shared commitment to sustainable innovation and inclusive capital solutions. At Mashreq, we are proud to support Tabreed’s continued growth and its role in shaping a more resilient and environmentally responsible future for the region.”

The strong appetite from banks reinforces Tabreed’s reputation as a high-quality credit and its ability to access competitive funding across markets. The company remains focused on maintaining robust liquidity and prudent leverage, ensuring its capital structure supports both near-term execution and long-term value creation.

This financing marks another milestone in Tabreed’s journey to deliver sustainable growth, backed by disciplined financial management and a clear strategic vision.

• New mandate will improve trading liquidity, boost investor confidence and benefit company shareholders

 Abu Dhabi, United Arab Emirates – 21 October 2025: Tabreed, the world’s leading district cooling company, is pleased to announce the appointment of Arqaam Securities LLC, a leading regional financial institution, as liquidity provider for its shares listed on Dubai Financial Market (DFM). This initiative is part of Tabreed’s ongoing efforts aimed at strengthening the trading dynamics of the company’s shares by improving liquidity and creating accessible market for investors.

As per the terms of the agreement, which will last for 12 months, Arqaam Securities is to commence liquidity provisioning on Tabreed shares by entering two-way quotes into the market trading system, all within set parameters and in full compliance with regulations and controls set by DFM and the UAE Securities and Commodities Authority (SCA). This mechanism helps narrow the bid-ask spread, reduce volatility and enhance investor confidence. All relevant approvals have been granted, and the service is set to commence on 22 October 2025. 

At no time during the mandate will Arqaam Securities’ ownership of Tabreed shares exceed 5% of the total outstanding shares. The company has free float shares of 18.1% and is 100% open to foreign investment, with Mubadala and ENGIE as its two strategic shareholders. Tabreed’s appointment of such a licensed liquidity provider is a clear demonstration of its interest in ensuring smoother trading experience for investors and supporting a more stable and liquid market environment. 

Commenting on the appointment, Tabreed’s Chief Executive Officer, Khalid Al Marzooqi, said: “This appointment is first and foremost about our shareholders. With Arqaam as our Liquidity Provider on DFM, we aim to enhance access to Tabreed’s shares, giving investors greater flexibility in dynamic markets and reinforcing our focus on sustainable, long-term value creation.”

Veselin Tilev, Head of Market Making at Arqaam, added: We are delighted to offer our Liquidity Provision services on the Dubai Financial Market to Tabreed, reinforcing our commitment to enhancing market depth and trading efficiency in the UAE. With our proven track record and deep understanding of local market dynamics, we are confident that Arqaam will contribute meaningfully to improving liquidity and facilitating active, orderly trading in Tabreed’s shares on the DFM.

In the first half of 2025, Tabreed delivered steady growth, with revenue rising to AED 1.11 billion and net profit reaching AED 276 million, supported by higher cooling demand and record capacity additions that lifted total connected capacity to 1.37 million RT. Since then, the company has completed two landmark transactions, taking total connected capacity to ~1.55 million RT and accelerating its strategy: acquiring PAL Cooling alongside CVC DIF and securing the long-term Palm Jebel Ali district cooling concession in partnership with Dubai Holding Investments. Together, these transactions expand the platform and reinforce concession-backed cash flows and long-term earnings visibility.

Following that performance, Tabreed’s shareholders approved first-ever interim dividend of 6.5 fils per share on 15 September 2025, totaling AED 184.9 million for the first half of 2025. The approval signals confidence in the company’s momentum and its commitment to delivering sustainable returns to shareholders.

-ENDS-

• Acquisition of PAL Cooling and Palm Jebel Ali concession agreement expand regional footprint and long-term portfolio
• Successful acquisition of PAL Cooling expected to add 600,000 RT and boost connected capacity by 13%
• Completion of Palm Jebel Ali concession agreement marks Tabreed’s strategic expansion into one of Dubai’s most iconic developments

Abu Dhabi, United Arab Emirates – 13 October 2025: Tabreed, the world’s leading district cooling company, today announced the successful completion of two transformational infrastructure transactions that significantly accelerate its growth trajectory and strengthen its long-term, concession-backed business model.

Tabreed, alongside global infrastructure investor CVC DIF, has completed the acquisition of PAL Cooling Holding from Multiply Group, following regulatory approvals. Within the past four weeks Tabreed also finalised a landmark concession agreement with Dubai Holding Investments to provide district cooling services to Palm Jebel Ali – one of the emirate’s most eagerly anticipated large-scale developments.

These milestones represent a major acceleration in Tabreed’s growth strategy, boosting operational capacity, diversifying its concession portfolio and enhancing long-term cash flow visibility. 

PAL Cooling Acquisition: Expanding Scale and Strategic Reach

The PAL Cooling transaction, with an equity value of AED 3.87 billion, is expected to add approximately 600,000 refrigeration tons (RT) of connected capacity across eight exclusive concessions on Abu Dhabi’s main island and Al Reem Island, which is now fully incorporated into  the ADGM free zone. The portfolio is currently served by five operational plants, with one more under construction and three in advanced planning stages.

The acquisition immediately increases Tabreed’s pro forma connected capacity by 13% to 1.55 million RT and introduces long-tenor contracts averaging 25 years with high-quality offtakers including Aldar, Modon and Imkan.

“Closing this acquisition demonstrates Tabreed’s commitment to sustainable growth, disciplined investment and long-term value creation,” said Dr Bakheet Al Katheeri, Chairman of Tabreed. “These are strategic infrastructure assets with strong fundamentals and meaningful future upside, reflecting our ability to execute and scale in line with national development and decarbonisation priorities.”

“This transaction strengthens our earnings profile and operational presence in Abu Dhabi,” added Khalid Al Marzooqi, CEO of Tabreed. “We’re adding long-term, stable contracts with blue-chip developers and enhancing our platform for growth, now and in the near future. Beyond the numbers, it demonstrates how Tabreed continues to build the essential, sustainable infrastructure that underpins the UAE’s next phase of development.”

Palm Jebel Ali: Strategic Growth in Dubai

Separately, Tabreed has completed its long-term district cooling concession with Dubai Holding Investments for Palm Jebel Ali. The AED 1.5 billion project will be executed in phases via a joint venture (Tabreed 51%, Dubai Holding Investments 49%) and is expected to deliver 250,000 RT of cooling capacity. 

“Palm Jebel Ali is a transformative development, and we’re proud to play a central role in shaping its sustainable infrastructure,” said Al Marzooqi. “This partnership reflects our commitment to future-ready urban environments powered by world-class district cooling. It also strengthens our presence in Dubai’s high-growth developments, creating a dynamic platform for future projects and reinforcing our position as the world’s leader in sustainable cooling.”

Strengthening Value Creation and Financial Resilience

Tabreed will operate and maintain all assets under both agreements. The transaction structures ensure capital efficiency – PAL Cooling acquisition is funded through equity contribution by both partners and non-recourse, project-level debt, while Palm Jebel Ali is being delivered through a joint venture fully consolidated by Tabreed.

PAL Cooling has demonstrated strong financial performance, with a 7.5% revenue CAGR and ~60% average EBITDA margin in the past three years. Approximately 60% of revenues are derived from fixed capacity charges under long-term agreements, providing stable and predictable cash flows.

These transactions align with Tabreed’s broader financial strategy. The company recently distributed its first-ever interim dividend, reflecting confidence in its strong balance sheet and long-term earnings outlook. The addition of two scalable, concession-backed assets further strengthens its ability to sustain and grow shareholder returns in the long term.

“Together, these transactions represent a defining moment for Tabreed,” concluded Al Katheeri. “With deeper presence in Abu Dhabi and Dubai, greater earnings visibility and a diversified asset base, Tabreed is well-positioned to deliver long-term value to shareholders and national stakeholders alike.”

• Tabreed gearing up for significant expansion, securing supply of energy efficient chillers
• Cooling technology and lifecycle models aligned with region’s climate neutrality goals

Abu Dhabi, United Arab Emirates – 22 September 2025: As part of a joint commitment to advancing global best practices in district cooling, Tabreed, the world’s leading district cooling company, and Johnson Controls, the global leader for smart, healthy and sustainable buildings, have signed a framework agreement to accelerate the development and deployment of next-generation cooling technologies. 

Tabreed is working on multiple long-term projects, many of which will be covered by the agreement. The collaboration targets measurable gains in energy efficiency, reliability and total cost of ownership, while supporting regional climate neutrality strategies and corporate ESG priorities. It will focus on deploying next generation centrifugal chillers to enhance system efficiency and reduce climate impact, with performance analytics provided via Johnson Controls’ platforms for real-time optimisation and reduced downtime. 

The agreement was signed during a special ceremony hosted at Tabreed’s Abu Dhabi headquarters, by Tabreed’s Chief Executive Officer, Khalid Al Marzooqi, and Johnson Controls’ Vice President and President EMEA, Richard Lek.

Following the ceremony, Al Marzooqi said: “Our company has entered a new, exciting chapter of unprecedented growth, which is aligned with our long-term strategy. We have multiple projects either in progress or planned for the near future, and this agreement helps both parties by securing supplies of essential equipment for large-scale infrastructure. By pairing Tabreed’s operational excellence with Johnson Controls’ advanced chiller technologies, we will bring tangible benefits to customers and communities alike through unrivalled energy efficiency and reliability.”

Richard Lek added: “Collaboration with Tabreed allows us to demonstrate how proven technologies and data-driven services can raise the performance bar for district cooling – at scale. Together we’ll help better meet the demand for cooling in rapidly growing urbanisations while reducing power consumption and emissions, and improving quality of life.”

This collaboration will be built on two main pillars. Firstly, advanced chiller technology, where Johnson Controls will provide a wide range of large-capacity chillers with variable-speed drives and modular systems for flexible loads, all engineered to reduce energy use and maintenance requirements while optimising space within Tabreed’s district cooling plants. Secondly, end-to-end lifecycle services will cover design and engineering support, commissioning and retro-commissioning, performance guarantees based on KPIs, upgrades and retrofits, and remote monitoring through network operations centres to extend asset life and reduce overall ownership costs.

The framework aligns with global sustainability goals by prioritising energy-efficient, low-emission technologies, adopting refrigerants with a lower environmental impact, while applying circular-economy and resource-efficiency principles that connect plant-level improvements to wider policy decarbonisation outcomes.

According to the IEA - International Energy Agency, operational energy used in buildings globally represents about 30% of final energy consumption. District cooling, which centralises cooling production and distribution, offers a more sustainable and cost effective solution than conventional air conditioning as it significantly reduces energy consumption, lowers peak power demand and minimises the environmental impact of cooling. 

• First-ever interim dividend of 6.5 fils per share, representing AED 184.9 million, approved for H1 2025
• Revenue rose 3% year-on-year to AED 1.11 billion in H1 2025, the highest first-half in the company’s history, driven by higher cooling demand and capacity additions across key markets
• Tabreed adds a record 41.6k RT in H1 2025 – almost twice the capacity added in full-year 2024 – to reach 1.37 million RT with major contributions from the UAE and Saudi Arabia
• PAL Cooling acquisition and Palm Jebel Ali concession, the two largest strategic deals in Tabreed’s history, expand total site capacity to ~2.6 million RT and reinforce long-term, capital-efficient growth

Abu Dhabi, United Arab Emirates – 15 September 2025: National Central Cooling Company PJSC (DFM: TABREED / ISIN: AEA002201018), the world’s leading and most diversified district cooling company, today confirmed shareholder approval at its General Assembly for an interim dividend of 6.5 fils per share, representing AED 184.9 million, for the first half of 2025. This marks the first interim dividend in Tabreed’s 27-year history, reflecting the company’s record first-half performance, with revenue rising 3% year-on-year to AED 1.11 billion and net profit reaching AED 276 million, supported by strong cooling demand and significant capacity growth across key markets.

Tabreed’s growth momentum continued in the first half of 2025, with total connected capacity reaching 1.37 million RT following a record 41.6k RT of new connections, almost double the capacity added in all of 2024. Strong contributions from the UAE and Saudi Arabia underline the company’s position as a truly cross-regional operator and set the stage for the next phase of growth. At the same time, Tabreed advanced its long-term strategy with two landmark developments, the PAL Cooling acquisition and the Palm Jebel Ali concession. Together, these transactions represent the largest in the company’s history, expanding total site capacity to approximately 2.6 million RT and strengthening the foundation for capital-efficient growth, recurring cash flows, and a platform capable of delivering sustained value well beyond 2025.

Commenting on the milestone dividend, Dr. Bakheet Al Katheeri, Tabreed’s Chairman, said: “Tabreed continues to build on its strong foundations, combining record first-half results with strategic milestones that reinforce the scalability of our platform. The approval of the company’s first-ever interim dividend reflects this strength and our commitment to shareholders, underlining the confidence we have in delivering sustainable long-term value. With capacity growth across the UAE and Saudi Arabia, alongside landmark transactions such as the PAL Cooling acquisition and Palm Jebel Ali concession, Tabreed is well positioned to pursue its growth agenda while maintaining capital discipline and a clear focus on shareholder returns.”

Robust free cash flow and disciplined capital allocation supported both growth investment and shareholder returns in the first half of 2025. The successful issuance of a USD 700 million Green Sukuk, under the company’s Green Finance Framework, strengthened the balance sheet and enhanced liquidity, underpinned by investment-grade credit ratings from Moody’s and Fitch. At the same time, Tabreed is embedding sustainability across its operations, from deploying renewable energy at select plants to piloting low carbon cooling solutions, reinforcing its role as a long-term partner in the region’s energy transition.

Key Dates

• General Assembly approval: 15 September 2025
• Last entitlement date (last day to purchase): 23 September 2025
• Ex-dividend date: 24 September 2025
• Record date: 25 September 2025
• Dividend payment: On or before 15 October 2025

                                                                                                    - ENDS -

• Supplying 5,300 RT to 93 floors of premium residential, retail and business space

Abu Dhabi, United Arab Emirates – 11 September 2025: Tabreed, the world’s leading district cooling company, is pleased to announce a significant new connection to one of its networks in Dubai: The93-storey City Tower 1, a development by H&H, now being supplied with 5,300 Refrigeration Tons (RT) of sustainable cooling from Tabreed’s existing DC plant in the Al Satwa district.

Standing at 362.8 metres, opposite the iconic Emirates Towers and the Museum of the Future on Sheik Zayed Road, City Tower 1 features 695 residences ranging from studio to 4-bedroom apartments, four floors of office space, two retail spaces, a gym, an indoor play area for children, an outdoor playground, pools for adults and children, a mini soccer field and two padel courts.

Khalid Al Marzooqi, Chief Executive Officer of Tabreed, said: “Tabreed is proud to contribute to the development of the UAE’s most iconic real estate projects by delivering sustainable, reliable solutions that support national growth and energy efficiency objectives. Connecting City Tower 1 to one of our pre-existing networks clearly demonstrates our commitment to Dubai’s continued progress. 

“Our presence in the city is unmistakable, with Tabreed’s Downtown Dubai network supplying Burj Khalifa, Dubai Mall, Dubai Opera and many other landmark developments with sustainable cooling. Tabreed is a force for good in the UAE and continues to play an essential role in enabling the region’s urban transformation while creating lasting value for developers, investors and communities alike.”

Miltos Bosinis, Chief Executive Officer, H&H, added: “City Tower 1 is a landmark addition to the Sheikh Zayed Road skyline and a reflection of H&H’s ambition to redefine Dubai’s urban landscape. With this development, we are introducing a new standard of living that combines our signature quality with a level of service designed for today’s discerning tenants. City Tower 1 speaks directly to the future of the city; innovative, connected and uncompromising in excellence.

To ensure comfort and efficiency, H&H partnered with Tabreed, the UAE’s leading district cooling provider, to install a state-of-the-art cooling system. This collaboration highlights H&H’s commitment to building elite destinations supported by innovative infrastructure solutions.”

This latest milestone follows a period of record growth for Tabreed, with 2025 seeing two of the biggest deals in its 27-year history. In June, Tabreed announced the acquisition of PAL Cooling Holding in partnership with CVC DIF, adding more than 182,000 Refrigeration Tons (RT) of connected capacity across Abu Dhabi and securing a long-term growth pipeline of up to 600,000 RT. In May 2025, Tabreed also secured an exclusive 250,000 RT concession at Palm Jebel Ali, in partnership with Dubai Holding Investments, further cementing its position as a critical infrastructure partner for the region’s most ambitious developments.

• Revenue rises 3% year-on-year to AED 1.11 billion, driven by higher cooling demand and significant capacity additions across key markets
• Net profit rises 2.5% year-on-year to AED 276 million, supported by continued business growth and robust EBITDA margins
• Board proposes first-ever interim dividend of 6.5 fils per share for H1 2025
• Tabreed adds a record 41.6k RT in H1 2025 – almost twice the capacity added in full-year 2024 – to reach 1.37 million RT with major contributions from the UAE and Saudi Arabia
• PAL Cooling acquisition set to add 182k+ RT, securing long-term growth pipeline of up to 600k RT across Abu Dhabi
• Refinancing strengthens financial position; robust free cash flow enables investment in growth, improves leverage and supports dividend payout

Abu Dhabi, United Arab Emirates – 8 August 2025: National Central Cooling Company PJSC (DFM: TABREED / ISIN: AEA002201018), the world’s leading and most diversified district cooling company, today announced the results for the six-month period ended 30 June 2025, reporting revenues of AED 1.11 billion and a net profit of AED 276 million. The results reflect strategic momentum across Tabreed’s platform, with improved margins, cost discipline and sustained demand, laying the foundation for continued growth.

Group revenue rose to AED 1.11 billion in H1 2025, marking a 3% year-on-year increase driven by higher cooling demand and significant capacity additions across key markets. Consumption volumes grew 3% year-on-year in H1 2025 and accelerated to 8% year-on-year in Q2 2025, reflecting both seasonal uplift and growing utilisation across Tabreed’s network. Net profit for the first half rose to AED 276 million, a 2.5% increase compared to the first half of 2024. The uplift reflects continued scale benefits and disciplined cost control, alongside margin expansion as EBITDA rose 5% to AED 632 million, with margins improving to 57%.

Reflecting its strong financial position and continued cash generation, Tabreed’s Board of Directors proposed an interim dividend of 6.5 fils per share for the first half of 2025, or 67% payout based on H1 2025 net profit. This marks the first interim dividend in the company’s history and reflects the Board’s confidence in Tabreed’s performance, outlook and ability to deliver sustainable long-term value. The payment of dividend remains subject to shareholders approval at the General Assembly Meeting expected to be convened in September 2025. 

Total connected capacity reached 1.37 million Refrigeration Tons (RT), with 41.6k RT of record high organic capacity added during the period, nearly double the full-year total in 2024. This growth was led by 18k RT of new connections in the UAE and 23.6k RT across regional markets, reinforcing Tabreed’s position as a cross-regional operator.

Following a period of strong operational growth, Tabreed advanced its strategic agenda in June with the announcement that, in a 50:50 joint venture with CVC DIF, the company is to acquire PAL Cooling Holding from Multiply Group. The deal, which remains subject to customary regulatory approvals, is set to add more than 182k RT, increase pro forma connected capacity to 1.55 million RT (+13%) and includes eight concessions with total planned capacity of up to 600k RT. The deal would also expand Tabreed’s long-term concession base and customer network, including a new relationship with Modon, and contribute to a secured future capacity pipeline of more than one million RT, equivalent to 80% of current connected capacity.

Complementing this landmark development, Tabreed’s portfolio continued to grow, with the commissioning of three new greenfield plants during the first half – in local and regional markets, with a combined capacity of 28.6k RT. Developed to meet rising demand in fast-growing urban and industrial hubs, these new facilities reinforce Tabreed’s ability to scale operationally while deepening its presence in both core and international markets.

Progress also continued on the company’s largest-ever greenfield project at Palm Jebel Ali, a 250k RT exclusive concession secured in partnership with Dubai Holding Investments. Together, the PAL Cooling acquisition and Palm Jebel Ali concession represent the two biggest strategic deals in Tabreed’s history, expanding the company’s total site capacity to approximately 2.6 million RT and reinforcing its platform for long-term, capital-efficient growth and cash flow visibility. With a strong pipeline, long-term concessions and expanding geographical reach, Tabreed remains well positioned to deliver sustained growth through the remainder of 2025 and beyond.

Commenting on the results, Dr. Bakheet Al Katheeri, Tabreed’s Chairman, said: “Tabreed continues to demonstrate the strength and scalability of its platform, delivering solid financial results while advancing its long-term growth agenda. The record capacity additions in H1 2025, following landmark transactions, including the Palm Jebel Ali development and strategic acquisition of PAL Cooling, reinforce our position as a cross-regional operator and infrastructure partner with a clear mandate for value creation. As a Board, we remain focused on capital discipline and sustainable returns, and this balance between growth and value creation is reflected in our decision to propose Tabreed’s first-ever interim dividend.”

Tabreed also made significant progress on its refinancing during the first half, strengthening its balance sheet and enhancing financial flexibility. In Q1, the company issued a USD 700 million Green Sukuk under its Green Finance Framework, successfully refinancing near-term maturities at a competitive profit rate and improving its liquidity profile. Tabreed has a robust financial position, underscored by investment grade credit ratings from both Moody’s and Fitch. Free cash flows reached AED 973 million over the past 12 months, translating to a 11.5% yield, supported by strong collections, margin stability and disciplined capital allocation. As a result, net debt to EBITDA improved to 3.7x, down from 4.2x a year earlier.

Commenting on the company’s performance, Khalid Al Marzooqi, Tabreed’s Chief Executive Officer, said: “The signing of the PAL Cooling acquisition represents a defining milestone, not just for Tabreed’s footprint in Abu Dhabi, but for our long-term evolution as a critical infrastructure partner to cities, industries and digital ecosystems across the region. Tabreed today is more than a utility, we’re building a high-performing, future-ready platform that delivers recurring value, with sustainability, efficiency and scale at its core. With visibility over a planned total capacity of approximately 2.6 million RT, we’re focused on capital efficiency, operational excellence and preparing the business to lead in new markets and sectors where district cooling plays an essential role.”

Tabreed’s commitment to sustainability also advanced during the first half, reinforcing its role as a long-term partner in the region’s energy transition. As part of its Green Finance Framework, the company continued integrating renewable energy into its operations, including the installation of solar farms at two plants in collaboration with the UAE Ministry of Defence. Tabreed also played an active role in the World Utilities Congress, Abu Dhabi’s flagship utilities event, contributing to conversations around low-carbon infrastructure and emerging technologies such as geothermal cooling, in line with its ambition to enhance energy efficiency, reduce emissions, and support national decarbonisation goals.

-ENDS-

• Existing portfolio includes eight long-term concessions currently serviced by five, state-of-the-art district cooling plants
• Significant growth potential, with expected operational connected load of approx. 600,000 refrigeration tons

Abu Dhabi, United Arab Emirates – 30 June 2025: CVC DIF, the infrastructure strategy of leading global private markets manager, CVC, and Tabreed, the world’s leading district cooling company, have entered a partnership to acquire PAL Cooling Holding from Abu Dhabi’s Multiply Group.

The transaction, with an equity value of approximately AED 3.8 billion, includes three long-term concessions in the Abu Dhabi main island area and five long-term concessions on Al Reem Island, and remains subject to customary regulatory approvals. The concessions are serviced by five existing, sustainable district cooling plants and associated networks in Abu Dhabi, with connected capacity of 182,000 refrigeration tons (RT) as of December 2024. An additional plant is currently under construction and three more are in the planning phase. Together the nine plants and eight concessions are expected to represent approximately 600,000 RT.

PAL was founded in 2006 and is a prominent player in the UAE district cooling market, catering to landmark residential, commercial and mixed-use developments. The company has eight, long-term concession agreements and partnerships with leading master developers, including Aldar Properties, Modon and Imkan. PAL is strongly positioned on Al Reem Island, which is a strategic destination now fully part of the ADGM free zone, the vibrant financial centre of Abu Dhabi, and is poised to benefit from the expected development ramp-up, with future network expansion already licenced by Abu Dhabi’s Department of Energy.

Chairman of Tabreed, Dr Bakheet Al Katheeri, emphasised the significance of the partnership: “Tabreed is always looking to the future and ensuring we remain agile. The acquisition of PAL Cooling with CVC DIF aligns perfectly with our strategic objectives and readiness to adapt to Abu Dhabi's ambitious real estate projects. This year has been historic for Tabreed, with ventures like our Palm Jebel Ali JV and continued growth in Abu Dhabi. These steps position us to meet the UAE’s rising demand for sustainable cooling, driven by population growth and decarbonisation targets.”

Gijs Voskuyl, Managing Partner at CVC DIF, said: “PAL Cooling services its clients under long-term, concession-based contracts, in a fast-growing urban environment. The company has a strong track record of developing and constructing high-quality and electrified district cooling plants to deliver reliable, energy-efficient cooling solutions. Building on CVC DIF’s long-term track record in the sector, we are delighted to partner with Tabreed, a leading district cooling company in the Middle East. Together with our partners, we are convinced that PAL Cooling is a high-quality investment that will provide our investors with solid returns, while offering the potential for long-term growth and sustainable value creation.” 

Chief Executive Officer of Tabreed, Khalid Al Marzooqi, added: “This is turning out to be a truly pivotal year for Tabreed. As we enter a new phase of growth in Abu Dhabi alongside partners, CVC DIF, the benefits brought by this acquisition will be substantial. As part of Tabreed’s portfolio, these additional plants will be operated and maintained by the world’s leading experts in sustainable cooling. The acquisition also serves to strengthen our already investment-grade status with safe, long-term concession agreements and assured future growth, evidenced by current and planned developments on Reem Island.”

Özgür Önder, Head of CVC Middle East, said: “Our partnership with Tabreed, a regional leader with deep industry expertise, aligns perfectly with CVC’s commitment to investing in the UAE, backing mission-critical businesses that support sustainable development across the country.”

CVC DIF’s investment focus and experience spans key sectors including Energy Transition, Digital Infrastructure, Utilities and Transport – areas that are critical to Tabreed’s strategic vision. Its expertise and investment approach makes CVC DIF an ideal partner for a transformative project of this scale.

Commenting on the transaction, Samia Bouazza, Group CEO and Managing Director of Multiply Group, said: “The monetisation of PAL Cooling Holding is a deliberate step in our portfolio optimisation strategy, aimed at delivering superior returns to our shareholders. It reflects our ability to realise significant value from our assets while enhancing liquidity to fuel Multiply Group’s next phase of growth – both across our core verticals and on the global stage.”

The deal was signed during a special ceremony at Multiply’s Abu Dhabi headquarters by Samia Bouazza, Group CEO and Managing Director of Multiply Group, Khalid Al Marzooqi, Chief Executive Officer of Tabreed and Özgür Önder, Head of CVC Middle East, in the presence of Tabreed’s Chairman, Dr Bakheet Al Katheeri.

- ENDS –

• New Abu Dhabi project sees the integration of solar power into Tabreed’s energy mix

Abu Dhabi, United Arab Emirates – 16 June 2025: The UAE Ministry of Defence, in partnership with Tabreed, the world’s leading district cooling company, and Emerge, a joint venture between the UAE’s Masdar, a global clean energy leader, and France’s EDF Group, announced today the completion of a new project to integrate solar energy into two district cooling plants serving the Ministry’s facilities in Abu Dhabi.

In March 2024, a partnership agreement was signed to develop solar PV plants to be operated for a period of 25 years. Approximately 4,000 solar panels have been installed at the district cooling plants, supplying their thermal energy storage infrastructure and chilled water pumps with 2.4 megawatt (MW) of clean electricity. This will help reduce reliance on the electricity grid during peak periods and prevent emissions of more than 2,600 tons of CO2 annually.

The project was officially inaugurated by a senior delegation from the Ministry of Defence, Tabreed and Emerge. This initiative follows the unveiling of the UAE Armed Forces Climate Change Strategy in December 2023, announced by the UAE Ministry of Defence to reinforce its commitment to reducing carbon emissions through a long-term energy transition. 

Tabreed’s CEO, Khalid Al Marzooqi, explained that this achievement further strengthens the already close strategic relationship between the company and the Ministry of Defence, which began with the commissioning of its first district cooling plant in 1998. He added, “Sustainability is a core concept at Tabreed, and we continually analyse and improve our operations in line with global aspirations to achieve climate neutrality. Recently Tabreed made a significant leap in diversifying its energy mix by introducing geothermal energy, and today we are proud to introduce another renewable: solar. These achievements underscore Tabreed’s commitment to the UAE’s net-zero goals and we will continue to integrate renewable energy at additional plants, to further our support of the public and private sectors in achieving their own environmental targets.”

Michel Abi Saab, General Manager of Emerge, said: “This milestone reflects the growing momentum for distributed solar solutions across vital sectors of the UAE. We are proud to support the Ministry of Defence and Tabreed in advancing their sustainability goals by integrating clean energy into core infrastructure. At Emerge, we remain committed to enabling partners across the region to decarbonise their operations, reduce energy costs and drive measurable impact towards the UAE’s net-zero ambitions.” 

- ENDS –

• EBITDA and net profit both increase over same period in 2024
• Major announcements include signing biggest deal in company’s 27-year history

Abu Dhabi, United Arab Emirates – 13 May 2025: Tabreed, the world’s leading district cooling company, has released its consolidated financial results for the first quarter of 2025, once again reporting increases in EBITDA and net profit over the same period last year. The company’s EBITDA increased by 4% year-on-year to AED 283 million, with an improved margin of 61%, while net profit after tax increased to AED 115 million in Q1 2025, growing by 3% compared to Q1 2024.

While the company’s financial performance remained steady during the first quarter of 2025, in this period Tabreed made significant announcements regarding developments that will positively impact its long-term outlook and portfolio growth. The first of these was the raising of USD 700 million via the issuance of a Green Sukuk with a competitive profit rate of 5.279%, attracting strong international investor demand. The proceeds were used for refinancing, in line with eligible use according to Tabreed’s Green Finance Framework.

As a result of this refinancing, Tabreed demonstrated further strengthening of its balance sheet, with the majority of its short-term debt converted into longer term maturities, along with further reduction in net debt by 3% YTD and savings in net finance costs of 7% YoY. As a result, leverage further improved with a net debt to EBITDA ratio of 3.55x (compared to 3.7x on 31 December 2024).

The second major announcement, following a special signing ceremony held in Dubai on 16 March, confirmed that Tabreed had entered a concession agreement in partnership with Dubai Holding Investments to exclusively provide district cooling services to one of the region’s most eagerly awaited projects: Palm Jebel Ali.

This is an important milestone in the history of Tabreed – a 250,000 Refrigeration Ton (RT) concession representing approximately one fifth of the company’s connected capacity. The network will require an estimated investment of AED 1.5 billion, making it the biggest greenfield deal in Tabreed’s 27-year history, and enhances its competitive position in the fast-moving, dynamic Dubai market.

Also during the first quarter of 2025, shareholders approved a cash dividend of 15.5 fils per share for 2024, implying attractive yield of 5.6% (at a share price of AED 2.76 as of 12 May 2025). The company’s financial position remained strong, allowing it to invest in accelerating growth while returning cash to shareholders in the form of dividends, thereby delivering sustainable long term value creation. Q1 also saw 4,599 RT of new customer connections added within the UAE and new capacity addition is expected to gather pace in the coming months.

Financial highlights – three months ended 31 March 2025: 

• Group revenue remained broadly stable at AED 466 million (Q1 2024: AED 468 million)
• EBITDA increased by 4% YoY to AED 283 million (Q1 2024: AED 272 million)
• Net profit after tax increased by 3% to AED 115 million (Q1 2024: AED 112 million)

Operational highlights – three months ended 31 March 2025:      

• Consumption volumes decreased by 7%, due to colder weather than experienced during first quarter of 2024
• Total connected capacity reached 1.33 million Refrigeration Tons (RT)
• 4,599 Refrigeration Tons (RT) of new customer connections added in the UAE

Chairman of Tabreed, Dr Bakheet Al Katheeri, said: “On the surface all appears ‘business as usual’ and, indeed, the Q1 results demonstrate a company with stability and dependability at its core. While this is entirely true, behind the scenes there is incredible drive and energy facilitating substantial expansion in key markets, Dubai being a prime example. Our recent landmark deal with Dubai Holding Investments perfectly encapsulates the spirit of Tabreed, which prizes strategic partnerships with organisations aligned with our values and objectives.

“Tabreed’s resilience is one of its hallmarks and only through prudent financial stewardship is the company in a position to commit to such long-term, significant investments. The value to investors will increase, the positive environmental impact continuing to grow, with greater uptake of its globally renowned services. The future is brighter than ever for Tabreed and I look forward to seeing it flourish for many years to come.”

• Annual General Assembly confirms new appointments to Board of Directors
• Chairman points to a momentous, transformative 2025

Abu Dhabi, United Arab Emirates – 26 March 2025: Tabreed, the world’s leading district cooling company, yesterday held its Annual General Assembly (AGA). In recognition of the company’s strong financial and operational performance throughout 2024, shareholders approved a dividend payment of 15.5 fils per share, representing more than AED 441 million, to be paid fully in cash.

Over the past five years, Tabreed has delivered total shareholder return of 96% in the form of share price increases and dividends and, during 2024, the company reported record revenues and a 32% increase in net profit after tax.

The AGA was chaired by Tabreed’s Chairman, Dr Bakheet Al Katheeri, and during the meeting shareholders also confirmed the appointments of new board members, Mansoor Al Hamed and Janis Rey Lozada.

Al Katheeri said that Tabreed had performed consistently well throughout 2024, reaping the benefits of prudent recent investments and a considered approach to business development and expansion. “This is one of the UAE’s most resilient companies,” he remarked, “and delivers excellent returns for its investors year after year, with 2024’s dividend payments no exception.

“Tabreed has entered 2025 with impressive momentum, already having raised $700 million via its inaugural, five-year green sukuk, and entering a new joint venture with Dubai Holding to supply sustainable district cooling to one of the UAE’s most exciting real estate projects, Palm Jebel Ali. Tabreed’s balance sheet is stronger than ever and there is a strong pipeline of promising opportunities ahead. It undoubtedly remains a safe haven for existing and future shareholders alike.”

During 2024 Tabreed completed two new plants and added 23,576 Refrigeration Tons [RTs] of new connections across the company’s portfolio, in the UAE, Saudi Arabia, Oman, Egypt and India. Tabreed also saw consumption volumes grow during 2024, increasing by 5% to 2.66 billion refrigeration ton hours (RTH).

• Anticipated total cooling capacity of approximately 250,000 Refrigeration Tons (RTs)
• AED 1.5 billion project to be executed in multiple phases

Abu Dhabi, United Arab Emirates – 17 March 2025: National Central Cooling Company (DFM: Tabreed) and Dubai Holding Investments, part of Dubai Holding, have entered a concession agreement to provide district cooling services for Palm Jebel Ali in Dubai.

The agreement establishes a joint venture, with Tabreed holding a 51% stake and Dubai Holding Investments 49%. This structure is designed to optimise cooling capacity, enhance information-sharing and strengthen customer protection, while ensuring sustainable cooling solutions for one of Dubai’s most transformative developments.

Supported by Tabreed’s major shareholders, sovereign investor Mubadala (42%) and the French low-carbon energy and services company ENGIE (40%), the agreement was signed by Khalid Al Marzooqi – Chief Executive Officer of Tabreed and Omar Karim – Chief Executive Officer of Dubai Holding Investments, in the presence of senior officials from Tabreed, Dubai Holding, Mubadala and ENGIE.

Subject to customary approvals, construction of the district cooling network is expected to commence in Q2 2025, with the first cooling services expected to be delivered by 2027. Over time, the system will address the need for approximately 250,000 RTs of cooling capacity and require an estimated investment of AED 1.5 billion.

Following the signing, Chairman of Tabreed and Chief Executive Officer of Mubadala’s UAE Investments Platform, Dr Bakheet Al Katheeri, said: “Mubadala has a worldwide reputation for being a responsible investor with an unwavering focus on its ESG framework and Tabreed is a vital part of our portfolio as a driver of sustainability and societal progress. The signing marks a major milestone in Tabreed’s 27-year history and underscores the company’s commitment to providing sustainable, high-efficiency cooling solutions for large-scale developments. I am eagerly looking forward to witnessing the successful progress of this landmark project.”

Omar Karim, Chief Executive Officer of Dubai Holding Investments, commented: “This agreement reinforces Dubai Holding’s long-term vision of developing sustainable communities with high-quality infrastructure at their core. Palm Jebel Ali is one of Dubai’s most ambitious developments and by incorporating district cooling services we support our customers and align to our commitment to deliver future-ready urban environments.”

Commenting on the agreement, Chief Executive Officer of Tabreed, Khalid Al Marzooqi, added: “Palm Jebel Ali is a transformative project that will shape Dubai’s future and we are proud to play a role in ensuring its infrastructure meets world-class standards. With our extensive experience and cutting-edge technology, we will deliver reliable and environmentally responsible cooling that benefits residents, visitors and stakeholders alike.”

• First Issuance under new USD 1.5 billion trust certificate issuance programme
• Net proceeds to be used for financing or refinancing projects in line with Tabreed’s Green Financing Framework
• Strong investor demand underscored by 2.6x oversubscription

Abu Dhabi, United Arab Emirates – 5 March 2025: Tabreed, the world’s leading district cooling company, has announced today the successful raising of USD 700 million via an inaugural, five-year green sukuk – the first issuance under its new USD 1.5 billion trust certificate issuance programme. The new sukuk will be listed and traded on London Stock Exchange’s International Securities Market.

The issuance of new green sukuk attracted strong institutional demand from high quality local, regional and international investors. This led to the order books exceeding 4.3 times and final issue being oversubscribed by nearly 2.6 times, reflecting the high level of investor confidence in Tabreed’s robust credit fundamentals. The sukuk was competitively priced with a profit rate of 5.279%, achieving the highest tightening by any investment grade regional sukuk issuance this year and the tightest ever credit spread for a five-year instrument by Tabreed and or any other UAE corporate sukuk with a similar credit rating. This high demand was supported by investment grade credit ratings from Moody’s (Baa3) and Fitch (BBB), consistent with Tabreed’s corporate ratings.

Tabreed continues to be a pioneer in the international sukuk market, having been a regular issuer over the past 20 years. In 2006, its USD 200 million sukuk issuance was the first to be listed on the London Stock Exchange, which paved the way for other issuers to follow. That issuance was also the first rated sukuk by a corporate entity in the Middle East.

Proceeds from this latest sukuk will be used in alignment with Tabreed’s Green Financing Framework, which was first published in March 2022 and later updated in February 2025. It was developed in accordance with the ICMA Green Bond Principles (GBP) 2021 and the Loan Market Association (LMA) Green Loan Principles (GLP) 2023, and is governed by a multidisciplinary management committee led by the Group’s Chief Financial Officer, Adel Al Wahedi. Tabreed is thus able to issue green bonds and loans, with the resulting net proceeds to be used for financing and refinancing ‘Eligible Green Projects’ which include its core business of constructing, acquiring and operating District Cooling schemes, as well as projects related to Energy and Water Efficiency and Wastewater Management.

The framework was accompanied by a Second Party Opinion from leading, global ESG ratings agency, Sustainalytics. Together they demonstrate the sustainable nature of Tabreed’s district cooling operations, which use approximately 50% less electricity than conventional cooling.

Citi and Standard Chartered Bank acted as Joint Global Coordinators and Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC and Standard Chartered Bank acted as Joint Lead Managers and Joint Bookrunners, with Abu Dhabi Commercial Bank acting as Co-Manager.

Following the sukuk announcement, Tabreed’s Chief Executive Officer, Khalid Al Marzooqi, said: “Tabreed’s enviable reputation is built on the foundations of sustainability and operational excellence, so this, our first green sukuk, is perfectly aligned with our existing business while focussing on new developments.

“The UAE has an ambitious roadmap for net-zero and we are proud at Tabreed to play a vital role in preventing large scale carbon emissions while enabling societal progress through sustainable district cooling. The importance this company attaches to ESG cannot be overstated and our investors know that the energy transition, of which we are at the very centre, is not only good for the environment but good for business, too.”

Adel Al Wahedi, Tabreed’s Chief Financial Officer, added: “We are delighted with the investor response to our first green sukuk. This demonstrates the strength of our business model, financial stability and sustainability credentials of Tabreed. This issuance is part of our USD 1.5 billion programme aimed at supporting our ambitious growth plans and sustainability commitments.”

Tabreed recently released its full-year financial results for 2024, delivering strong financial performance driven by local and international expansion, new connections with existing clients and development of greenfield sites. The company has been rated Baa3 (outlook stable) by Moody’s and BBB (outlook stable) by Fitch, with the Sukuk Programme having been assigned the same credit ratings.

Currently operating 92 district cooling plants in six countries, during 2024 Tabreed became the world’s first district energy company to achieve the ‘Verified Carbon Standard, able to trade carbon credits in the voluntary market as an emissions preventer.

• EBITDA and Net profit increases by 5% and 32% respectively over previous year
• Board of Directors recommends dividend payment of 15.5 fils per share

Abu Dhabi, United Arab Emirates – 13 February 2025: Tabreed, the UAE’s leading international district cooling company, today released its consolidated financial results for the year 2024, reporting a revenue of AED 2.434 billion and a net profit before tax of AED 624 million, representing a 4% increase over 2023 (excluding one-offs). EBITDA increased by 5% year-on-year to AED 1.252 billion, with an improved margin of 51%, while net profit after tax stands at AED 570 million, up 32% compared to AED 431 million in 2023.

Increased revenue was mainly driven by growth in consumption volumes, which increased by 5% to 2.66 billion refrigeration ton hours (RTH). Connected capacity increased by 23,756 Refrigeration Tons (RT), bringing Tabreed’s total connected capacity to 1.325 million RT. Growth in connected capacity was largely on account of expansion in existing concessions and commissioning of two new greenfield plants in the UAE and Oman respectively during 2024, while expanding capacity at its existing plants, including in international markets of India and Egypt, to meet the growing demand from customers. ​

The company generated strong cash flows, with AED 1.2 billion from operations after working capital changes and AED 970 million in free cash flows. Surplus cash was used to optimize the balance sheet and reduce debt by repurchasing an additional USD 207 million (AED 759 million) of its outstanding sukuk due in 2025. Including the USD 33 million (AED 121 million) Sukuk repurchased in 2023, Tabreed has now repurchased a total of USD 240 million (AED 880 million) of the outstanding Sukuk. The company’s proactive debt management led to saving of 15% in net financial costs during 2024. Tabreed’s balance sheet is stronger than ever, with an improved net debt to EBITDA ratio of 3.7x compared to 4.1x at the end of 2023. ​

Acknowledging the company’s strong overall performance, financial resilience and positive outlook, Tabreed’s Board of Directors has recommended a dividend payment of 15.5 fils per share in cash, once again reinforcing its unwavering commitment to maximising returns for its shareholders. Over the past five years, dividend per share paid by Tabreed has increased at a compounded annual growth rate of 8%.

New connections totalling 23,576 Refrigeration Tons (RT) were added to Tabreed’s portfolio of 92 plants during 2024, in the UAE, Saudi Arabia, Oman, Egypt and India. The company spent much of 2024 laying the foundations for international expansion, sponsoring and participating in multiple, strategically important conferences and events in Egypt and Southeast Asia.

During September, Tabreed once again sponsored World Utilities Congress as exclusive ‘Cooling Partner’ and led the conversation around cooling in numerous high-level panel discussions and technical presentations, also drawing praise from organisers for the design and execution of the company’s stand. Towards the end of the year, Tabreed sponsored the UNEP-led Cool Coalition’s pavilion at COP29 in Baku, Azerbaijan, again building awareness of the crucial role played by district cooling in preventing carbon emissions while catering for the needs of growing global populations.

Closer to home, in November Tabreed sponsored the second annual RAK Energy Summit as ‘Cooling Partner’, making good on the company’s intentions to service the requirements of developers in the Northern Emirates. The two-day event saw Tabreed’s CEO and other senior executives directly engage in high-level discussions with Ras Al Khaimah’s leadership and real estate executives, to explore opportunities for growth as champions of sustainability.

There were two changes to Tabreed’s Board of Directors during 2024, with the appointment of Dr Bakheet Al Katheeri as Chairman and Mansoor Mohamed Al Hamed as a new Board member.

Financial highlights – 12 months ended 31 December 2024:  

• Group revenue increased to AED 2.434 billion (2023: AED 2.415 billion)
• EBITDA increased by 5% year-on-year to AED 1.252 billion (2023: AED 1.198 billion)
• Net profit before tax increased by 4% to AED 624 million (2023: AED 603 million excluding one-offs)
• Net profit after tax increased by 32% to AED 570 million (2023: AED 431 million)

Operational highlights – 12 months ended 31 December 2024:         

• Total connected capacity increased to 1.325 million Refrigeration Tons (RT)
• 23,756 RT of new customer connections added
• Consumption volumes increased by 5% year-on-year

Environmental highlights – 12 months ended 31 December 2024:

• 2.64 billion kilowatt hours saved across the GCC – enough to power approximately 150,000 homes every year
• Prevented the release of 1.58 million metric tons of CO2 into the atmosphere, which is equivalent to the removal of approximately 343,000 vehicles from the roads annually
• Achieved ‘Verified Carbon Standard’ at one of the plants, making Tabreed eligible to trade carbon credits as an emissions preventer

Following publication of these results, Dr Bakheet Al Katheeri, Chairman of Tabreed, said:

“Tabreed is a resilient and world class leader in district cooling. The company continues to deliver strong financial performance evidenced by a 15.5 fils per share dividend that matches the record set in 2024.

“Tabreed’s shareholders recognise that the company is a prudent investor, consistently delivering tangible benefits to shareholders and the economy. Demand for cooling is rapidly growing and Tabreed’s unrivalled expertise means it is well placed to meet market requirements with speed, agility and sustainability, perfectly aligned with the UAE’s ‘Net Zero by 2050’ initiative.”

Tabreed’s Chief Executive Officer, Khalid Al Marzooqi, added: “With every passing year, this company goes from strength-to-strength, providing safe, reliable and efficient cooling to its customers and steady returns for investors and stakeholders alike. Our core business matters more now than ever and increased uptake of district cooling is imperative in our drive towards net-zero – a utility that’s essential for progress, for people, industries and communities alike.

“Tabreed has been the world’s leader in this remarkable industry for nearly three decades and its future looks promising, brighter than ever. Our year end results for 2024 provide further evidence of Tabreed’s stability and long-term sustainability. The Company’s financial position has significantly improved over the past few years, laying strong foundations for the future expansion in both UAE and international markets, and I look forward to further achievements throughout 2025.”

• Company again supports United Nations Environment Programme and Cool Coalition

Abu Dhabi, United Arab Emirates— 25 November 2024: Tabreed, the UAE’s leading international district cooling company, has completed its week-long activities at COP29 in Baku, Azerbaijan. During this vitally important global event, the company’s representatives delivered keynote addresses, participated as panellists and delivered presentations that positioned Tabreed as, not only the global leader in this vital industry but also one that’s ready, willing and able to export its unmatched international expertise to new territories, such as Southeast Asia, where it is needed more than ever before.

Following a successful collaboration during 2023’s COP28 in Dubai, Tabreed once again supported the United Nations Environment Programme (UNEP)-led Cool Coalition as a Silver Sponsor of the Buildings and Cooling Pavilion in the heart of the Blue Zone. As a supprter of UNEP’s Global Cooling Pledge, implemented during COP28, Tabreed is at the forefront of decarbonisation and this year’s pavilion in Baku hosted dozens of sessions targeted at global legislators and developers who are working towards more sustainable practices, with cooling high on the agenda.

Tabreed’s involvement in COP29 is seen as crucial to CEO, Khalid Al Marzooqi, who said: “District cooling’s energy efficiency brings huge benefits through large scale avoidance of carbon emissions, making it an essential player in the drive for net-zero. That’s why Tabreed is a constant presence at pivotal global events such as COP, and I am proud that we’re leading the conversation on sustainable cooling at such a crucial moment in world history.”

During the packed programme, Tabreed showcased its award-winning innovations, such as the new G2COOL geothermal plant, which has been grabbing the headlines across Southeast Asia in recent months, while interacting with audiences from around the world eager to know more about the well-documented environmental and operational benefits provided by district cooling.

Shikha Bhasin, Senior Adviser to UNEP and the UNEP-Led Cool Coalition, said: “Tabreed’s involvement at COP29 helps position the company at the forefront of decarbonisation while adding further proof that the UAE is setting new standards in the drive for genuine sustainability. District cooling is becoming a focal point for increasing numbers of countries affected by climate change and we’re grateful that Tabreed continues to champion the work of the Cool Coalition, bringing its decades’ worth of expertise to these incredibly important discussions.”

• New customer connections in four countries: UAE, India, Egypt and Oman
• Company committed to maintaining ‘Investment Grade’ credit rating

Abu Dhabi, United Arab Emirates—14 November 2024: Tabreed, the UAE’s leading international district cooling company, has released its consolidated financial results for the first nine months of 2024.

Tabreed has experienced a 6% year-on-year rise in consumption volumes during 9M 2024, helping normalised net profit before tax to also increase by 4% to AED 462 million. During the first nine months period, the company delivered consistent growth, maintained resilient profitability margins and further strengthened its financial position. Group revenue increased to AED 1.85 billion in 9M 2024, driven by growth in consumption and 29,000 Refrigeration Tons (RT) of new connections added in the past 12 months. The results also show Tabreed’s earnings before interest, taxes, depreciation and amortisation (EBITDA) has increased to AED 933 million, a healthy increase over the AED 914 million reported for the same period last year. EBITDA margin remained stable at 50% over the first nine months, underscoring the predictable and sustainable nature of Tabreed’s business model.

New loads connected during the third quarter gathered pace with 12,444 RT added, compared to 4,646 RT connected in the first half of 2024. Tabreed continued to deliver on its international expansion strategy, too, with 3,000 RT incremental load connected in India and 1,500 RT in Egypt.

Once again, Tabreed’s results show it to be in robust financial health. The company continued to generate strong cash flows with free cash flows of AED 912 million over the past 12 months, translating to a healthy yield of more than 10%. Demonstrating responsible management and prudent use of surplus cash, Tabreed further reduced its debt by 12% in the first nine months of the year. This resulted in further strengthening of the company’s balance sheet with a net debt to EBITDA ratio of 4.0x, which reiterates Tabreed’s commitment to maintaining its ‘investment grade’ credit rating.

During the third quarter, Tabreed was extremely active in increasing awareness of district cooling. During July the company sponsored, and participated in, the third edition of Asia Urban Energy Assembly (AUEA) in Bangkok – a strategically important event considering Tabreed’s stated ambitions to seek new opportunities across Southeast Asia. Just weeks later, Tabreed again sponsored World Utilities Congress as official ‘Cooling Partner’. Senior management and engineering staff engaged with multiple audiences, while the company’s stunningly designed stand drew praise and admiration from all who visited it.

Additionally, in Q3 Tabreed achieved ‘Verified Carbon Standard’ status following the conclusion of a year-long independent assessment by Verra at one of the company’s Abu Dhabi district cooling plants, becoming the first district energy company in the world to achieve such recognition. Crucially, the results proved the energy efficiency credentials of Tabreed’s district cooling operations and further reinforced the role of the district cooling sector in reaching net zero goals. This also means that the company can now trade carbon credits in the voluntary market as a verified emissions preventer.

Financial highlights – nine months ended 30 September 2024: 

• Group revenue increased to AED 1.85 billion (9M 2023: AED 1.823 billion)
• EBITDA increased to AED 933 million (9M 2023: AED 914 million)
• Normalised net profit before tax increased by 4% to AED 462 million (9M 2023: AED 442 million)
• Net profit after tax is AED 425 million (9M 2023: AED 285 million)

Operational highlights – nine months ended 30 September 2024:      

• Tabreed’s consumption volumes increased by 6% year-on-year
• Total connected capacity reached 1.318 million Refrigeration Tons (RT)
• 17,090 Refrigeration Tons (RT) of new customer connections added (12,170 RT in UAE, 3,000 RT in India, 1,500 RT in Egypt and 420 RT in Oman)

Commenting on the company’s 9M 2024 results, Khalid Al Marzooqi, Tabreed’s Chief Executive Officer, said: “Yet again Tabreed has proved its worth to investors and stakeholders alike, exhibiting growth both at home and internationally as demand for our sustainable cooling increases. This company has a laserlike focus on decarbonisation and we are making strides to take Tabreed’s unmatched expertise into new territories while continuing to explore opportunities across the UAE and GCC.

“Tabreed’s hard-earned reputation for fiscal responsibility continues to be recognised around the world and these results serve as further proof that this company is a safe haven for new and existing shareholders, delivering long-term value and consistently healthy returns.”

• Company honoured with two major awards for its recent, groundbreaking initiatives in renewable geothermal energy and game-changing efficiency advancements

Abu Dhabi, United Arab Emirates – 24 October 2024: Tabreed, the world’s leading district cooling company, has been honoured at the prestigious 2024 Asian Power Awards, held this week in Singapore. Recognising Tabreed as a long-established champion of sustainable cooling, judges awarded the company with two significant awards: ‘Geothermal Power Project of the Year – Gold’ and ‘District Cooling Initiative of the Year – UAE’.

The Asian Power Awards is a prestigious event that recognises innovative, ground-breaking projects and initiatives by power and energy companies. It honours those who have taken game-changing steps to address the effects of the climate crisis while meeting the growing demand for energy. Representing Tabreed and accepting the two awards on the night was Irshad Hussain, Vice President – Projects.

Geothermal Power Project of the Year

With its strategic partner, ADNOC, Tabreed is leading the way in sustainable cooling with its ‘G2COOL’ Geothermal Project in Masdar City, Abu Dhabi. Operations commenced in December 2023, with this innovative facility using geothermal energy to provide cooling services and integrating with a pre-existing district cooling network. It is the first district cooling plant of its kind in the Gulf region, helps decarbonise cooling in Masdar City and aligns with the UAE’s National Energy Strategy 2050.

This plant utilises hot water from geothermal sources deep underground to power a special absorption chiller, which achieves an impressive electrical efficiency of 0.5 to 0.55 kW per refrigeration ton (RT), compared to the typical 0.85 kW per RT in conventional district cooling systems. Geothermal energy produces minimal emissions compared to traditional methods, supporting the UAE’s goals to diversify energy sources and lessen reliance on fossil fuels.

District Cooling Initiative of the Year – UAE

This award honours a pioneering pilot study at one of Tabreed’s Abu Dhabi plants in collaboration with Ireland’s HT Materials Science (HTMS), to explore the potential of a revolutionary nanofluid technology known as ‘Maxwell’, which has been engineered to enhance heat transfer. Tabreed discovered that, by using Maxwell in the chilled water loop, it achieved an impressive increase in cooling system efficiency of approximately 15%.

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 efficiency in cooling systems without requiring complex tools or equipment replacement.

Commenting on the awards, Tabreed’s Chief Executive Officer, Khalid Al Marzooqi, said they serve as important reminders that the company’s pursuit of sustainable operations exemplifies its wider commitment to a greener future. “Our pursuit of energy efficiency knows no limits,” he said. “We lead this essential industry with our innovative approach, in which we leave no stone unturned to reduce energy consumption and our impact on the environment. I’m very proud of what everyone at Tabreed achieves and being honoured with these awards is an acknowledgement of the vital steps we’re taking to decarbonise the building sector.”

Tabreed has previously stated its aim to expand its international presence, with a particular focus on Southeast Asia. The company, which was founded in 1998, is already operating in six countries with a growing portfolio of district cooling plants, currently numbering 91. As more countries experience the adverse effects of rising global temperatures, the demand for cooling is rapidly increasing. As the world’s leader in sustainable district cooling, Tabreed’s operations prevent millions of tons of CO2 emissions through its substantial energy savings.

• Third edition of world-leading event held under the patronage of HH Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council

Abu Dhabi, United Arab Emirates – 19 September 2024: Tabreed, the world’s leading district cooling company, yesterday completed its sponsorship, exhibition and participation at the third World Utilities Congress, held at the Abu Dhabi National Exhibition Centre (ADNEC). Since the first edition in May 2022, the event has become a firm fixture on the calendar for regional and global utilities companies and Tabreed has played a central role as sponsor and exhibitor from the start. This year, the three-day congress attracted record numbers of delegates, visitors, exhibitors, industry leaders, innovators and government officials, from all around the world.

Tabreed’s senior management took part in numerous high level panel discussions and technical presentations on each of the three days, addressing many of the most pressing issues and challenges faced by operators tasked with meeting the fast-growing global demand for sustainable cooling. Topics included policy and regulation, the need for a customer-centric approach, carbon pricing, water desalination, operational excellence and empowering the next generation of talent through effective human capital practices.

Bigger and better than ever before, Tabreed’s eye-catching exhibition stand was elegantly and intelligently designed, occupying a prime location that helped attract many hundreds of familiar faces and curious, first-time visitors. It featured dedicated display areas for the company’s new geothermal plant, detailing this remarkable application of renewable energy in the first project of its kind in the Middle East, as well as an immersive virtual reality tour of a district cooling facility and a unique, interactive game in which participants worked against the clock to construct a chilled water supply network.

Tabreed’s Chief Executive Officer, Khalid Al Marzooqi, said of the event: “For 26 years, Tabreed has been a pillar of the UAE’s business community and has grown to become one of the major utility providers, both at home and internationally. So, World Utilities Congress is a perfect fit for us and we are proud to have been the Exclusive Cooling Partner again this year.

“It’s an ideal platform for us to share our world-leading industry know-how, showcase our latest innovations – our new geothermal plant, for instance, stirred enormous interest with anyone who visited our stand – and interact with stakeholders, policymakers, legislators and government leaders from all over the world. We’re already operating in six countries and have further international expansion in our sights, and being active in leading industry events such as World Utilities Congress means we’re able to increase awareness of the undeniable benefits of district cooling to the widest, most diverse audience possible.”

Tabreed’s participation in World Utilities Congress reaffirms its role as a key player in the transition to clean energy. As the world moves towards a de-carbonised future, Tabreed stands ready to continue its journey as the world leader in essential district cooling, shaping a greener, more sustainable tomorrow.

• Year-long review by Verra confirms district cooling’s unrivalled energy efficiency

Abu Dhabi, United Arab Emirates – 29 August 2024: Tabreed, the world’s leading district cooling company, has made a major advancement in its efforts to decarbonise the cooling sector, achieving the ‘Verified Carbon Standard’ at one of its Abu Dhabi plants, certifying carbon credits to offset emissions.

Independent non-profit agency, Verra, which sets the world’s leading standards for climate action and sustainable development, carried out a year-long verification programme at the plant, which supplies a high-profile commercial and tourist attraction development with sustainable cooling services that are vital to its daily activities.

The study confirmed that the plant’s operations bring significant environmental benefits through maximising energy efficiency, estimating that the 28,000 Refrigeration Ton (RT) facility prevents approximately 19,320 tons of carbon emissions each year due to savings in electricity consumption (compared to the baseline of other stand-alone cooling solutions). The Verra report states that Tabreed’s “highly efficient district cooling will displace the cooling from conventional/less efficient cooling system[s] and reduce the electricity consumption which would result in [a] reduction in greenhouse gas (GHG) emissions.”

The resulting report’s findings mean Tabreed is eligible to trade carbon credits (in the voluntary market) as an emissions preventer – a major recognition for Tabreed and the entire district cooling sector. Remarkably, this is the first time any district cooling company has been able to achieve this and opens the possibility for Tabreed to bring in additional revenues from the trading of carbon credits, as companies worldwide look for ways in which to offset their own emissions.

While the project focused on a single Tabreed plant, its success will allow the company to apply the same methodology to other facilities in its portfolio under a ‘framework’ where it has been independently proved that district cooling technology is more energy efficient and consumes less electricity than others, thereby resulting in significantly fewer carbon emissions.

This development follows the company’s numerous renewable energy initiatives during 2023, which included (in collaboration with ADNOC) the design, construction and commissioning of the region’s first district cooling plant powered by renewable geothermal energy.

Commenting on this latest advancement, Khalid Al Marzooqi, Tabreed’s Chief Executive Officer, said the company has always been a trailblazer in the district cooling industry. “Where we lead, others try to follow, and this will be no different,” he said. “In fact, Tabreed is the first district energy company anywhere in the world to achieve this recognition and that’s really important for multiple reasons, not least because it backs up what we’ve always said: that district cooling is up to 50% more energy efficient that conventional methods.

“The world is rapidly waking up to the unavoidable fact that climate change is real. And as populations continue to grow, so is the demand for cooling, which is no longer a luxury but a vital aspect of daily life for countless communities, businesses and industries. Tabreed is well placed to meet that demand, as the company is already operating in six different countries, and is ready, willing and able to expand into new territories, bringing its unrivalled expertise to help countries meet their own net-zero targets while facilitating societal and economic progress.”

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional UAE-based district cooling utility company, announced today the successful completion of the investment by ENGIE, the global energy company, to acquire 40% of the shares in Tabreed for approximately AED 2.8 billion.

Headquartered in France, ENGIE is a multinational energy leader and expert operator in the business of electricity, natural gas and energy services with a successful heritage spanning over a century.

The completion of the transaction follows regulatory approval obtained by Tabreed in August 2017. Further to this, at their meeting on August 10, Tabreed’s Board of Directors called for a General Assembly, planned for September, where four new directors will be elected by Tabreed’s shareholders to replace those directors who have recently resigned in expectation of ENGIE nominating candidates to the Board. The General Assembly will also consider other matters.

Jasim Thabet, CEO of Tabreed, said following the announcement: “With the successful completion of the transaction and major investment in Tabreed by global energy leader ENGIE, Tabreed is a regional company that is becoming international. We look forward to harnessing ENGIE’s best in-class operational and project financing excellence, which will build on our financial strength and leading market position to support us in the next phase of our ambitious growth plans.”

Thabet added: “With the region’s growing cooling demand driven by population growth and investment in key infrastructure and development projects, our focus remains on the GCC while we will evaluate opportunities outside the region.”

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

Abu Dhabi – United Arab Emirates: National Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based district cooling utility company, today released its consolidated third quarter (Q3) 2012 financial results.  Chilled water operations and cost discipline continue to drive profitability, with the company increasing its customer connections by nearly 18,000 RT in Q3 2012.

Financial highlights – nine months ended 30 September 2012:

• Net profit attributable to the parent increased by 29 per cent to AED 167.6 million (2011 YTD: AED 129.8 million)
• Group revenue remained unchanged at AED 842.0 million (2011 YTD: AED 842.0 million) in line with expectations as the company continues to phase out its non-core value chain businesses
•  Chilled water revenue increased by 5 per cent to AED 747.6 million (2011 YTD: AED 711.5 million)
• Profit from chilled water operations increased by 21 per cent to AED 255.9 million (2011 YTD: AED 212.0 million) as the company generated further value from its economies of scale and enhanced efficiencies
• EBITDA increased by 12 per cent to AED 362.2 million (2011 YTD: AED 323.7 million)
• Net finance costs decreased by 26 per cent to AED 128.6 million (2011 YTD: AED 174.7 million)

Operational highlights – as of 30 September 2012:

• 17,769 RT of customer connections added in the third quarter
• Group installed capacity remained unchanged at 767,125 RT and Group connected capacity increased to 745,025 RT
• Installed capacity in the UAE remained unchanged at 605,325 RT and connected capacity increased to 587,075 RT

Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “Tabreed’s strategy – to grow its core chilled water business – continues to deliver strong financial results.  I am pleased with our performance to-date and expect us to finish the year strongly under Jasim’s leadership.  Tabreed remains in a strong position to capitalize on regional demand for district cooling and focused on creating sustainable value for all its stakeholders.”

Jasim Thabet, Tabreed’s CEO, added: “Tabreed’s robust performance reflects our strong business fundamentals.  Increased customer connections coupled with improved efficiencies in the chilled water business and a decline in finance costs drove net profit up 29% during the period.  Since Q3 2011, Tabreed has added 32,000 RT in customer connections, bringing its total customer connections in the GCC to 745,025 RT, and solidifying its position as the partner of choice for leading private and government institutions in the region.”

Tabreed currently has 59 plants in the UAE – 52 are wholly-owned and operated by the company and seven are operated through its affiliates and subsidiaries.  The company also has six plants in the GCC, namely in Bahrain, Oman, Qatar and Saudi Arabia, which it operates through its affiliates and subsidiaries.

Profit from chilled water operations reached AED 155.5 million

Abu Dhabi – United Arab Emirates: National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based district cooling utility company, today released its consolidated first half (H1) 2012 financial results.  The company registered a robust operational and financial performance in H1 2012 driven by its core chilled water business and lower finance costs.

Financial Highlights – Six months ended 30 June 2012:

• Net profit attributable to the parent increased by 25 per cent to AED 94.7 million (H1 2011: AED 75.7 million)
• Chilled water revenue increased by 5 per cent to AED 444.9 million (H1 2011: AED 425.6 million)
• Group revenue declined by 3 per cent to AED 515.7 million (H1 2011: AED 532.2 million) in line with expectations as the company continues to phase out its non-core value chain businesses
• Chilled water profit from operations increased by 20 per cent to AED 155.5 million (H1 2011: AED 129.8 million) as the company generated further value from its economies of scale and enhanced efficiencies
• EBITDA increased by 9 per cent to AED 223 million (H1 2011: AED 204.7 million)
• Net finance costs decreased by 33 per cent to AED 87.2 million (H1 2011: AED 129.5 million) due to the completion of the recapitalization program in 2011

Operational Highlights – Six months ended 30 June 2012:

• 1 plant expansion completed in the second quarter
• 8,000 RT gross capacity added in the second quarter
• Group’s installed capacity reached 767,125 RT and connected capacity 727,256 RT
• Installed capacity in the UAE reached 605,325 RT and connected capacity 570,812 RT

Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “In the first six months of 2012, Tabreed delivered strong financial and operational results underpinned by continued cost control, improved efficiencies and a strong performance by the company’s chilled water business.  In line with our strategy, we remain focused on growing this segment while delivering sustainable returns and creating long-term value for our stakeholders.”

Sujit Parhar, Tabreed’s CEO, added: “The underlying strength of our chilled water business is reflected in our first half performance and as we look ahead to the rest of 2012, the company will continue to enhance operational efficiencies and achieve greater yields from its existing plants.”

“Today, Tabreed delivers over 727,000 RT of cooling to customers across the region, and has established itself as the partner of choice for leading government and private organizations in the GCC,” added Parhar.

Tabreed currently has 59 plants in the UAE – 52 are wholly-owned and operated by the company and seven are operated through its affiliates and subsidiaries. The company also has six plants in the GCC, namely in Bahrain, Oman, Qatar and Saudi Arabia, which it operates through its affiliates and subsidiaries.

Re-Certifications highlight company’s commitment to international best practices

Abu Dhabi: 24 June 2012 – National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based district cooling utility company, has achieved the renewal of three ISO certifications for its management policies and procedures relating to its environmental practices, services quality and employee health and safety.

The three certifications, which are reviewed by external audits every three years include ISO 9001:2008 (Quality Management System), which demonstrates the company’s ability to consistently provide a quality of service that meets its customers’ requirements; ISO 14001:2004 (Environmental Management System), which assesses the company’s environmental practices; and OHSAS 18001:2007 (Occupational Health and Safety Management System), which measures the company’s compliance with various health and safety regulations and promotion of employee health and well being.

Tabreed received its re-certifications after an extensive assessment carried out by Intertek International Limited, a leading global ISO accreditation company.  The certification process included a comprehensive audit of Tabreed’s district cooling plants’ operations rooms, corporate headquarters as well as its management policies and procedures.  The audit also entails an annual review to ensure the company continuously abides by international best practices going forward.

Sujit Parhar, Tabreed’s CEO, said: “This is a great achievement for Tabreed and is a direct result of the high standards of the systems we have embedded in the company as well as the hard work and professionalism of our employees.”

“The re-certification recognizes the importance Tabreed attributes to responsible and effective management systems, and the benefits they in turn create for our customers, society and employees.  For over a decade, we have maintained our commitment to international best practices, and as the partner of choice for the UAE’s leading private and government institutions, it is vital that we ensure that these high standards are implemented across our organization.”

Andrew Cunningam, General Manager, Intertek International Limited, added: “Tabreed has continued to demonstrate its adherence to international best practices and I’m pleased to announce that, after a thorough assessment of the company’s various management systems, we have renewed Tabreed’s ISO certificates for another three years.”

“It is crucial that in an increasingly global economy, companies continue to adopt international best practices in order to deliver the highest standards of services to their various stakeholders.”

Tabreed has a strong track record of implementing international best practices in a number of areas across its organization.  The company attained its first ISO certification in 2002, and has successfully achieved re-certification thereafter in 2005 and 2008, as per the ISO certification cycle.

ISO certification is an internationally recognized standard that ensures vital features such as quality, health, safety, reliability, and efficiency are present in an organization’s operations.

Total installed capacity at the plant, the largest district cooling plant in Al Ain, expanded to over 18,000 RT

Abu Dhabi: 16th May 2012 – National Central Cooling Company PJSC “Tabreed”, the Abu Dhabi-based district cooling utility company, announced today the completion of the expansion of its district cooling plant in Al-Ain. The plant, which serves the UAE University, now has a total installed capacity of over 18,000 RT and has been expanded to meet the university’s forecasted demand during the summer.

Sujit S Parhar, Tabreed’s CEO, said: “We are delighted to support the UAE University in expanding the world-class education infrastructure it offers its students.  This expansion will increase the year-round energy-efficient, cost-effective and reliable cooling solutions that Tabreed supplies to the university and demonstrates our commitment to meeting our customers’ cooling needs.

The expansion of the Al-Ain plant increases Tabreed’s installed capacity in the UAE to 603,441 RT and connected capacity to 561,297 RT.

Chilled water profit margins increased to 38% driven by improving operating efficiencies

National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based district cooling utility company, released its 2012 first quarter consolidated financial results today.   The company is delivering on its strategy of expanding its chilled water business and reducing the contribution of its value chain business, while simultaneously lowering operating costs and improving operational efficiencies.

Financial Highlights – Three months ended 31 March 2012

• Net profit attributable to the parent increased by 15 per cent to AED 36.8 million (Q1 2011: AED 31.9 million)
• Chilled water revenue increased by 5 per cent to AED 193.2 million (Q1 2011: AED 183.5 million)
• Group revenue declined by 11 per cent to AED 219 Million (Q1 2011: AED 245.5 Million) in line with expectations as the company continues to phase out the non-core businesses and focus on the core chilled water business
• Chilled water profits from operations increased by 29 per cent to AED 73.2 million (Q1 2011: AED 56.7 million)
• EBITDA of AED 105.5 million, a 12 per cent increase (Q1 2011: AED 94.6 million)

Operational Highlights – Three months ended 31 March 2012

• 1 new plant came online during the first quarter
• 10,000 RT capacity added
• Group’s installed capacity across the region has reached 759,125 RT and connected capacity remains at 703,176 RT
• Installed capacity in the UAE has reached 597,325 RT and connected capacity remains at 555,181 RT

Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “Our performance in the first quarter of 2012 builds upon last year’s achievements in establishing Tabreed as a stable utility business. I am pleased Tabreed recorded increased operating and net profit while delivering on its strategy of focusing on its core chilled water business. Looking ahead Tabreed will continue to grow by delivering its scheduled build-out program.”

Sujit S. Parhar, Tabreed’s CEO, said: “Due to our continued cost control and improved organizational efficiencies, operating costs declined 25 per cent and operating profit increased 14 per cent compared to the same period last year.  Net finance costs were notably lower reflecting our stable and improved capital structure.”

Parhar added: “A 12 per cent increase in EBITDA reflects the strong cash generation the business is capable of and we remain focused on delivering long-term, sustainable value for our stakeholders.”

Tabreed currently has 59 plants in the United Arab Emirates, with a number of additional projects in Bahrain, Oman, Qatar and Saudi Arabia.

New plant represents a significant investment with a capacity of 10,000 RT as Tabreed continues to deliver on its scheduled build out program

Abu Dhabi: 15 March 2012 – National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based district cooling utility company, has inaugurated its second district cooling plant in the Emirate of Ajman.  The new plant, located close to the Ajman Corniche, has a capacity of 10,000 RT and will supply chilled water to local customers.

Sujit Parhar, Tabreed’s CEO, said: “The new plant in Ajman will provide year-round, energy efficient, cost-effective and reliable cooling to the local community.  We are proud to open the plant and commence the supply of chilled water to our customers.”

“Over the years, we have demonstrated our ability to remain the partner of choice for the UAE’s leading private and government institutions and I am confident this new plant will play an important role in enabling the economic growth of the Emirate,” Parhar added.

The new plant in Ajman expands Tabreed’s installed capacity in the UAE to 597,325 RT and increases the total number of district cooling plants fully owned and operated by the company and those operated through affiliates to 59.

The new Ajman plant forms part of Tabreed’s scheduled build-out program.

The Board of Directors of National Central Cooling Company PJSC (the “Company”) is pleased to invite the shareholders of the Company to attend the Annual General Assembly meeting, to be held on Monday, 26 March 2012 at 5:30 pm at the Rotana Beach Hotel – Al Thuroya Ballroom Abu Dhabi, to discuss and resolve the items:

1. Consider and approve the report of the Board of Directors on the Company’s activities and its financial position for the year ended 31 December 2011.
2. Consider and approve the report of the auditor on the Company’s financial position for the year ended 31 December 2011.
3. Consider and approve the Company’s balance sheet and profit and loss accounts for the year ended 31 December 2011.
4. Absolve the Directors and the auditors of liability for the year ended 31 December 2011.
5. Appoint the Company’s auditors for the year ending 31 December 2012 and determine their remuneration.

 Remarks:

1. Each shareholder who is registered in the Company’s share book on 25 March 2012 is entitled to attend the Company’s Annual General Assembly Meeting and may authorize another person (other than a member of the Company’s Board of Directors) to attend the above mentioned meeting on behalf of the shareholder pursuant to a proxy (as per the approved form sent to shareholders) provided that the representative does not hold in such capacity more than 5% of the Company’s share capital  The proxy form must be submitted and delivered to the Securities Services Department at National Bank of Abu Dhabi, P.O. Box 6865, Abu Dhabi or delivered to the Company’s headquarters not less than two days prior to the date of the meeting.  Only original proxies will be accepted.
2. In the event a quorum for the meeting is not achieved, the Annual General Assembly meeting will be adjourned until 4 April 2012 at the same time and place.
3. Where the necessary quorum is not achieved, all duly completed proxy forms shall continue to be valid and in full force for any adjourned meeting unless revoked by the relevant shareholder by notice to the Securities Services Department at the National Bank of Abu Dhabi at least two days prior to the relevant adjourned meeting.
4. Copies of the Company’s financial report for the year ended 31 December 2011 are available at the main office of the Company during regular office hours, on the Company’s website http://www.tabreed.com and at the meeting venue upon registration.

Chairman of the Board

Group’s total installed capacity across the region reaches 749,125 RT

National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based district cooling utility company, released its 2011 unaudited full year financial results today.  The company delivered a strong operating performance driven by its core chilled water business.  New plants and customer connections, combined with improved organizational efficiencies, increased net profit (attributable to ordinary equity holders of the parent) by 34 per cent to AED 182.7 million, up from AED 136.8 million in 2010.

Financial Highlights – Twelve months ended 31 December 2011

• Group revenue for the year increased by 9 per cent to AED 1,114.6 million (2010: AED 1,023.7 million)
• Net profit increased by 34 per cent to AED 182.7 million (2010: AED 136.8 million)
• Chilled water revenue for the year increased by 25 per cent to AED 943.8 million (2010: AED 753.3 million), while chilled water profit increased 37 per cent to AED 274.4 million (2010: AED 200.3 million)
• Debt to equity ratio  decreased to 0.93 (2010: 3.15)
• EBITDA of AED 434.7 million, a 18 per cent increase (2010: AED 368.2 million)
•  On 1 April 2011, Tabreed successfully completed its recapitalization program, putting in place a stable capital structure and enabling the company to settle its 06 Sukuk in full upon maturity

Operational Highlights – Twelve months ended 31 December 2011

• 11 new plants came online during 2011
• 45,800 RT capacity added during the year – an 8 per cent increase from 2010
• 78,115 RT new connections achieved in 2011 – 16 per cent increase from 2010
• Installed capacity in the UAE has reached 587,325 RT and connected capacity 555,181 RT
• Group’s installed capacity across the region has reached 749,125 RT and connected capacity 703,176 RT

Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “Our full year performance, in particular our revenue growth and significantly increased profitability, demonstrates the success of our strategy of focusing on the chilled water business, improving operational efficiencies and applying stricter cost discipline across the business.  Our strategy will remain constant in the year ahead as we complete our build-out program and build upon the notable achievements of 2011.

Our stakeholders recognize district cooling as a vital utility because of the energy efficient, cost effective and reliable cooling it provides.  As the partner of choice for leading institutions, Tabreed will capitalize on future demand for cooling that will be driven by the continued investment in and diversification of the Abu Dhabi and other regional economies.”

Sujit S. Parhar, Tabreed’s CEO, said: “As these results demonstrate, Tabreed has a solid fundamental business model driven by its core chilled water business, underpinned by its strict cost discipline and continuously improving organizational efficiencies.

During 2011, we successfully completed the construction of 11 plants, eight for the Dubai Metro Green Line, which has increased our total connected capacity in the UAE to 555,181 RT. With 95 per cent of our total capacity contracted through long-term contracts with customers, Tabreed is now well positioned to continue to deliver sustainable and recurring revenues and profits.”

Full Year 2011 Highlights:

Chilled Water
Tabreed’s chilled water division, the key driver for the business, delivered further growth in revenues and profits. Revenues increased 25 per cent to AED 943.8 million while gross profit increased 27 per cent to AED 406 million.  Profits from operations registered a 37 per cent increase to AED 274.4 million.  EBITDA, an indicator of cash flow generation, increased to AED 401.4 million against AED 296.1 million from the previous year 2010.

• Rising year-on-year consumption volumes driving increased profits and improved EBITDA
• Company strengthens financial position through prudent capital allocation, including repurchasing of Sukuk and increasing cash dividends
• Appointment of Dr. Bakheet Al Katheeri as Chairman, along with new Board member Mansoor Mohamed Al Hamed

Abu Dhabi, United Arab Emirates – 9 August 2024: Tabreed, the UAE’s leading international district cooling company, has released its consolidated financial results for the first six months of 2024 and announced changes to its Board of Directors.

The results demonstrate exceptional financial health driven by business growth, sustained profitability margins and a commitment to sound financial discipline. Tabreed experienced an 8% year-on-year surge in consumption volumes, reflecting rising cooling demand during the summer and continued strategic expansion over the past 12 months. As a result of strong operating performance, the company delivered a normalised net profit before tax of AED 291 million – an increase of 4% compared to the same period last year.

H1 2024 also saw Tabreed’s earnings before interest, taxes, depreciation and amortisation (EBITDA) increase to AED 603 million, which compares favourably to the AED 590 million reported for H1 2023. Topline group revenue increased to AED 1.08 billion for H1 2024, compared to AED 1.067 billion during the first half of 2023. Tabreed’s H1 2024 EBITDA margin increased year-over-year to 56%, demonstrating the company’s ability to generate strong financial results while expanding its business.

The company generated impressive free cash flows of AED 978 million over the past 12 months, translating to a healthy yield of more than 10%. Demonstrating responsible management and prudent use of surplus cash, Tabreed further reduced its debt by 12% in the first half of the year by repurchasing an additional USD 207 million (AED 759 million) of its outstanding sukuk due in 2025.

Including the USD 33 million (AED 12 1 million) Sukuk repurchased in 2023, Tabreed has now repurchased a total of USD 240 million (AED 880 million) of the outstanding Sukuk. The buyback is part of Tabreed’s active management of its debt portfolio to optimise its funding cost and further strengthen its balance sheet. Simultaneously, the company increased cash returns to shareholders, evidenced by an increase of 15% year-on-year in cash dividends paid for the year 2023. During the annual general assembly held in March 2024, a cash dividend of 15.5 fils per share for 2023 was approved by Tabreed’s shareholders, which was subsequently paid in April 2024.

Additionally, during H1 2024, Tabreed completed and commissioned its new district cooling plant on Saadiyat Island, Abu Dhabi. With an ultimate capacity of 21,000 RT (refrigeration tons), the facility supplies sustainable cooling to residential and commercial communities. It is currently supplying 9,000 RT with plans to add 6,000 RT over the next two years.

Tabreed also kicked off its previously stated plans to increase the company’s international reach by sponsoring the key Big 5 Construct event in Cairo, Egypt. Senior management gave keynote addresses and participated in high-level discussions with planners, developers and government representatives, centred on district cooling being the only viable solution for new, sustainable cities.

Changes to Board of Directors

Tabreed is pleased to announce the appointment of Dr. Bakheet Al Katheeri as the new Chairman of its Board of Directors, succeeding Khaled Al Qubaisi, who has served as Tabreed’s Chairman since 2017.

Dr. Al Katheeri, who has been a member of the Board since 2022, is well-positioned to lead Tabreed through its next growth phase, with more than two decades of operational and investment expertise in the energy, infrastructure and industrial sectors. Currently, he serves as the Chief Executive Officer of Mubadala’s UAE Investments platform, where he is responsible for guiding the growth and strategic direction of a diverse portfolio of major UAE companies. Also, his previous experience with ADNOC and academic background covering Engineering, Applied Mathematics, and Environmental Science are highly relevant to the business.

Tabreed is also pleased to welcome Mansoor Mohamed Al Hamed as a new Board member. For more than 15 years, Mansoor has been instrumental in the strategic growth and development of Mubadala Energy, where he serves as the CEO for almost four years.

Financial highlights – six months ended 30 June 2024: 

• Group revenue increased to AED 1.08 billion (H1 2023: AED 1.067 billion)
• EBITDA increased to AED 603 million (H1 2023: AED 590 million)
• Normalised net profit before tax increased by 4% to AED 291 million (H1 2023: AED 280 million)

Net profit after tax is AED 269 million (H1 2023: AED 386 million, including one-off gains)

Operational highlights – six months ended 30 June 2024:      

• Tabreed’s consumption volumes increased by 8% year-on-year
• Total connected capacity reached 1.308 million Refrigeration Tons (RT)
• 4,646 Refrigeration Tons (RT) of new customer connections added, mostly in the UAE

Commenting on the company’s H1 2024 results and his appointment, Dr. Bakheet Al Katheeri, Tabreed’s Chairman, said: “In the first half of 2024, Tabreed demonstrated a strong financial performance with increased consumption volumes driving higher profits and improved EBITDA. Our focus on prudent capital allocation has strengthened our financial position, ensuring we are ideally positioned for growth and expansion of our vital role in key infrastructure projects and decarbonisation across the UAE and the broader region.

“I am honoured to take over as Chairman from Khaled Al Qubaisi. Under his leadership, Tabreed has positioned itself as an agile and efficient company with a proven, resilient business model and commitment to partnerships and sustainable value creation for all its investors, partners and stakeholders. I look forward to working closely with the company’s executive leadership team to drive our company forward.”

• Company ready to offer world-leading experience to legislators and developers in combating climate change through energy efficiency and economies of scale

Abu Dhabi, United Arab Emirates – 9 July 2024: Tabreed, the world’s leading district cooling company, has wrapped its sponsorship and participation at the third edition of Asia Urban Energy Assembly in Bangkok, Thailand. Strategically an extremely promising market for sustainable cooling, Tabreed is seeking new opportunities across Southeast Asia, where the effects of global temperature rises are posing ever greater risks to society.

Directly addressing, and engaging with, developers, architects, planners, engineers, consultants and government officials, members of Tabreed’s senior management made a clear and compelling case for district cooling to be considered an essential part of sustainable infrastructure. As new smart cities are being planned, responsible governments and developers must build into them future-proof technology that reduces energy consumption with reliable, sustainable services that allow communities and industries to flourish.

“Cooling can no longer be considered a luxury,” commented Tabreed’s Chief Executive Officer, Khalid Al Marzooqi. “It’s now essential for life and the demand for cooling is soaring as climate change impacts more countries and territories. It’s essential for economic development, for health, comfort and social harmony, and Tabreed has been an enabler of these vital aspects for more than a quarter of a century.”

District cooling supplies industrial, business and residential developments with chilled water from centralised plants via underground networks of insulated pipes, which is then used in buildings’ air conditioning systems before being returned to the plant for further cooling in a continuous cycle. The benefits are well documented and include 50% lower electricity consumption than conventional cooling, as well as reduced noise and visual pollution. Developers, too, can benefit from zero initial capital investment and increased real estate values.

“Even more importantly,” concluded Al Marzooqi, “each year, by virtue of its high efficiency and lower energy consumption, Tabreed’s operations prevent the release of millions of tons of carbon emissions. That’s good for everyone, everywhere, and we’re playing a vital role in helping multiple countries reach their individual net-zero ambitions.”

Abu Dhabi, United Arab Emirates – 14 February 2024: Tabreed, the UAE’s leading international district cooling company, today released its consolidated financial results for the year 2023, reporting a revenue of AED 2.4 billion – a 9% increase over 2022 – and a net profit attributable to parent, before deferred tax, of AED 751 million.

Tabreed’s balance sheet strengthened further, underscored by an improved net debt/EBITDA ratio of 4.11x (4.49x as end of FY 2022). Tabreed’s net debt decreased in 2023 thanks to strong cash generation and a decline in gross debt due to a proactive debt management exercise carried out during the year. As a result of prudent financial management, the company achieved reductions in its net finance costs by 24%, despite a high interest rate environment.

Throughout the year, Tabreed continued to maintain its strong cash flow profile, underpinned by long-term contracts, resilient margins and efficient working capital management. Net cash from operating activities totalled AED 1.31 billion in 2023 (AED 1.35 billion in 2022), while free cash flows increased by 8% to AED 1.21 billion, driven by strong operating income, continued investment in growth and streamlining of existing asset portfolio.

Tabreed’s Board of Directors, in recognition of the company’s strong financial performance throughout the year, robust cash generation and positive outlook, has

recommended a record high dividend payment of 15.5 fils per share in cash. This represents an increase of 15% over 2022 and reinforces Tabreed’s commitment to maximising value for its shareholders.

During 2023, with the enactment of UAE corporate tax law, there was a one-off, non-cash accounting impact due to recognising a deferred tax liability amounting to AED 359 million, resulting in a reported net profit of AED 431 million for the year.

Tabreed added 53k Refrigeration Tons (RT) of new connections in 2023, across its portfolio in the UAE and internationally. Expansion was driven largely by organic growth, through new connections in existing concession areas, as well as new ‘greenfield’ plants. Tabreed continued to strengthen its presence in its core markets of the UAE and GCC, with the addition of 31k RT in the UAE, 14k RT in Saudi Arabia, 3k RT in Bahrain and 1k RT in Oman.

Tabreed entered the India market during 2023, in a strategic alliance with TATA Realty and Infrastructure Limited, demonstrating its commitment to diversify and expand beyond the GCC’s geographical borders. While growing its presence in international markets, the company remained focused on optimising its existing portfolio to enhance returns, Tabreed’s total connected capacity increasing in 2023 to reach 1.303 million RT.

Tabreed enjoyed a remarkable 2023 on many levels, being the year of the company’s 25th Anniversary. Publicly engaged more than ever before, Tabreed exhibited at the second World Utilities Congress and was billed as exclusive ‘Cooling Partner’. During COP28 in December, the company took part as an exhibitor on Mubadala’s pavilion and C-Suite executives were active in high-level debates and panel discussions in both Green and Blue Zones, particularly as strategic partners of the United Nations Environment Programme (UNEP) and Cool Coalition. As COP28 drew to a close, Tabreed signed an AED 600 million Green Revolving Credit Facility under its green financing framework, to help meet future expansion requirements with speed and agility.

Fittingly, with 2023 being the UAE’s ‘Year of Sustainability’, Tabreed became signatories to the UAE’s Responsible Companies Pledge, the Abu Dhabi Sustainable Finance Declaration and the Global Cooling Pledge – each a clear commitment to assisting the UAE and other nations in reaching their individual Net-Zero targets through energy-efficient operations. Sustainability also became intrinsically linked to Tabreed with its brand-new Geothermal district cooling plant, developed in partnership with ADNOC in Masdar City, which uses renewable energy from deep underground to produce chilled water for use in a pre-existing network.

Two senior appointments were made to Tabreed’s Executive Management Team on 1 May 2023, with Nadia Bardawil assuming the role of Chief Legal Counsel and Philippe Coquelle joining as Chief Development Officer.

Financial highlights – 12 months ended 31 December 2023:  

• Group revenue increased by 9% to AED 2.4 billion (2022: AED 2.2 billion)
• EBITDA at AED 1.2 billion remained resilient with healthy margin of 50% (2022: AED 1.2 billion)
• Net profit before tax attributable to parent increased by 25% to AED 751.4 million (2022: AED 600.2 million)

Operational highlights – 12 months ended 31 December 2023:         

• Total connected capacity increased to 1.303 million Refrigeration Tons (RT)
• 53k RT of new customer connections added
• Consumption volumes increased by 8% year-on-year

Environmental highlights – 12 months ended 31 December 2023:

• 2.52 billion kilowatt hours saved across the GCC – enough to power more than 143,000 homes every year
• Prevented the release of 1.5 million metric tons of CO2 into the atmosphere, which is equivalent to the removal of approximately 330,000 vehicles from the roads annually
• Constructed and commissioned Middle East’s first renewable energy (geothermal) district cooling plant in partnership with ADNOC at Masdar City, Abu Dhabi

Following publication of the full 2023 results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “This time last year I spoke about Tabreed’s carefully planned growth and taking our globally renowned expertise into new markets. We spent 2023 making good on that promise and now operate in six countries, including India, supplying sustainable cooling to our prestigious clients.

“This is just the beginning and, over the next few years, we will continue to capitalise on Tabreed’s unrivalled history and world-leading experience by aggressively, yet considerately, targeting opportunities for expansion. Opportunities that will provide healthy returns for our investors while benefiting the countries and communities in which we operate. International demand for our services is growing considerably and these results prove we are ready, willing and able to respond like no other company.”

• Engaging with the region’s premier developers and legislators, Tabreed champions the virtues of District Cooling as the only viable option for Sustainable Cities

Abu Dhabi, United Arab Emirates – 30 June 2024: Tabreed, the world’s leading district cooling company, has completed its participation at this year’s Big 5 Construct Egypt, where members of its executive management team led the discussion on the vital topics of decarbonisation through planning efficiency and the role of district cooling in sustainable cities.

This was the sixth edition of the most influential construction event in Egypt, with technology and sustainability both high on its agenda. For Tabreed, this presented an unmissable opportunity to engage with developers, architects, planners, engineers, consultants and government officials, to openly discuss the opportunities available to them through the uptake of district cooling. The industry has already proved itself over many decades to enormously benefit governments, customers, communities and investors across the GCC, enabling societal progress and rapid, sustainable growth.

“District cooling is universally acknowledged as a vital player in the mitigation of climate change,” commented Tabreed’s Chief Executive Officer, Khalid Al Marzooqi. “As global populations and temperatures rise, so is the demand for cooling. Meeting that demand should not cost the earth and district cooling has shown itself to be indispensable, using 50% less energy than conventional air conditioning.

“Every year our operations prevent the release of millions of tons of carbon emissions and Egypt already benefits from Tabreed’s presence – we provide cooling for the prestigious Downtown Katameya in New Cairo. We see enormous potential for further expansion across the country, which is undergoing a significant construction boom with many new cities planned or under development. Big 5 Construct, then, has provided us with an excellent platform from which to address vitally important and influential decision makers about incorporating district cooling in their plans at the earliest possible stages, so it forms an integral part of a sustainable and intelligent infrastructure.”

• Company made significant strides in decarbonisation of cooling throughout 2023
• Enrolled in DFM’s Carbon Credits Pilot and purchased Clean Energy Certificates

Abu Dhabi, United Arab Emirates – 6 June 2024: Tabreed, the world’s leading district cooling company, today publishes its fourth annual Environmental, Social and Governance (ESG) Report, covering the year 2023.

The comprehensive report details Tabreed’s overwhelmingly positive environmental impact during 2023, showing that its operations reduced overall energy consumption by 2.52 billion kWh – equivalent to powering more than 143,000 homes – which, in turn, prevented 1.5 million metric tons of CO2 emissions, which equates to removing 330,000 vehicles from our roads.

Renewable energy became a permanent fixture in the company’s operations last year. In partnership with ADNOC, Tabreed designed, built and commissioned G2COOL, the region’s first district cooling plant to be powered using renewable geothermal energy from deep underground. The plant plays an important new role in decarbonising the way buildings are cooled in Abu Dhabi’s Masdar City, while diversifying the country’s energy mix in support of the UAE National Energy Strategy 2050.

In a further renewable energy initiative, during 2023 Tabreed purchased 116,000 MWh of solar-sourced Clean Energy Certificates (CECs) from the Emirates Water and Electricity Company (EWEC), demonstrating its commitment to a diverse energy mix. These CECs are equivalent to the amount of energy required to cool prominent locations such as Masdar City, Raha Beach, and key attractions on Yas Island.

Also during 2023, Tabreed joined a highly anticipated carbon credits trading pilot by Dubai Financial Market (DFM), which saw 24 of the UAE’s most esteemed companies and developers taking part, including Dubai Electricity and Water Authority (DEWA), DP World, Dubai Municipality, Dubai International Financial Centre (DIFC), Emirates NBD and Majid Al Futtaim. The carbon credits traded on DFM were supplied by DEWA, First Abu Dhabi Bank and MyCarbon, coming from internationally certified carbon projects around the world.

Tabreed spent 2023 being increasingly active in the community, through a range of Corporate Social Responsibility (CSR) initiatives. For instance, assisting startups and young entrepreneurs working on climate solutions, the company sponsored and partnered with HUB71+ climateTECH and, during the Holy Month of Ramadan, Tabreed partnered with Emirates Red Crescent to provide many thousands of meals to underprivileged members of the community. Closer to home, in a move designed to improve the work/life balance for Tabreed’s staff, remote workday allowances were increased by 50% and a ‘personal hours’ policy was introduced.

“In short,” said Khalid Al Marzooqi, Tabreed’s CEO, “this incredible, visionary company spent 2023 reaffirming its reputation as an undeniable force for good. Good for our customers, our investors, our staff, our communities and our environment. I am immensely proud to lead Tabreed and look forward to even greater achievements in the years to come.”

View Tabreed’s 2023 ESG report in its entirety here.

• Emirati artist, Saggaf Alhashmi, designed the stunning artwork bringing beauty of Emirati natural world to the capital’s new central business district

Abu Dhabi, United Arab Emirates – 28 May 2024: Tabreed, the world’s leading district cooling company, has transformed one of its major UAE facilities into a masterpiece of street art. The company’s Al Maryah Island plant supplies an impressive roster of clients, such as Cleveland Clinic, Rosewood Abu Dhabi, Four Seasons, Galleria Mall and Abu Dhabi Global Market, with essential district cooling services.

Tabreed’s executive management team suggested the plant would make an ideal ‘canvas’ for a new artwork, the likes of which Abu Dhabi has been building an enviable global reputation for in recent years, and the company’s Strategic Communications department quickly engaged with several local artists. Design proposals were sought, resulting in the renowned, self-taught Emirati artist, Saggaf Alhashmi, being chosen for his stunning ‘3D’concept featuring two of the UAE’s most famous residents: the Arabian Oryx and Arabian Sand Gazelle.

“The result is, I’m sure everyone will agree, extraordinary,” said Tabreed’s Chairman, Khaled Al Qubaisi. “We have transformed what was previously an unremarkable, utilitarian building into a thing of profound beauty, which will bring joy to residents and visitors for many years to come. Saggaf’s concept has been faithfully transferred to surfaces that are functional and designed to aid in the district cooling process, which was a Herculean challenge for everyone involved but the efforts have been well worth it.”

Describing his creative process, Alhashmi said he was inspired by the island itself: “Al Maryah is named after a famous oasis region in Abu Dhabi, Al Mariyah, which in turn is named after the species of Arabian deer which live there. It struck me that we could use the mural to bring the Al Mariyah deer to Al Maryah Island, celebrating the link between the life-giving oasis and the way that Tabreed uses air and water to cool the island today.”

Work was completed ahead of schedule on 20 April, carried out by six different artists using three boom cranes at a height of 35 metres above ground for access to the 7,140 louvred panels being painted. By the time the area had been cleaned, prepared and painted, a total 7.2 sq. km had been worked on. Fifty-two different colours were used to recreate Alhashmi’s vision, with more than 4,800 litres of paint applied over a period of 47 working days.

“Tabreed,” concluded Al Qubaisi, “has a well-deserved reputation for environmental protection through its sustainability-led energy efficiencies, preventing millions of tons of carbon emissions. Yet there is more to environmentalism than mitigating climate change and improving air quality – architecture and urban design is important to our quality of life, too. And, as Tabreed’s Chairman, I am proud to see the company setting itself apart from its competitors, embracing change, accepting challenges and overcoming them to retain its position as the world’s leader in district cooling.”

• Consumption volumes for Tabreed’s cooling services growing organically by 9% year-on-year

Abu Dhabi, United Arab Emirates – 14 May 2024: Tabreed, the UAE’s leading international district cooling company, today released its consolidated financial results for the first three months of 2024, recording consumption volume increases year-on-year of 9%, driven by new connections attributing to organic growth recorded during the past year. The company reported a net profit before tax of AED 122 million, representing an increase of 4% compared to AED 117 million (adjusted for one-off gains and losses) reported during the same period last year.

During Q1 2024, Tabreed’s topline and earnings before interest, taxes, depreciation and amortisation (EBITDA) continued to climb, with a healthy rate compared to Q1 2023. Reaffirming the company’s solid financial management and profit generation capability, Tabreed’s EBITDA margin was 58%, compared to 57% in the first quarter of 2023, with topline group revenue of AED 468m for the first quarter of 2024.

Tabreed’s adept management of working capital has enabled it to achieve a cash conversion rate of 90%, demonstrating efficiency in the running of its operations. A clear demonstration of this relentless pursuit for operational excellence was the successful completion of the third phase of the ‘Tasheel’ initiative, an extensive programme to retrofit chillers with Variable Frequency Drives (VFDs), significantly enhancing energy efficiency while playing a pivotal role in efforts to decarbonise cooling provided to clients.

The company’s commitment to sound financial practice is also evident in its reduced debt levels – leading to healthier leverage ratios – showcasing a net debt to EBITDA ratio of 3.97x as at the end of the first quarter of 2024. Following the first quarter end, Tabreed successfully concluded a tender offer for the repurchase of certain of its outstanding USD 500 million sukuk due in 2025. Including sukuk purchased prior to the tender offer, Tabreed has now repurchased a total of USD 240 million (AED 880 million) of its outstanding sukuk due in 2025. The buyback is part of Tabreed’s active management of its debt profile to optimise its cost of funding and further strengthen its balance sheet.

Financial highlights – three months ended 31 March 2024: 

• Group revenue increased to AED 468 million (Q1 2023: AED 464 million)
• EBITDA increased to AED 272 million (Q1 2023: AED 268 million)
• Normalised net profit before tax increased by 4% to AED 122 million (Q1 2023: AED 117 million)
• Net profit after tax is AED 112 million (Q1 2023: AED 236 million including one-off gains)

Operational highlights – three months ended 31 March 2024:      

• Tabreed’s consumption volumes increased by 9% year-on-year
• Total connected capacity reached 1.305 million Refrigeration Tons (RT)
• 1,710 Refrigeration Tons (RT) of new customer connections added, mostly in the UAE

Commenting on the Q1 2024 results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said:

“I am particularly pleased to share details of the growth delivered by Tabreed across key financial and operational metrics, showcasing our commitment to delivering value to our investors. This upward trajectory is a testament to our strategic initiatives and highlights the company’s resilient performance.

“Our strategic initiatives, both locally and internationally, are geared towards ensuring we maintain our positive momentum in the medium term. We are confident in our ability to continue leading the way in sustainable cooling, creating value for our shareholders and positively contributing to the communities, businesses and industries we serve.”

• Annual General Assembly also confirms new appointment to Board of Directors

Abu Dhabi, United Arab Emirates – 20 March 2024: Tabreed, the UAE’s leading international district cooling company, yesterday held its Annual General Assembly (AGA), during which shareholders approved a record high dividend payment of 15.5 fils per share, paid fully in cash. As disclosed in the company’s recent full-year results for 2023, this represents an increase of 15% over the previous year and recognises Tabreed’s strong financial performance. During 2023, Tabreed reported a growth of 9% in revenue and an increase of 25% in net profit before tax to parent.

Tabreed’s AGA was chaired by the company’s Chairman, Khaled Abdullah Al Qubaisi, and during the meeting shareholders confirmed the appointment of two new board members: Geert Bunkens and Marion Deridder Blondel.

Commenting on Tabreed’s record-setting 2023, Al Qubaisi said that the confirmed dividend payments demonstrate the company’s approach to growth is the right one. “Our shareholders are a top priority for Tabreed and the business has a stellar reputation for delivering consistently excellent returns for our investors. We have just enjoyed another remarkable year and our name as a torchbearer for sustainability is growing, with Tabreed playing a decisive role in steering the conversation about global cooling during COP28.

“The simple fact is, that Tabreed’s steady growth is not just good for business but good for the planet. Our experience, stretching back more than quarter of a century, is unrivalled. As more countries turn their attention to ever increasing demands for cooling, realising too that they must act to mitigate climate change, district cooling is an obvious and well-established solution. And nobody does it better than Tabreed, which is why we are now gearing up for further international expansion.”

Last year Tabreed added 53,000 refrigeration tons [RT] of new connections across its portfolio, which also grew with the addition of six new plants. The company now operates in six different countries, including India, and sees enormous potential to increase market share over the coming months and years. Also investing heavily in renewable energy and setting new standards in decarbonisation, Tabreed undoubtedly remains the world’s leader in district cooling.

• Two of the world’s top credit ratings agencies officially acknowledge Tabreed’s long-term stability and reaffirm ‘Investment Grade’ status

Abu Dhabi, United Arab Emirates – 8 February 2024: Tabreed, the world’s leading district cooling company, has recently had its ‘Investment Grade’ status reaffirmed by Moody’s and Fitch, being rated Baa3 and BBB respectively. Moody’s report was published on 21 December 2023, with Fitch releasing its findings more recently, on 29 January 2024.

Moody’s and Fitch are two of the world’s most respected credit ratings agencies, referred to by global investors to determine the organisations most likely to yield healthy financial returns and least likely to default. The reports published by these agencies provide clear, unbiased analysis of a company’s financial health and future outlook, and both referred to Tabreed’s strong market position, high cash flow visibility (thanks to long-term contracts of up to 25 years) and strong liquidity.

Speaking about the published ratings, Tabreed’s Chief Financial Officer, Adel Al Wahedi, said they show the company’s impressive resilience in the face of often turbulent market conditions. “We have been the leaders in this vital utilities industry for 25 years,” he said, “and in that time our portfolio and reputation have grown beyond all recognition. Tabreed’s experience, expertise and innovation are world renowned, and our investors continuously benefit from our careful, measured approach to growth, through healthy returns that continue to set new records.”

Al Wahedi added that Tabreed’s predictable cash flows put the company in an enviable position of strength, with stability one of its key attributes. “We don’t grow for the sake of it,” he said. “Rather, as responsible investors, we judge each opportunity on its own merits. We are not risk averse but equally we are not afraid to make tough decisions to protect our investors from exposure.

“Our international expansion, for instance, has been an important part of Tabreed’s long-term strategy and we are now operating in six countries with plans to enter further new territories when the time and conditions are favourable. The demand for sustainable cooling is only increasing in certain countries and no company is better placed than Tabreed to meet those requirements. Sustainability is a byword for Tabreed and our solid ratings with Moody’s and Fitch provide further evidence that our approach to business is entirely sound.”

• From humble beginnings to international presence, Tabreed continues to set the gold standard in district cooling through innovation and dedication
• Since its founding, the company’s operations have saved nearly 20 billion kWh, preventing nearly 8 billion tonnes of carbon emissions

Abu 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 Progress

The 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 Partnership

Tabreed’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 Performance

Tabreed’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, UAE, 20 December 2021: National Central Cooling Company PJSC (DFM: Tabreed) has finalised a significant strategic partnership with the International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets. Since its establishment in 1956, IFC has invested more than $321 billion in emerging markets.

The partnership will include ownership of Tabreed India, currently a wholly owned subsidiary of Tabreed, being transferred to a new holding company established in Singapore to be jointly owned by Tabreed (75%) and IFC (25%). The holding company will be established with initial equity commitments from the partners of US$100 million with a mandate to invest in projects of up to approximately $400 million over the next five years, targeting a portfolio of approximately 100,000 refrigeration tonnes (RT) servicing industrial, commercial and retail developments across India.

IFC and Tabreed have agreed investment eligibility criteria which include robust environmental, social, and corporate governance (ESG) requirements for projects in these geographies. Public environment and sustainability (E&S) disclosures will be made by IFC prior to investing in each project.

India, the partnership’s key target market, has low per capita cooling consumption and a rapidly growing cooling market across all sectors, and district cooling adoption is imperative for India to meet its ambitious climate goals. There have been a number of promising policy and regulatory developments in India, including the groundbreaking announcement of a Cooling Action Plan to facilitate sustainable growth in cooling demand for the nation, with district cooling being identified as an important intervention area. As a result, several Indian government bodies and smart cities are now increasingly evaluating the incorporation of district cooling into urban master planning. Tabreed has been actively supporting these initiatives and engaging with several top tier real estate developers across the country to evaluate project opportunities.

“As temperatures are rising, access to cooling is a major development challenge, especially in emerging economies located in the tropical climate zone. This district cooling project is at the heart of what IFC is all about,” said Makhtar Diop, IFC’s Managing Director. “By working with Tabreed, we will bring sustainable, innovative and much needed cooling solutions to India and other parts of Asia.”

Khalid Abdulla Al Marzooqi, CEO of Tabreed, said: “This is a positive and timely development for Tabreed. IFC has been established in this region for many decades, unlocking investment opportunities, strengthening clients’ performance and impact, as well as improving environmental, social and governance (ESG) standards. It makes perfect sense for us to join forces as we are able to lean on each other’s unrivalled expertise.

“India is strategically very important for us, with demand for energy growing faster there than anywhere else in the world right now. District cooling uses, on average, half the power consumed by conventional cooling methods, meaning it’s an essential part of many countries’ climate goals due to the enormous savings in CO2 emissions achieved through energy efficiency. For countries such as India, reliable cooling means industrial, agricultural and societal progress, and we eagerly look forward to making a meaningful contribution to its prosperity while ensuring the sustainability we know is vital to all our futures.”

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.

Company now more agile than ever, paving the way for further expansion

14 November, 2021 – Abu Dhabi, United Arab Emirates: The National Central Cooling Company PJSC (DFM: Tabreed), headquartered in the UAE, today released its consolidated financial results for the first nine months of 2021, reporting a net profit of AED 388 million – an increase of 5% compared to its 2020 performance for the same period.

The results ably demonstrate the effectiveness of Tabreed’s approach to sustainable growth, with the company divesting its 44% stake in Qatar District Cooling Company while increasing ownership of the 80,000 Refrigeration Ton (RT) Al Maryah Island district cooling scheme in Abu Dhabi to 100% during the quarter.

Financial highlights – nine months ended 30 September 2021:

• Group revenue increased by 16% to AED 1464.7 million (Q3 2020: AED 1257.9 million)
• Core chilled water revenue increased by 16% to AED 1412.9 million (Q3 2020: AED 1219.1 million)
• EBITDA increased by 15% to AED 775.7 million (Q3 2020: AED 676.6 million)
• Profit from Operation increased by 19% to AED 483.5 million (Q3 2020: AED 406.4 million)
• Share of results of associates and joint ventures reduced by -9% to AED 33.7 million (Q3 2020: AED 37.1 million)
• Net profit attributable to the parent increased by 5% to AED 388.0 million (Q3 2020: AED 370.4 million)

Operational highlights – nine months ended 30 September 2021:

• Total connected capacity reduced to 1,202,760 Refrigeration Tons (RT), following divestment of Qatar District Cooling Company shareholding
• Tabreed achieved a record 14,307,638 hours worked without a single lost time incident (LTI), the most recent occurring in July 2015

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “Tabreed continues to shine, posting more record results that demonstrate the effectiveness of its long-term strategy. Shrewd investments make for steady and manageable growth and this company’s rock-steady resilience is something everyone involved in can be proud of. Customer service, operational reliability and an unwavering pursuit of efficiency are what Tabreed’s unrivalled reputation is built upon and I look forward to seeing the company’s future plans come to fruition, particularly as district cooling will play an essential role in the UAE’s drive toward carbon neutrality. We are a force for good – for the environment, our customers, our people, our stakeholders and the communities in which we operate.”

Khalid Abdullah Al Marzooqi, Tabreed’s Chief Executive Officer, added: “The company experienced rapid and exceptional growth of its portfolio during 2020 and we are now seeing real return on investment with steady, reliable and efficient performance across our networks. Our shareholders appreciate this considered approach to growth and we have exciting plans for the near future, with an even more diverse array of services that will help to bolster our leading market position while adding to our environmental credentials.

“We keep mentioning the word ‘resilient’ when referring to Tabreed and for good reason: it perfectly sums up our approach to business – we were the first district cooling company to be established in the UAE and after nearly a quarter of a century are stronger and more agile than ever. Tabreed’s medium- and long-term plans are sound and attainable, and all of us in this remarkable company have genuine reason for optimism when we look to the future.”

For more updates from Tabreed, visit www.tabreed.ae

All-new role for Executive Management Team, meeting demands of company expansion

Tabreed’s Human Capital department also in spotlight following impressive award wins

Abu Dhabi, United Arab Emirates – 28 November 2022: Tabreed, the UAE’s leading district cooling provider, today announced that its Board of Directors has appointed Dr Yousif Al Hammadi as Chief Asset Management Officer – an all-new role for the company – with effect from 1 December 2022.

Having closely analysed its future business requirements, Tabreed’s Executive Management Team and Board of Directors agreed to create a new, dedicated function, to manage the company’s assets, accounts, and customer relationships, led by a Chief Asset Management Officer.

Khalid Abdullah Al Marzooqi, Tabreed’s Chief Executive Officer, said of the appointment: “In recent years, Tabreed’s business portfolio and client base have dramatically increased in size and scope. Any company that grows needs to adapt, if it is to maintain healthy and productive relationships with its clients and business partners, and Tabreed is no exception.”

He added: “This is a resilient and dynamic company that stays ‘ahead of the curve’ by being ready and quick to meet constantly shifting business demands. Tabreed’s vision and long-term strategic business plan includes regional and international expansion, and Dr Yousif’s appointment means we have a highly experienced industry veteran overseeing the vitally important relationships we have with our clients. Everyone in the company congratulates him on this new position.”

Dr Yousif Al Hammadi joined Tabreed in 2014 and has held various positions, including Executive Vice President – Key Stakeholders, Asset Management and Government Relations, Head of Business Development, and Senior Vice President – Projects, in which he proved to be a crucial part of Tabreed’s success across the region. Since 2020, Dr Yousif Al Hammadi has served as Managing Director of Downtown DCP LLC (DDCP), which is a partnership between Tabreed and Emaar, leading operations and facilitating growth in key areas of Dubai.

Before joining Tabreed, he was Vice President of Mubadala’s Construction Management Unit, where he helped deliver key projects in Abu Dhabi, including Zayed University, Paris Sorbonne University, Rosewood Hotel and New York University. Earlier in his career, Dr Yousif Al Hammadi also worked for esteemed organisations such as ADNOC and Ministry of Interior in the UAE.

Tabreed’s Human Capital department has also been in the headlines, having been the recipients two prestigious industry accolades: the GCC GOV HR Award for ‘HR Team of the Year 2022’ and The Future Workplace Awards’ ‘HR Team of the Year’.

Al Marzooqi, commenting on these wins, said: “These awards are hotly contested, with stiff competition from other highly regarded organisations, and are received on merit after lengthy and detailed deliberations of comprehensive submissions. Everyone at Tabreed benefits from the tireless work of our HC colleagues, and we could not be prouder of their achievements with these prestigious awards. This company has a well-deserved reputation for putting its people first and, being recognised and rewarded for accomplishments in Human Capital, by our peers, is particularly humbling.”

• On track to add 120,000 RT capacity over FY 2023-24, supported by new projects and new connections across existing concessions
• Tabreed reports 9% year-on-year growth in consumption volumes
• Tabreed maintains ‘Investment Grade’ credit rating from Moody’s & Fitch, demonstrating prudent cash flow management and solid financial position

Abu 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 Oman
• Tabreed achieved a record 19.2 million hours worked without a single lost time incident (LTI), the most recent occurring in July 2015

Commenting 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.

Abu Dhabi, UAE, 10 October 2021: National Central Cooling Company PJSC (DFM: Tabreed) has been awarded ‘System of the Year’ by the International District Energy Association (IDEA) in a special ceremony during the IDEA2021 annual conference, which was held in Austin, Texas, under the theme ‘Powering the Future’.

IDEA says that the award “is presented annually to outstading district energy systems for operational excellence, environmental stewardship, exemplary energy efficiency and customer commitment while contributing to the advancement of the global district energy industry.”

It goes on to say: “The System of the Year Award (SOYA) is the highest honor IDEA can bestow on a district energy system. It recognizes an exemplary district energy system providing high-level performance and service that further the goals of the district energy industry.”

Tabreed also took the District Energy Space 2020 (Beyond North America) Silver Award for ‘Number of Buildings Committed’ in recognition of the company’s unprecedented growth during 2020, which included the acquisition of Downtown Dubai and Saadiyat Island schemes.

The two IDEA awards follow Tabreed being honoured as a recipient of the Sheikh Khalifa Excellence Award’s Silver Category in the Services Sector, which is presented to organisations that have demonstrated good practice and performance over the preceding three years. The award was presented during a ceremony held by Abu Dhabi Chamber of Commerce and Industry at its Chambers tower on 22 September, and was accepted by Khalid Abdullah al Marzooqi, CEO of Tabreed, and Jean-Francois Chartrain, Tabreed’s Chief Operating Officer.

Al Marzooqi said these awards are hugely important for the company. “They demonstrate that we are excelling, not just when compared to our peers in the Middle East but the entire world. The Sheikh Khalifa Excellence Award is a recognition of our positive impact in the UAE and across the region, and it was an honour to be presented with that in the presence of many of this country’s esteemed dignitaries and business leaders.”

He added: “As for IDEA, this is also a very impactful association and for Tabreed to be recognised in this way is something everyone in the company can take pride in. Operational excellence is a cornerstone for Tabreed and these awards show, beyond any doubt, that we are highly respected on the world stage by our peers and our customers.”

Tabreed’s five-strong delegation at IDEA2021 included Al Marzooqi, Chartrain, Dr Yousif Al Hammadi, Managing Director of Downtown Cooling, Tabreed, Souad Al Serkal, Vice President – Strategic Communications, and Mahra Al Bloushi, operations engineer. As part of the company’s participation in IDEA2021, Al Marzooqi took part in a panel discussion which featured many of the world’s leading figures in district energy and was centred around current and future industry trends and opportunities.

Al Serkal, one of the event’s keynote speakers, took to the stage to deliver the address ‘The Impact of Strategic Communications on Performance.’ Having implemented a completely overhauled communications plan at Tabreed in 2019, Al Serkal was able to point to real world data that shows a direct correlation between effective communications and a company’s share price.

“By harnessing the power of data and using it to drive our communications strategy,” she said, “Tabreed’s reach increased by 500% globally. Our market share increased in that time, too, but more importantly our share price went up by a staggering 32%. We went through a period of intense growth, so we told the world about it using the most effective possible means, across multiple platforms and media, and analysed the results constantly, tweaking where necessary for maximum impact. And those results speak for themselves.”

For more updates from Tabreed, visit www.tabreed.ae

Connected Capacity and profits increase, while Tabreed expands its international presence

Third quarter saw changes to Foreign Ownership Limits and major new deal signing in Egypt

Abu Dhabi, United Arab Emirates – 15 November 2022: Tabreed, the UAE’s leading district cooling provider, yesterday released its consolidated financial results for the first nine months of 2022, reporting an EBITDA of AED 912 million – an 18% increase over the same period last year – and a net profit of AED 400 million, representing a 3% increase.

During the past three months, Tabreed made two significant announcements. On 13 September, it was confirmed that shareholders voted to harmonise with recent UAE changes to commercial law by increasing its Foreign Ownership Limit (FOL) to 100% – a strategically important move that increases flexibility and ensures the best possible share marketability.

The following day, on 14 September, Tabreed signed an agreement with EHCS (Egyptians for Healthcare Services Company), to design, build and operate an expansive district energy plant to supply cooling and heating to CapitalMed, an all-new healthcare city project by EHCS in Cairo. This is the second major deal announcement in Egypt by Tabreed since the company entered this new market in February 2022.

Additionally, and consistent with Tabreed’s progress throughout 2022, the third quarter saw new connections added in the UAE, Oman and Bahrain, increasing the company’s total connected capacity to 1,258,201 Refrigeration Tons (RT).

Financial highlights – nine months ended 30 September 2022:  

• Group revenue increased by 13% to AED 1.66 billion (Q3 2021: AED 1.46 billion)
• EBITDA increased by 18% to AED 912 million (Q3 2021: AED 776 million)
• Net profit attributable to the parent increased by 3% to AED 400 million (Q3 2021: AED 388 million)

Operational highlights – nine months ended 30 September 2022:         

• Total connected capacity reached 1,258,201 Refrigeration Tons (RT)
• 48,106 Refrigeration Tons (RT) of new customer connections added, with load additions of 28,403 RT in the UAE, 19,203 RT in Oman and in Bahrain were increased by 500 RT
• Tabreed achieved a record 16,382,176 hours worked without a single lost time incident (LTI), the most recent occurring in July 2015

Commenting on the company’s Q3 results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said it had been a strong nine months for the company. “Throughout 2022, Tabreed has achieved important international growth, elevated public awareness, and accomplishment of long-term strategic goals. These third quarter results show not only Tabreed’s resilience but also the wisdom of its organic and sustainable approach to growth – it is truly an exceptional UAE company.”

He continued: “Tabreed continues to post record profits and has a consistently strong balance sheet, evidenced by Fitch’s updated rating outlook of “stable” and affirmed at BBB. Building on this momentum, both regionally and internationally, we will continue to establish new client relationships, engage in long term alliances and expand our portfolio, further solidifying our already stellar reputation for operational excellence.”

Khalid Abdulla Al Marzooqi, Tabreed’s Chief Executive Officer, added: “With these impressive third quarter results, Tabreed continues to demonstrate its impeccable credentials as a business that is secure for its stakeholders, investors, employees, and the environment. We are constantly seeking new collaboration opportunities with other progressive businesses that share our core principles, and we have exciting plans for the future, with an increasingly diverse array of services that will bolster our position as the industry leader.”

• 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 System

Maxwell’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 Steps

Following 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.

Abu Dhabi, UAE, 29 August 2021: National Central Cooling Company PJSC (DFM: Tabreed) has announced the acquisition of an additional 50% stake in the exclusive 80,000 refrigeration ton district cooling scheme supplying Al Maryah Island in Abu Dhabi, including its major entertainment, hospitality, retail, commercial and residential developments.

The acquisition is from joint venture partner, Mubadala Infrastructure Partners (MIP), bringing Tabreed’s ownership to 100%. Tabreed will continue to operate the Al Maryah scheme under a 30-year exclusive concession granted in 2014 by Al Sowwah Square Properties LLC, a wholly owned subsidiary of Mubadala Investment Company.

Having doubled its stake in this landmark district cooling scheme, Tabreed continues to deliver on its growth ambitions in key markets. The deal is the fourth major acquisition for Tabreed in less than two years, following the securing of an 80% stake in Emaar’s Downtown Dubai network and acquiring Aldar’s Saadiyat Island plant and the Masdar City district cooling scheme in Abu Dhabi.

Commenting on the deal, Tabreed’s CEO, Khalid Abdullah al Marzooqi, highlighted what it means for the next phase of growth at the company:

“Since the start of our operations at Al Maryah island’s district cooling scheme in 2014, with the collaboration of our partners MIP, we have developed the scheme into an industry-leading model of efficiency and reliability, and we view our recent move to acquire the entire operation as the next logical step for our growth plans in Abu Dhabi,” he said.

“I am particularly proud of our operations and technical teams, who have pioneered many of the latest technologies and operational philosophies at the Al Maryah scheme and across all of our plants in the region. They have significantly increased overall efficiency and reliability while reducing total carbon emissions for the UAE, further highlighting that district cooling continues to be a key component of the UAE’s energy strategy and for developing nations in the region and internationally.”

This new acquisition sees the company extend its reach in supplying high-quality district cooling services to the region’s most notable developments. Al Maryah Island has become the leading business district of Abu Dhabi, home to Abu Dhabi Global Market, Cleveland Clinic Abu Dhabi, The Galleria Mall, Rosewood Abu Dhabi and the Four Seasons Hotel.

• New projects take company’s total connected capacity to 1.3 million RT
• International expansion continues into second half of the year as Tabreed begins commercial operations in India

Abu 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 Oman
• Commissioned 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.”

Deal will see Tabreed build and run bespoke new plant to supply essential, sustainable district energy services to CapitalMed, Cairo’s prestigious new healthcare city

Abu Dhabi, United Arab Emirates – 14 September 2022: Tabreed, the UAE’s leading district cooling provider, yesterday officially signed an agreement with developer, Egyptians for Healthcare Services (EHCS), to provide essential district energy services to CapitalMed, its all-new healthcare city megaproject.

Strategically located in Badr City, CapitalMed is near to Central Cairo, New Cairo and Egypt’s New Administrative Capital City, which is planned to be constructed over four phases. Once completed, CapitalMed will be a state-of-the-art, smart medical city, hosting patients not only from Egypt but also from across the Middle East, Africa and the rest of the world.

It will include 700 ICUs, 70 Operating Rooms and more than 15,000 multi-disciplinary health care providers offering nearly 100 specialities. The scale of the CapitalMed project is impressive but wholly necessary, with a population of five million-plus within a 20-minute radius, and 20 million-plus within a 90-minute radius. The new city will also benefit from direct, unrestricted access to- and from major national highway networks, as well as convenient access from Cairo International Airport, just 20 minutes away.

Tabreed is to fund, construct and operate a bespoke district energy plant, designed in conjunction with Shaker Consultancy, to meet the cooling and heating demands for this prestigious project, with 19,500 Refrigeration Tons (RT) of cooling required for Phase 1 and a concession of between 28- and 30,000 RT for the entire development. Phase 1A will see 7,500 RT installed, 12 MW of space heating to be provided by hot water boilers, and associated energy services supplied to all buildings providing a full, end-to-end long-term solution.

The signing ceremony, held in Cairo’s Badr University, was attended by senior members of Tabreed’s Executive Management Team and Tabreed’s new Egypt office, including recently appointed Country Manager, Heba Kamal, with Dr. Hassan El Kalla, EHCS’s Chairman and Managing Director, and other senior figures from the company and CapitalMed.

Following the ceremony, Eng. Khalid Abdulla Al Marzooqi, Tabreed’s Chief Executive Officer, said: “Tabreed only entered the Egypt market in February this year, following the announcement of our project at Cairo’s new D5M mall. I said then that commencing operations in Egypt was an important strategic move that’s part of our long-term plans for sustainable growth beyond our traditional geographic borders, and this new signing with EHCS shows how committed Tabreed is when it comes to expansion.

“We are always seeking new opportunities with other forward-thinking organisations aligned with our key values, and this new development is no exception. EHCS and Tabreed will work extremely well together, sharing common goals of maximum efficiency and a relentless pursuit of operational excellence. Our operations prevent the release of millions of tons of greenhouse gas emissions and we are a force for good in communities all over the Middle East and beyond. I know I speak on behalf of everyone at Tabreed when I say that we look forward to a very long and fruitful presence in Egypt, as we bring our unrivaled expertise to such an exciting, dynamic and promising market.”

Also commenting after the signing, EHCS’s Chairman and Managing Director, Dr. Hassan El Kalla, said that Tabreed was the ideal district energy company for a project such as CapitalMed. “From the very beginning,” he remarked, “we have ensured that every aspect of this incredible project is future-proof, with efficiency and sustainability at its core. Tabreed’s experience and expertise in district energy is renowned the world over, and we are thrilled to have a company of its stature providing us with reliable and technologically advanced services.”

“CapitalMed is truly state-of-the-art – a smart, green development like no other – and will include a University Hospital Centre, a Doctors’ Plaza, Simulation Centre and Virtual Hospital. It will be home to Institutes of Precision Medicine, Transplant, Rehab, Cosmetics and Wellness, Trauma and Emergency, as well as Research and Development of Advanced Health & Medicine. This will be a world-class centre for medical education, too, offering highly specialised services guided by the most advanced technology, all of which will require district cooling and heating services that meet the most stringent standards. I am pleased to say we have found that in Tabreed and we eagerly anticipate a most rewarding collaboration between our organisations.”

• Increased energy efficiency marks significant step in decarbonising operations

Abu Dhabi, United Arab Emirates – 30 January 2024: Tabreed, the world’s leading district cooling company, has concluded the third phase of its ‘Tasheel’ programme – an ambitious and extensive retrofit of Variable Frequency Drives (VFDs) to increase energy efficiency and assist in the decarbonisation of its operations.

Tabreed celebrated its silver jubilee in 2023 and is the Middle East’s original district cooling provider. It is, therefore, inevitable that certain plants in its ever-expanding portfolio will feature technology that has since been superseded with more energy efficient methods with lower operational and maintenance costs. While VFDs have been available for many years, their adoption in the district cooling industry’s very specialised facilities was not feasible until relatively recently.

VFDs are situated between the electrical supply and the equipment powered by it, in this case extremely large, medium-voltage industrial electric motors for the plants’ chillers. On the originally installed equipment, the motors were often designed to work at fixed speeds, meaning they turned at the same rates no matter the cooling loads. In simple terms, installation of VFDs enables regulation of the power being fed to these motors by lowering motor speeds when load is reduced, instantly making them more energy efficient. When cooling demand increases so too does the power supplied by the VFDs to the motors, and vice versa.

Tabreed’s Chief Executive Officer, Khalid Al Marzooqi, explains: “In 2019, our Operations and Maintenance department commenced a five-year efficiency plan in which we worked closely with the original manufacturers of the equipment (chillers and pumps) in some of our Abu Dhabi and Dubai plants, to better understand the impact of VFDs on energy efficiency and to retrofit where appropriate in the name of increased efficiency.

“This was a sizeable undertaking yet, over the past three years, the VFDs’ performance and the resulting energy optimisation has easily exceeded our initial, ambitious targets. Most importantly, however, retrofitting VFDs to our older plants has directly reduced energy consumption to the extent that, over the next ten years, we will save an additional 223,000,000 kWh, consequently preventing the release of a further 105,000 metric tons of CO2 emissions. Projects such as this are the very essence of Tabreed – a UAE company built on the pursuit of operational excellence.”

The UAE’s original district cooling company aligns with recent UAE reforms to commercial law

Move will potentially encourage more overseas investment and assist future growth

Abu Dhabi, United Arab Emirates – 13 September 2022: Tabreed, the UAE’s leading district cooling provider, held a General Assembly on 12 September 2022, chaired by Tabreed’s Chairman, Khaled Abdulla Al Qubaisi, during which shareholders voted to amend Article (7) of the company’s Articles of Association to allow 100 per cent foreign ownership.

Previously the limit had been set at 49 per cent, in line with UAE law stipulating that foreign companies could operate onshore in the UAE only with a UAE national or wholly owned UAE company owning 51 per cent of the share capital.

Following the conclusion of the General Assembly, Al Qubaisi said this was a landmark development for Tabreed. “This company is renowned the world over for its expertise and unrivalled experience in the district cooling industry,” he remarked, “so, it makes perfect sense to adapt and modernise in line with developments in UAE company laws. This will provide greater opportunities to benefit from foreign investment as Tabreed continues on its path of sustainable growth.”

“Tabreed is a hugely valuable company to Mubadala, which has been the majority shareholder since 2011, and what this revision to the Articles of Association does is maximise flexibility and ensure optimum share marketability, in turn making Tabreed’s future more secure than ever.”

Also commenting on this development, Tabreed’s Chief Executive Officer, Eng. Khalid Abdulla Al Marzooqi, said: “At Tabreed we pride ourselves on our agility as an organisation, always seeking ways to streamline operations, improve efficiency and apply the highest standards in everything we do. As a result, we provide our shareholders with exceptional stability and high returns and being able to increase foreign ownership of Tabreed’s shares is an important step in unleashing the company’s full potential.

“We have a robust and healthy balance sheet and continue to post record profits, while growing the company’s portfolio of assets and services, ably demonstrated by Fitch’s revised rating outlook to ‘Stable’ and affirmed at BBB. Tabreed’s unwavering commitment to its investor relations can only benefit by today’s announcement, which further solidifies our reputation as a truly progressive UAE company.”

Operations remain robust during continuously challenging market conditions
Portfolio’s connected capacity across GCC increases to more than 1.41 million refrigeration tons

11 August, 2021 – Abu Dhabi, United Arab Emirates: The National Central Cooling Company PJSC (DFM:
Tabreed), headquartered in the UAE, today released its consolidated financial results for the first six months
of 2021, reporting a net profit of AED 233.5 million – an increase of 4% compared to its 2020 H1
performance.

As Tabreed has remained focused on achieving its stated objectives, revenue has continued to grow, along
with its portfolio of district cooling networks. Recent additions include a fourth plant in Downtown Dubai,
along with additional connections to our existing concession areas. Capacity has also increased, in Bahrain
and Oman.

Financial highlights – six months ended 30 June 2021:

• Group revenue increased by 22% to AED 869 million (H1 2020: AED 710 million)
• Core chilled water revenue increased by 22% to AED 832.1 million (H1 2020: AED 681.2 million)
• EBITDA increased by 25% to AED 517.6 million (H1 2020: AED 415.4 million)
• Profit from Operation increased by 29% to AED 326 million (H1 2020: AED 232.8 million)
• Share of results of associates and joint ventures increased by 37% to AED 24.9 million (H1 2020: AED
  18.2 million)
• Net profit attributable to the parent increased by 4% to AED 233.5 million (H1 2020: AED 224.3
  million)

Operational highlights – six months ended 30 June 2021:

• Total connected capacity reached 1,417,179 Refrigeration Tons (RT), with 12,650 RT being added in
  the UAE, 410 RT added in Bahrain and 300 RT in Oman
• Tabreed achieved a record 13,810,261 hours worked without a single lost time incident (LTI), the
  most recent occurring in July 2015

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “Tabreed’s Q1 results are impressive in their own right and set the tone for what will undoubtedly be another historic year for one of the UAE’s most important and influential companies. Our second quarter has proved we are on the right path for sustainable and meaningful growth, maintaining our unwavering focus on quality and customer service by means of careful expansion and commitment to operational excellence, which recently resulted in Tabreed being officially certified to three individual ISO standards on Health and Safety, Environment and Quality.”

“We are also building on the foundations laid by our recent corporate rebranding, making good on our plans to reach a more global audience and playing an ever more important role in the UAE’s ambitious plans for carbon neutrality. Progress is a central pillar for Tabreed and these financial and operational results bolster our determination to forge ahead as an industry leader that positively affects all who deal with us.”

Khalid Abdullah Al Marzooqi, Tabreed’s Chief Executive Officer, added: “The first half of 2021 has shown Tabreed’s steadfast resilience in market conditions that remain challenging due to the continued impact of the pandemic. This has been a busy year for us and we continue to push forward, meeting our goals and exceeding expectations, which is good for everyone, from staff to stakeholders and shareholders, for whom we consistently deliver valuable returns.”

“Tabreed’s portfolio continues to grow through strategic business development that is measured and carefully considered. In the past six months we have increased cooling capacity in three different countries, most notably with the addition of a fourth district cooling plant in Downtown Dubai, which forms part of Tabreed’s acquisition deal with Emaar in April last year. This is a remarkable plant with state-of-the-art infrastructure and a central control room for monitoring and controlling the entire network in Downtown Dubai, further strengthening Tabreed’s reputation as a company that is lean, agile, efficient, reliable and progressive.”

• Multi-million-dirham investment opens door to enormous potential in India
• Demand 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.”

UAE’s original district cooling and energy services provider goes from strength-to-strength

Revenue and profits boosted by portfolio expansion during 2021

Abu Dhabi, United Arab Emirates – 27 July 2022: Tabreed, the UAE’s leading district cooling provider, yesterday released its consolidated financial results for the first six months of 2022, reporting a net profit of AED 240.4 million – an increase of 3% compared to its H1 2021 performance.

Starting the year as it means to go on, Tabreed practically doubled the size of its concession capacity in Oman with the acquisition of the district cooling plant that services Al Mouj, the Sultanate’s most prestigious new real estate development. Tabreed’s portfolio in Oman now includes seven plants and Al Mouj represents the company’s biggest project there, evidence of its desire to drive further investment in this important territory.

Building on the expansion earlier in the year in the UAE, Bahrain and Oman, new connections were added in the emirates during the second quarter of 2022, increasing Tabreed’s total connected capacity to 1,241,331 Refrigeration Tons (RT).

Other notable developments during the first six months of 2022 were the company’s high-profile presence, participation and partnership with the inaugural World Utilities Congress at Abu Dhabi’s National Exhibition Centre and the commencement of operations in Egypt, heralding an exciting new phase for Tabreed as it enters markets and territories beyond its historical boundaries.

Financial highlights – six months ended 30 June 2022:  

• Group revenue increased by 12.3% to AED 975.7 million (H1 2021: AED 869.0 million)
• EBITDA increased by 13.9% to AED 589.3 million (H1 2021: AED 517.6 million)
• Net profit attributable to the parent increased by 3.0% to AED 240.4 million (H1 2021: AED 233.5 million)

Operational highlights – six months ended 30 June 2022:         

• Total connected capacity reached 1,241,331 Refrigeration Tons (RT)
• 31,235 Refrigeration Tons (RT) of new customer connections added, with load additions of 12,435 RT in the UAE, 18,300 RT in Oman and in Bahrain were increased by RT 500 to reach RT 33980
• Tabreed achieved a record 15,784,821 hours worked without a single lost time incident (LTI), the most recent occurring in July 2015

Commenting on the company’s H1 results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “It’s another remarkable result for Tabreed but not at all surprising, as the carefully considered and planned trajectory for this incredible pillar of UAE industry is coming together precisely as we envisaged. It has been a remarkable six months of geographical expansion, increased public awareness and making good on long-term objectives. These excellent financial results follow hot on the heels of Tabreed publishing its highly anticipated 2021 ESG Report, which demonstrates the company’s continuous, laser-like focus on benefiting stakeholders, staff and communities alike. As Tabreed’s Chairman I am proud of its relentless commitment to quality and know it will go from strength-to-strength over the coming months and years.”

Eng. Khalid Abdulla Al Marzooqi, Tabreed’s Chief Executive Officer, added: “We are now seeing the benefits and reaping the rewards of Tabreed’s portfolio expansion during 2021, particularly with our 100 percent acquisition of the hugely important plant exclusively servicing Al Maryah Island in Abu Dhabi. The first half of 2022 is an accurate indication of where this remarkable company is heading and, in the near future, we will see other long-term strategic plans and investments come to fruition. Tabreed is the UAE’s original district cooling company and its expertise is simply unrivalled anywhere in the world. We play a very positive role in this country’s drive for sustainability and that’s the best possible news for our investors, our people and our ever-expanding client base.”

First anniversary of partnership reveals significant environmental benefits to one of the world’s most iconic real estate developments 

1 June, 2021 – Dubai, United Arab Emirates: The National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based international district cooling developer, is celebrating the first anniversary of its partnership with Emaar Properties PJSC (DFM: Emaar) for the exclusive provision of energy efficient district cooling services to landmark developments in Downtown Dubai. This is a collaboration that has been responsible not only for remarkable growth in Tabreed’s portfolio, but also for genuine benefits to the environment, thanks to the efficiency and reliability of the company’s technology and engineering.

Khalid Abdulla Al Marzooqi, Tabreed’s Chief Executive Officer, said that the partnership, entered into in April 2020, has been a significant success. “This is a partnership to own and operate the district cooling plants in Dubai Downtown area under a long-term concession. To date, the district cooling scheme connects 77 buildings with sustainable cooling energy, saving 190,000 tons of CO2 from entering the atmosphere each year, which is equivalent to removing the emissions from 41,000 cars.”

“Tabreed is a company built on progress, which is perfectly encapsulated in the relationship we have with Emaar. The connected RTs [Refrigeration Tons] of cooling currently stand at 153,000, and the benefits derived from our provisions speak for themselves and are essential for one of the world’s most famous urban areas in its drive towards greater sustainability.”

Ahmad Thani Rashed Al Matrooshi, Chairman of the Downtown Dubai Cooling Company and Executive Board Member of Emaar Properties, said that the one-year anniversary of the partnership between Tabreed and Emaar is a significant milestone. “This great nation leads the world in property development,” he commented, “and it continues to set new benchmarks relating to community living. To be able to supply district cooling to many of the world’s most iconic and visited landmarks means environmental benefits for all, and I look forward to many more years of progressive accomplishments between our organisations.”

Tabreed also announces the connection of its cooling services to Dunya Towers in Downtown Dubai, providing cooling to approximately 323,000 square feet of built-up area, which adds a further 492 refrigeration tons of cooling capacity to Tabreed’s portfolio.

Commenting on the recent Dunya Towers connection, Dr. Yousif Al Hammadi, Managing Director of the Downtown Cooling Platform for Tabreed and Emaar, said: “We are proud to deliver our services to Dunya Towers – this new connection adds to our customers’ trust and confidence in our innovative and reliable cooling solutions that have become an integral part of the infrastructure for major developments across the region.”

Dunya Towers, developed by one of the UAE’s leading real estate companies, Dunya Investment LLC, is a 22-storey modern residential project set within Downtown Dubai, and is flanked by iconic projects including the Burj Khalifa, The Dubai Mall, Dubai Opera and Dubai Fountains.

Dr. Yousif added: “Tabreed is committed to providing energy-efficient, cost-effective and environmentally friendly district cooling solutions that contribute to reducing the carbon footprint of the region and to preserving the environment and natural resources for present and future generations.”

With over 20 years of operational excellence, Tabreed has been the partner of choice for organisations seeking environmentally friendly cooling solutions to support their sustainability goals and reduce their overall energy consumption and carbon footprint. With 86 district cooling plants, Tabreed currently delivers over 1.4 million refrigeration tons to key developments, including iconic projects such as the Burj Khalifa, Dubai Mall, Dubai Opera, Louvre Abu Dhabi, New York University, the RTA’s Dubai Metro, Abu Dhabi Global Market, 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 in the Kingdom of Saudi Arabia.

• 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 Oman
• Tabreed 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 financial

performance 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.”

17 May, 2021 – Abu Dhabi, United Arab Emirates: The National Central Cooling Company PJSC (DFM: Tabreed), the leading international district cooling developer headquartered in the UAE, today announced that its Board of Directors has appointed Khalid Al Marzooqi as the company’s new Chief Executive Officer.

Khaled Al Qubaisi, Chairman of Tabreed, said of the appointment: “Khalid Al Marzooqi joins Tabreed at the beginning of an exciting new chapter for the company and brings with him a wealth of experience in the energy sector, where he has worked at the most senior levels. With the recent launch of Tabreed’s all-new corporate identity still fresh in our minds, the scene is set for this remarkable and progressive business to deliver on its ambitious plans, and I know Khalid’s considerable expertise will help drive us towards achieving ever more impressive results.”

Mr Al Marzooqi joins Tabreed from Dolphin Energy Limited, where he was Chief Operating Officer – Downstream, responsible for overseeing the entire Operations Downstream Division in the UAE. Prior to this he was Senior Vice President of Dolphin’s Technical Services Division and Al Marzouqi has occupied senior roles at the Abu Dhabi Department of Transport, Abu Dhabi Water and Electricity Authority (ADWEA) and ADCO. He has more than 25 years of experience in the energy industry and holds two majors in Chemical Engineering and Petroleum Engineering.

Khaled Al Qubaisi commented: “The Board sincerely thanks Bader Al Lamki for his steadfast belief in this company and his unwavering commitment meant that his time here was impactful for all the right reasons. Tabreed is bigger and more profitable than ever delivering a 24% increase in consolidated connected capacity, ensuring a 20% increase in revenues and playing a pivotal role in the acquisition of the Downtown District Cooling concession from Emaar; it being the largest DC M&A transaction in history. He also launched initiatives under his direction to overturn the status quo with regards to workplace diversity and corporate social responsibility. We are now a more modern, more dynamic and more inclusive organization and, on behalf of the Board and personally, I thank him for his innumerable contributions and wish him well for the future.”

• Nadia Bardawil becomes first female member of Executive Management Team
• Philippe 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).

Net profit of AED 85.5 million, up 4% compared to same period in 2020

 Portfolio’s connected capacity now exceeds 1.4 million refrigeration tons

09 May, 2021 – Abu Dhabi, United Arab Emirates: The National Central Cooling Company PJSC (DFM: Tabreed), headquartered in the UAE, today released its consolidated financial results for the first three months of 2021, reporting a net profit of AED 85.5 million – an increase of 4% compared to its 2020 Q1 performance.

Despite ongoing, significant market challenges, both regionally and internationally as a result of the global pandemic, Tabreed’s revenue has continued to grow, along with its portfolio of district cooling networks. Recent acquisitions include the Downtown Dubai district cooling scheme in a long-term partnership with Emaar, as well as Saadiyat Island’s plants, from its long-term partner, Aldar – a deal financially closed in April 2021.

Financial highlights – three months ended 31 March 2021:

• Group revenue increased by 21% to AED 357.6 million (Q1 2020: AED 294.4 million)
• Core chilled water revenue increased by 22% to AED 339.1 million (Q1 2020: AED 277.2 million)
• EBITDA increased by 28% to AED 226.8 million (Q1 2020: AED 177.6 million)
• Profit from Operation increased by 28% to AED 134.6 million (Q1 2020: AED 104.8 million)
• Net profit attributable to the parent increased by 4% to AED 85.5 million (Q1 2020: AED 82.2 million)
• Share of results of associates and joint ventures decreased by 1% to AED 19.4 million (Q1 2020: AED 19.6 million) (including income from discontinued operations)

Operational highlights – three months ended 31 March 2021:

• Total connected capacity reached 1,404,611 Refrigeration Tons (RT), with 492 RT being added in the UAE and 300 RT in Oman
• Tabreed achieved a record 13,266,194 hours worked without a single lost time incident (LTI), the most recent occurring in July 2015

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “Nobody would dispute that markets remain disrupted all around the world because of the impacts of Covid-19, but Tabreed has never been a company that stands still. These Q1 results are evidence that our unwavering, laser-like focus on customer satisfaction and quality of service, corporate excellence and operational efficiency work together to mean we consistently outperform the targets we’ve set ourselves. Couple this with our continuous seizing of growth opportunities and it’s obvious to all that Tabreed is a true industry leader, rooted in the pursuit of meaningful progress.”

Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “The first quarter results of 2021 have shown that ours is a business that continues to make strides and the recent unveiling of Tabreed’s new corporate brand could not have been better timed. As our branding proudly states, we are ‘Essential for Progress’ – we facilitate change and enable our customers to prosper and grow, too. But progress is about more than revenue; it’s also about how we take care of our own and, in this, Tabreed is setting new standards, energetically embracing diversity in our human capital with initiatives such as Tabreed Cares and Women in Tabreed.

“We also continue to see positive results from our extensive involvement in the UAE’s push for sustainability. Our plants are modern, clean, efficient, reliable and instrumental in reducing environmental impact. That’s undoubtedly good for business and we’re at the very heart of this progressive country’s green agenda.”

• 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 neutrality
• Company 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.

Tabreed publishes its first ESG report

17 March, 2021 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (Tabreed), the leading international district cooling developer based in the UAE, today published its first annual ESG Report, detailing the company’s 2020 environmental, social, and governance performance in the communities in which it operates.

Prepared in accordance with the Global Reporting Initiative (GRI) Standards, the international framework for sustainability reporting, the report offers greater insights in to the company’s activities and achievement and sets a baseline for measuring the company’s future ESG as a key industry leader.

Despite a challenging year, Tabreed continued to make considerable progress on its business objectives whilst also ensuring the health and safety of its staff across all its operational sites. In 2020, Tabreed added six new district cooling plants in its portfolio, and added over 50,000 new customer connections, resulting in the delivery of 1,403,819 RT across its operations. The net result was the displacement of over 1.35m metric tons of CO2 emissions – equivalent to removing 193,129 passenger vehicles off the road over the course of the year – in addition to electricity savings of 2.26 billion kilowatt/hours – enough to power 128,443 homes every year.

In a year unlike any other, the company maintained business continuity whilst ensuring the health and safety of its staff and partners across all Tabreed entities. The company sustained a strong safety performance recording zero operational fatalities, and over 12 million man-hours without time lost to injury.

Commenting on the report, Khaled Abdulla Al Qubaisi, Chairman at Tabreed said: “Meeting the growing demand for cooling in the coming years will require significant investment. Increased demand for cooling will also impact emission levels, which underscores the need to continue to pursue sustainable cooling projects to mitigate the risks of climate change. Tabreed’s 2020 ESG report will outline how it is addressing this dual challenge globally, offering greater insight into the company’s activities and achievements over the past year, and outlining its ESG philosophy moving forward.”

Commenting on the announcement, Bader Al Lamki, CEO at Tabreed said: “At Tabreed, we believe in the responsible supply of cooling, in ways that support the sustainable development of not only our company, but of the communities we serve.  Transparently reporting our ESG accomplishment is an important way to hold ourselves accountable for improving our own sustainability performance. I am proud to say that we made great strides on this front in 2020 and in particular our partnerships and initiatives with the United Nations through UNEP and the Cool Coalition, and we now look forward to what the future holds.”

As part of its commitment to encouraging Emiratis to pursue careers in the private sector and empower local talent to flourish, the report details Tabreed’s Emiratization efforts, as well as its current rate, which stands at 41%, one of the highest rates for a private company in the UAE.

In parallel, the report also outlines Tabreed’s CSR efforts in 2020, which were bookended by the launch of the #TabreedCares initiative, 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 COVID-19 testing and aid local communities affected by the pandemic, in addition to technical assistance to support operational precautionary measures at select sites.

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.

To view Tabreed’s 2020 ESG report in its entirety, please click here.

• Pioneering UAE district cooling company accelerates international expansion
• Board 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 added
• Tabreed 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 year
• Prevented 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.”

• Collaboration is part of Tabreed’s Big Data strategy
• Software will fully automate operation of the world’s largest district cooling scheme

Abu Dhabi, United Arab Emirates – 24 May 2022: Tabreed, the UAE’s pioneering District Cooling company, and ENGIE Digital, have extended their partnership with the implementation of Nemo, ENGIE’s operations software, in the 235,000 refrigeration ton (RT) capacity Downtown Dubai network.

In recent years, Tabreed has invested heavily in revamping its IT infrastructure as part of the company’s digital transformation and big data strategy and is capitalising on data generated over decades of operating district cooling plants and networks. Thanks to state-of-the-art IT infrastructure and the vast amounts of data readily available, Tabreed is able to achieve what is considered a breakthrough in district cooling by setting up a fully autonomous operation in the Downtown Dubai District Cooling Scheme, which is the largest of its kind anywhere in the world.

Data driven intelligent algorithms are able to forecast customer demand and make all operation related decisions, such as chilled water flow, temperature set points, equipment sequencing and network mix, optimising energy and water consumption and removing human error from operations.

In addition to the environmental benefits of this project, early testing has proved a remarkable decline in equipment downtime and improved cooling supply security. These improvements result from early failure detection and swift action of artificial intelligent algorithms that are able to divert flow and change mix on chilled water networks in a fraction of a second.

Atef Al Breiki, Senior Vice President of Operations at Tabreed, explained that one of the main factors that positions the company as the region’s leader in district cooling is that it has been operating longer than anyone else. “Over the past decades, Tabreed has accumulated unparalleled district cooling engineering and operations expertise, generating massive amounts of OT and business process data,” he said. “Tabreed has implemented a digital strategy, investing in its IT infrastructure and OT side systems to unlock value from its legacy and long track record in the business. The collaboration with ENGIE Digital and success of Nemo integration is a direct result of this strategy.”

Al Breiki added: “This project is the first of its kind, designed to ensure that our business model is future proof. With such programmes we continue to create value for all stakeholders and benefit society at large, further solidifying Tabreed’s position as the region’s leading district cooling provider.”

Igor Rocca, Nemo Project Lead at ENGIE Digital, agreed, saying: “This partnership with Tabreed is a phenomenal milestone for Nemo, ENGIE’s digital DHC-dedicated platform, and we are honoured to be supporting Tabreed in their drive for continuous improvement and operational efficiency at the Downtown Dubai cooling network. The successful implementation of Nemo has propelled us and given us motivation to keep on enhancing our platform and better supporting our partners. All Nemo teams are fully committed to bring the maximum value possible to Tabreed.”

Tabreed acquired an 80% stake in the Downtown Dubai district cooling network from Emaar Properties in April 2020. The world’s largest district cooling network, it comprises four interconnected district cooling plants with a combined connected supply of 160,145 RT of cooling connected to 80 buildings. Through its energy efficiency, the network prevents 205,000 tons of CO2 from entering the atmosphere each year – equivalent to removing 44,500 cars from the roads.

Tabreed’s Downtown Dubai network supplies cooling to many of the world’s most iconic buildings and venues, including the Burj Khalifa, The Dubai Mall, Dubai Opera and other landmark residential, commercial and hospitality developments.

For more updates from Tabreed, visit www.tabreed.ae

‘Essential for Progress’ central to company’s messaging as it looks to the future, following 23 years of outstanding achievement

12 April, 2021 – Abu Dhabi, United Arab Emirates: The National Central Cooling Company PJSC (DFM: Tabreed), headquartered in the UAE, yesterday unveiled its all-new branding and corporate identity, ushering in an exciting new chapter in the story of one of the country’s most promising companies.

This historic development followed Tabreed’s Annual General Assembly (AGA), which was held virtually on 21 March, confirming Tabreed’s stellar performance throughout 2020. The company exceeded all expectations by reporting a 16.5% increase in net income to a record AED 550 million and the addition of 221,100 Refrigeration Tons (RT) of capacity growth, resulting in the delivery of more than 1.4 million RT of cooling capacity. One of Tabreed’s major success stories during 2020 was the acquisition of the world’s largest district cooling scheme in Downtown Dubai

The assembly also saw the company’s shareholders approve a cash dividend of 5.75 fils per share and bonus shares of one share for every existing 45 shares for the financial year ending 31 December 2020. This equates to approximately 11.5 fils for each share at the current share price, representing a 10% increase on 2019’s dividend. Despite its many challenges, 2020 had been a remarkable year for Tabreed and it remains well positioned to make significant progress in the near future.

On Sunday 11 April, the new company brand identity lit up the night sky in Downtown Dubai, during a spectacular lights and graphics show projected against the iconic Burj Khalifa. As the show drew to a conclusion, Tabreed’s previous branding dramatically morphed into the all-new identity.

Honed and refined over many months by leading industry professionals, Tabreed’s new corporate identity, built around “essential for progress” as a core brand positioning, is more closely aligned with the company’s current strategy where business transformation and growth are to the fore. Reflecting Tabreed’s core values, the branding is more modern and dynamic, bolder in look and feel, and able to accurately articulate the company’s role in society: that of a catalyst for change with progress as its central tenet.

Following the unveiling, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “Tabreed is a company founded on the unending pursuit of progress and this is abundantly clear with our new corporate identity. It accurately portrays us as dynamic, modern and forward-thinking. ‘Essential for Progress’ represents what Tabreed is all about as we work together with our stakeholders, collaborators and customers, helping to shape a more sustainable future for communities all around the world.”

Tabreed provides essential district cooling services to the most prestigious landmarks in the UAE and the wider GCC and, for the past 12 months, has worked alongside Emaar to meet the requirements of Downtown Dubai, including Dubai Opera, Dubai Mall and the Burj Khalifa itself.

Commenting on the event, Tabreed’s Chief Executive Officer, Bader Al Lamki, said: “Essential for Progress’ is at the core of what Tabreed is. A company providing a vital service, allowing people and communities to flourish, through the deployment of critical infrastructure, at the heart of the region’s economic development. A company that drives progress, by fostering a progressive, diverse, inclusive, people-centred HR culture. A company that drive progress by executing on its ambitious expansion strategy to advance sustainable cooling globally and be an important contributor to the transition towards a greener, more sustainable economy.

“Unveiling our new brand identity on the Burj Khalifa was a fitting and appropriate springboard and, over the coming months and years, we will be telling our inspirational story to the world. Tabreed is a force for good in communities all around the globe and we look to the future with eager anticipation. We are catalysts for change and champions of sustainable progress, and I am certain our new look will resonate with anyone who sees it.”

Total capacity of the concession is 88k RT

23 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 Emirates
  • 11.3k RT outside United Arab Emirates

Commenting 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.

Platform to target $400 million in capital deployment in India and other South East Asian countries

03 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.

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.

Abu Dhabi, UAE, 7 March 2022: National Central Cooling Company PJSC (DFM: Tabreed) has announced  the publication of a Green Financing Framework, which will help the company meet its commitments and finance new projects to support its business strategy and vision. The framework enables Tabreed to issue green bonds and loans, with the resulting net proceeds to be used for financing ‘Eligible Green Projects’ which include its core business of constructing, acquiring and operating District Cooling schemes, as well as projects related to Energy and Water Efficiency and Wastewater Management.

The framework is accompanied by a Second Party Opinion from Sustainalytics, a leading, global ESG ratings agency. This Framework and Second Party Opinion demonstrate the sustainable nature of Tabreed’s District Cooling operations, which utilise 50% less power than conventional cooling, while providing an essential service in the GCC and wider region.

Tabreed’s Green Financing Framework has been developed in accordance with the ICMA Green Bond Principles (GBP) 2021 and the Loan Market Association (LMA) Green Loan Principles (GLP) 2021, and will be governed by a multidisciplinary management committee led by the Group’s Chief Financial Officer.

Adel Salem Al Wahedi, Tabreed’s Chief Financial Officer, said this new framework will support Tabreed’s sustainability-driven vision and growth. “We are convinced,” he said, “that this will align our operations with the United Nations’ and UAE’s sustainable development goals. Around the world, governments and public institutions are adopting ambitious sustainability agendas and at Tabreed we are supporting the UAE’s efforts in this regard. Our investors and stakeholders trust us to lead the drive for sustainability in the district cooling and energy sector, and this green financial framework will benefit developers and communities alike, as well as provide Tabreed with its own extra capacity for meaningful growth.”

The framework will also benefit Tabreed’s investors, shareholders, staff and customers, enabling the company to attract green debt and equity funds to invest in its business. Additionally, the second party opinion received from Sustainalytics provides strong support for Tabreed’s ESG credentials, the report stating they were “confident that Tabreed is well positioned to issue Green Financing Instruments and that the Tabreed Green Financing Framework is robust, transparent and in alignment with the four core components of the Green Bond Principles 2021 and Green Loan Principles 2021”.

For more updates from Tabreed, visit www.tabreed.ae

Successful syndication is recognition of Tabreed’s strong market position
despite challenging global conditions

9 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.

Partnership demonstrates Tabreed’s support for Egypt’s energy transition strategy

Abu Dhabi, UAE, 10 February 2022: National Central Cooling Company PJSC (DFM: Tabreed), The Egyptian Company for Energy and Cooling projects (Gascool) and Marakez for Real Estate Investment Company, have signed a partnership agreement to provide district cooling services to the new D5M mall in New Katameya, east Cairo. Being the company’s first foray into the Egyptian market, the deal is of special importance to Tabreed with the country representing significant potential for future portfolio growth.

Construction of D5M is currently nearing completion and it forms an integral part of the wider ‘District Five’ development by the developer, MARAKEZ, a subsidiary of Saudi Arabia’s Fawaz Al Hokair Group (FAH), one of the leading retail developers in the MENA region. Mall operations will commence this year, with full operations targeted before the end of 2023. Tabreed is the lead partner of the consortium with a 60% equity stake while Gascool holds the remaining 40%. The district cooling plant will be built in phases. Its operational ultimate capacity will be 6,000 refrigeration tons (RT) contracted under a long-term agreement, with total installed capacity of 7,500 RT.

The 70,000 square metre D5M also includes a residential complex with 1,800 state-of-the-art town houses and apartments as well as offices. It is the latest project by MARAKEZ, which currently operates a network of 17 shopping malls, managing over 1.6 million square metres of prime retail real estate, including the flagship Mall of Arabia.

Following the signing of the agreement, Eng. Khalid Abdulla Al Marzooqi, Tabreed’s Chief Executive Officer, said: “This is a very important, strategic step for our company, our entry into the Egyptian market being a solid part of our long-term plans for sustainable growth beyond the GCC. Tabreed’s unrivalled expertise in the district cooling industry will benefit Egypt in various ways and the Gascool JV is a perfect fit for Tabreed, having a proven track record for operational excellence, sharing our values and a relentless pursuit of energy efficiency. Our business partner and shareholder, ENGIE, also has a presence in Egypt, experience that Tabreed will be able to benefit from over the coming years.”

Tabreed is Egypt’s first international investor in district cooling and the market is a very promising one. The industry is a relatively recent introduction to Egypt, with Gascool being the country’s first district cooling provider, established in 2004. Adoption is increasing, however, and this will assist the country in meeting its environmental and sustainability targets. District cooling uses approximately half the energy consumed by conventional cooling methods, preventing the release of millions of tons of carbon dioxide each year. The district cooling industry is becoming increasingly viewed as an essential pillar in the drive towards carbon neutrality.

MARAKEZ CEO Basil Ramzi commented on the partnership saying: “Our partnership with Tabreed and Gascool – two leading companies providing energy-efficient, cost-effective and environmentally friendlier cooling solutions – further deepens our efforts in support of Egypt Vision 2030 toward greater environmental sustainability. As an industry leader in the real estate development sector, MARAKEZ seeks equally strong partners to support its pioneering commercial and residential developments across Egypt.”

Gascool Chairman, Eng. Amr Badawy, echoed these sentiments, stating: “We had the pleasure of signing the consortium agreement with Tabreed, one of the leading international district cooling developers in the world. Egypt’s market is currently witnessing unprecedented development, requiring district cooling services as the most energy-efficient and environmentally friendly cooling solution.”

For more updates from Tabreed, visit www.tabreed.ae

Company targeting efficiency improvement of 30% against comparable industry performance benchmarks

28 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.

The UAE’s original District Cooling provider celebrates another year of exceptional success

Abu Dhabi, United Arab Emirates – 22 March, 2022: The shareholders of Tabreed have approved a dividend for 2021 through the combination of a cash dividend of 6 fils per share plus a bonus share issue of 1 share for every 40 shares held, which equates to 12 fils per share. This is the highest ever dividend payment to Tabreed shareholders and represents an increase on the previous year which reflects the growth of the business, whilst retaining availability of Tabreed’s growth capital.

The dividend was formally approved during Tabreed’s Annual General Assembly (AGA), which took place on Monday, 21 March 2022. The AGA was chaired by Tabreed’s Chairman, Khaled Abdulla Al Qubaisi, and attended by shareholders and members of Tabreed’s Board of Directors.

Commenting on the company’s success throughout 2021, Al Qubaisi said: “2021 was a stellar year for Tabreed, seeing us outperform on multiple fronts to advance towards our long-term sustainable growth plans. We doubled down on our strategy, expanded through organic growth and acquisitions, achieved operational efficiencies and delivered excellence for our clients and people. Our Green Finance Framework further placed us at the heart of the region’s current and future sustainable infrastructure projects.

“Our resolute focus on excellence in all that we do has reinforced Tabreed’s resilience and reliability, unlocking value across the business. Both our acquisition of the 80,000 Refrigeration Ton (RT) Al Maryah plant and our strategic partnership with the World Bank Group’s International Finance Corporation (IFC), underscored our focus on partnerships and pursuit for growth in the UAE and key international markets.

“As we look ahead, we will continue to invest in our business, to capitalise on the significant opportunities aligned with our focus on creating a sustainable future for all.”

Khalid Abdulla Al Marzooqi, Tabreed’s Chief Executive Officer, said: “During 2021, group revenue increased by 12% to AED 1.95 billion, core chilled water revenue increased by 12% to AED 1.88 billion and we added 40,495 Refrigeration Tons (RT) of new customer connections – proof, if any were needed, that Tabreed is on the right path. And already 2022 is shaping up to be another stellar year in the history of this most resilient organisation.

“We provide essential district cooling to many of the region’s most notable real estate developments and communities, aligning with the country’s stated environmental targets by massively reducing energy consumption, resulting in significant reductions in carbon emissions. Our operations last year, for instance, prevented the release of 1.39 million metric tons of CO2 into the atmosphere, equivalent to the removal of 302,592 vehicles from our roads.

“Tabreed has a more diverse business portfolio than ever before, as we continue to expand into new geographical regions and service offerings. Recently we announced new projects in Egypt and Saudi Arabia, while our operations in India continue to gather pace. In addition to our district cooling operations, Tabreed now helps businesses optimise their energy usage, reducing their operating costs and environmental impact – all of which add to the company’s already impeccable green credentials. A dynamic and sustainable business, I am confident that Tabreed will go from strength-to-strength over the coming months and years.”

One of UAE’s most resilient companies maintains robust operations, aims to expand portfolio

Abu Dhabi, United Arab Emirates – 15 February 2022: National Central Cooling Company PJSC (DFM: Tabreed), today released its consolidated financial results for 2021, reporting a net profit of AED 585.2 million – an increase of 6% compared to its 2020 performance. In addition, Tabreed’s Board of Directors is pleased to recommend a dividend of 12.0 fils per share, to be paid 50% in cash and 50% through a bonus share issue of 1 share for every 40 shares held. This dividend represents an increase on last year in line with the growth of the business, while retaining availability of growth capital within the business.

Throughout 2021, Tabreed continued to execute its long-term plans for sustainable growth. The company streamlined its operations while expanding within the UAE, adding new connections in its Downtown Dubai District Cooling Plant network and acquiring full ownership of Abu Dhabi’s 80,000 Refrigeration Ton (RT) Al Maryah plant from from joint venture partner, Mubadala Infrastructure Partners (MIP).

In April the company showcased its all-new corporate identity, during a spectacular light display against the side of the world’s tallest building, the Burj Khalifa, broadcast around the world. Over the subsequent months, Tabreed has benefitted from increased public awareness, bolstered by recognition and accolades from highly respected organisations resulting in several notable awards for business excellence, including the prestigious Sheikh Khalifa Excellence Award’s Silver Category in the Services Sector, as well as two separate awards from the International District Energy Association (IDEA).

Market conditions remained volatile during the year, as the pandemic continued to impact industries around the region and beyond, Tabreed’s resilience and impeccable reliability more vital than ever for customers dependent on uninterrupted service. Tabreed continued its proactive approach to staff welfare, too, with its Employee Assist Programme (EAP), which provides continuous support on a wide range of issues, including mental and physical wellbeing.

The company’s green credentials came to the fore during 2021, too, exemplified by its participation in the global COP26 environmental summit and the introduction of its new Green Finance Framework, which puts Tabreed at the heart of the region’s current and future sustainable infrastructure projects. In 2021 the company also published its annual ESG Report, detailing its 2020 environmental, social, and governance performance in the communities in which it operates, providing greater insight than ever into Tabreed’s activities and achievements.

As 2021 drew to a close, Tabreed finalised a significant strategic partnership with the International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets. Under this partnership, the current Tabreed India is to be transferred to a new, Singapore incorporated company owned 75% by Tabreed and 25% by IFC. This company has a clear mandate to invest in projects of up to approximately $400 million over the next five years, targeting a portfolio of approximately 100,000 refrigeration tonnes (RT) across India.

Financial highlights – 12 months ended 31 December 2021:  

• Group revenue increased by 12% to AED 1.95 billion (2020: AED 1.7 billion)
• Core chilled water revenue increased by 12% to AED 1.88 billion (2020: AED 1.69 billion)
• EBITDA increased by 7% to AED 1.03 billion (2020: AED 970.1 million)
• Net profit attributable to the parent increased by 6% to AED 585.2 million (2020: AED 550.3 million)

Operational highlights – 12 months ended 31 December 2021:         

• Total connected capacity increased to 1,210,096 Refrigeration Tons (RT), after adjusting for the divestment of Qatar Cool
• 40,495 Refrigeration Tons (RT) of new customer connections added
• Successful integration of two concessions totalling 88,000 RT on Saadiyat Island, with closing achieved during April 2021
• Tabreed achieved a record 14,738,690 hours worked without a single lost time incident (LTI), the most recent occurring in July 2015

Environmental impact highlights – 12 months ended 31 December 2021:

• 2.33 billion kilowatt hours saved across the GCC – enough to power 132,590 homes every year
• Prevented the release of 1.39 million metric tons of CO2 into the atmosphere, which is equivalent to the removal of 302,592 vehicles from the roads annually

Commenting on the results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “Once again Tabreed’s year-end results are evidence that the company is in the safest possible hands and the company’s net income builds on our recent history, which has seen average annual growth of 10% since the beginning of 2017. Our prudent, strategy-led investment programmes continually produce numbers that prove Tabreed is on the right track, with sustainability at the core of our operations and financial outlook. Tabreed is a remarkable, home-grown UAE success story and its position in the market as the world’s leading expert in district energy is one we can all take great reassurance from, as we continue our drive toward a sustainable future for all.”

Khalid Abdulla Al Marzooqi, Tabreed’s Chief Executive Officer, added: “Perhaps more than at any other time in the company’s history, 2021 was the year Tabreed was regionally and globally recognised for the vital role it plays in achieving ambitious environmental and carbon reduction targets. Our relentless pursuit of operational excellence and energy efficiency positively impacts everyone concerned – our shareholders, stakeholders, customers and staff, as well as the communities we serve. Tabreed looks to the future with genuine optimism as numerous long-term strategic plans come to fruition, and it’s a company I am proud to be leading into 2022.”

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.

New addition sees Tabreed’s Oman portfolio increase to seven district cooling plants

Abu Dhabi, UAE, 25 January 2022: National Central Cooling Company PJSC (DFM: Tabreed) held a signing ceremony on Sunday 23 January 2022, to mark the completion of the acquisition, through its subsidiary in Oman, of a new district cooling plant from Al Mouj, Muscat’s premier development. This new transaction takes Tabreed’s tally of owned and contracted district cooling plants in the Sultanate to seven.

Al Mouj Muscat is a joint venture between the UAE’s Majid Al Futtaim Properties and Omran, the tourism and development arm of the Omani government. An aspirational lifestyle destination with ocean views and beaches, parks and a promenade featuring award-winning architecture, it also includes hotels, retail and dining outlets, a 400-berth marina and a golf course ranked among

the top 100 worldwide.

Tabreed (through its subsidiary in Oman) and Al Mouj Muscat have signed an exclusive perpetual cooling concession for over 30,000 refrigeration tons (RT), with more than 19,000 RT already connected and operational. This transaction practically doubles Tabreed’s concession capacity in the Sultanate from 32,000 RT to 62,000 RT.

Khalid Abdullah Al Marzooqi, Tabreed’s Chief Executive Officer, said: “With this acquisition, Tabreed has significantly increased its residential cooling business in Oman. This is a natural progression for the company and we are getting closer to end users, which benefits us all. Al Mouj also embodies a truly promising partnership between Tabreed, Omran, Tanmia and Majid Al Futtaim Properties.”

Tabreed  commenced operations in Oman in 2007  together with leading Omani investors as partners such as Ministry of Defence Pension Fund, ISS Pension Fund, Diwan of Royal Court Pension Fund, PPD and PMA International. Tabreed’s first project in Oman was the 2,411 RT plant at Knowledge Oasis Muscat, Oman’s flagship technology park in 2010. This was followed by Oman Avenues Mall, Land Mark in Bausher, Mall of Muscat, Hilton Garden Inn Hotel and Al Araimi Boulevard Mall, the region’s first eco-friendly retail destination.

Al Mouj is Tabreed’s largest project to date in Oman and a culmination of the company’s desire to continue investing in essential district cooling infrastructure for the Sultanate’s most important real estate developments. The transaction was signed in December 2021 and has now achieved financial close, representing a fitting to conclusion for 2021, a year which was also notable for the appointment of Abdullah Al Hinai as Tabreed’s regional Chief Executive Officer in Oman. An Omani national, Al Hinai has been with the company since its formation in Oman, initially as Project Manager and more recently as Projects Director.

For more updates from Tabreed, visit www.tabreed.ae

Abu Dhabi, United Arab Emirates – 12 May 2022: Tabreed, the UAE headquartered and leading international district cooling developer, yesterday released its consolidated financial results for the first quarter of 2022, reporting a net profit of AED 88.2 million – an increase of 3.1% compared to its Q1 2021 performance.

With a promising start to the year, Tabreed practically doubled the size of its concession capacity in Oman with the acquisition of the district cooling plant that services Al Mouj, the Sultanate’s most prestigious new real estate development. Tabreed’s portfolio in Oman now includes seven plants and Al Mouj represents the company’s biggest project there, evidence of its desire to drive further investment in this important territory. A further nine new connections were added in the UAE and Bahrain during the quarter, increasing Tabreed’s total connected capacity to 1,236,433 Refrigeration Tons (RT).

During February, Tabreed announced its entry into the Egyptian market, partnering with The Egyptian Company for Energy and Cooling projects (Gascool) and Marakez for Real Estate Investment Company, to provide district cooling services to the new D5M mall in New Katameya, east Cairo.

Rounding off the first quarter of 2022 with a clear indication of its environmental goals, in March Tabreed publicly announced a new Green Financing Framework that will benefit its investors, stakeholders, developers and communities alike, by aligning operations with the sustainability and ‘Net Zero’ targets of each country Tabreed is present within.

Financial highlights – three months ended 31 March 2022:  

• Group revenue increased by 17% to AED 419.9 million (Q1 2021: AED 357.6 million)
• Core chilled water revenue increased by 20% to AED 405.7 million (Q1 2021: AED 339.1 million)
• EBITDA increased by 16% to AED 263.6 million (Q1 2021: AED 226.8 million)
• Profit from Operation increased by 14% to AED 153.7 million (Q1 2021: AED 134.6 million)
• Net profit attributable to the parent increased by 3.1% to AED 88.2 million (Q1 2021: AED 85.5 million)

Operational highlights – three months ended 31 March 2022:         

• Total connected capacity reached 1,236,433 Refrigeration Tons (RT)
• 26,337 Refrigeration Tons (RT) of new customer connections added, with load additions of 7,537 RT in the UAE, 18,300 RT in Oman and 500 RT in Bahrain
• Tabreed achieved a record 15,196,136 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: “This is a truly exceptional UAE company and these first quarter results demonstrate, not only Tabreed’s robustness, but the wisdom of its organic and sustainable approach to growth. We’re expanding our portfolio and entering new territories, with our recently announced partnership with the International Finance Corporation [IFC] set to redefine Tabreed’s geographical reach and impact. And closer to home we will continue to add new customer connections, enter long-term strategic partnerships, increase our portfolio and seize opportunities to build on an already world-class reputation for excellence.”

Eng. Khalid Abdulla Al Marzooqi, Tabreed’s Chief Executive Officer, added: “With such remarkable first quarter results, Tabreed continues to prove its impeccable credentials as a company that’s safe for its investors, its stakeholders, its people and the wider environment. With 26,337 RT of new connections added in just three months, we have entered 2022 with real momentum and meaningful growth in our sights. Tabreed is a true, home-grown success story and this is going to be another excellent year of meaningful progress and surpassing expectations.”

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 added
• 6 new plants added through acquisitions of Downtown Dubai and Saadiyat Island

Environmental impact highlights- 12 months ended 31 December 2020:

• 12,842,023 man-hours without a lost-time injury
• 2.26 billion kilowatt/hours saved across the GCC – enough to power 128,443 homes every year
• Prevented 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 annually

Commenting 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.​

Abu Dhabi, UAE, 05 January 2022: The National Central Cooling Company PJSC (DFM: Tabreed), today announced that its Board of Directors has appointed Antonio Di Cecca as its new Chief Operating Officer (COO) with effect from January, 5 2022.

Antonio Di Cecca succeeds Jean-François Chartrain, who joined as Tabreed’s Chief Operating Officer in November 2017. During Chartrain’s four-year tenure, the company experienced an unprecedented period of portfolio growth and made major advancements in operational efficiency along with significant advancements in improved, streamlined customer service while posting record profits and shareholder dividends.

Khalid Abdullah Al Marzooqi, Tabreed’s Chief Executive Officer, said of the appointment: “Antonio joins Tabreed at possibly the most exciting time for the company, as it builds on the momentum following its wholesale rebranding, which itself swiftly followed the most impactful and ambitious programme of major acquisitions in Tabreed’s rich history.

“This recent progress has been largely influenced by the person Antonio is replacing – Jean-Francois Chartrain – and to him we owe a debt of gratitude. To say his input has been invaluable would be a huge understatement and his cool, calm demeanour will surely be missed by any of us privileged to have worked alongside him. It’s safe to say that I speak for everyone at Tabreed when I say we wish him and his family the very best for the future.”

Jean-Francois (known throughout the company simply as ‘JEFF’), joined as Tabreed’s Chief Operating Officer in November 2017, shortly after ENGIE invested in 40% ownership of the company. Prior to joining Tabreed, Chartrain was Head of Technical Department and Engineering at ENGIE Italia, where he served as well as Director of the District Heating of Aosta, in the northwest of Italy.

Chartrain said of his time with Tabreed that it had been transformational, with several key acquisitions such as the Downtown Dubai District Cooling Network and the Saadiyat Island and Al Maryah Island cooling plants in Abu Dhabi, exponentially increasing Tabreed’s portfolio and profitability. “Operationally, too, we have made huge advancements,” he remarked, “with our UAE O&M activities being overhauled to benefit our customers and increase our efficiency, which is vital for the environment and the communities in which we operate. I am very proud to have played a part in these important advancements and I look forward to seeing the company go from strength-to-strength in the future.”

Italian Di Cecca, 46, like Chartrain, hails from ENGIE, where he has performed numerous roles in the district cooling industry worldwide since joining in 2011, most recently as Head of Asset Management at the group’s Dubai headquarters. He was ENGIE’s Business Development Executive when the group carried out its 40% stake acquisition of Tabreed and has been instrumental in bringing together the two entities, representing both Tabreed and ENGIE internationally.

Antonio has extensive international experience of 20+ years within the energy sector, which includes a period of five years he spent working with the International Energy Agency (IEA). He is also an active member in many district energy associations as well as the technical committee of the World Utility Congress. Di Cecca is fluent in Italian, French, Spanish and English, and has a Master in Aerospace Engineering from Politecnico di Torino (Turin, Italy), and a Specialized Master in Energy Engineering and Management from the Ecole de Mines de Paris (Paris, France).

26 July, 2020

Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading international district cooling developer based in UAE, released its consolidated financial results today for the first six months of 2020. The company has reported net profit of AED 224.30 million, driven by the acquisition of its Downtown Dubai district cooling business in a long-term partnership with Emaar, one of the world’s largest real estate companies and a global property developer, to provide up to 235,000 RT of cooling from the largest integrated district cooling scheme in the world to some of Emaar’s most prestigious developments.

In the midst of the global COVID-19 pandemic, the company has maintained continuous uninterrupted service to all of its customers while also adopting industry-leading health and safety practices and sanitization programmes to ensure the safety of its staff and stakeholders during these challenging times.

Financial highlights – six months ended 30 June 2020:

• Net profit attributable to the parent increased by 13% to AED 224.30 million (H1 2019: AED 199.36 million)
• Group revenue increased by 6% to AED 710.02 million (H1 2019: AED 671.94 million)
• Core chilled water revenue increased by 7% to AED 681.17 million (H1 2019: AED 634.43 million)
• EBITDA increased by 14% to AED 415.4 million (H1 2019: AED 366 million)
• Share of results of associates and joint ventures decreased by 42% to AED 23.37 million (H1 2019: AED 40.22 million)

Operational highlights – six months ended 30 June 2020:

• Total Group connected capacity across the GCC increased to 1.342 million refrigeration tons (RT), with 160,000 RT of new customer connections added in the first half of the year as follows:
•  
  • 150,000 RT in the UAE
  • 10,000 RT outside the UAE

Environmental highlights – six months ended 30 June 2020:

• Tabreed’s energy efficient services prevented the release of 500,669 metric tons of carbon dioxide into the atmosphere over the course of the last 6 months – equivalent to eliminating carbon emissions from 108,841 vehicles
• Contributed to saving 838 million kilowatt hours of power across the GCC – enough energy to power 47,692 homes in the UAE every year

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said:

“Tabreed’s ongoing growth reflects our commitment to meet the region’s growing demand for energy-efficient and environmentally-friendly cooling solutions. We have achieved consistent progress on our sustainability targets this year and, as we look ahead, we will continue to harness our operational knowledge and capabilities towards continued growth with an ongoing contribution to the region’s sustainable development. Most notably, Tabreed continued to add to its portfolio of landmark projects with the acquisition of our Downtown Dubai district cooling business during the second quarter of 2020 in a historic partnership with Emaar,” he continued.

Bader Al Lamki, Tabreed’s Chief Executive Officer, said:

“Tabreed has established a leading position in the district cooling industry, with a clear vision to deliver consistent and sustainable results to investors and shareholders. Tabreed’s key strengths, including our highly efficient district cooling technology and market leadership, enabled us to achieve competitive net profit figures and EBITDA margins during the first half of 2019. Moving forward, we remain well-positioned to continue to capture growth opportunities despite the unprecedented global pandemic, in large part thanks to the efforts of the leadership of the emirates of both Abu Dhabi and Dubai, who ensured that vital operations like Tabreed’s were supported, whilst also prioritising the health and safety of residents and citizens.”

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.

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.

• Tabreed navigates global pandemic to ensure highest standards are maintained across all services
• Tabreed aligns work processes with health guidelines issued by relevant authorities

7 May, 2020 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading international district cooling developer based in UAE, released today its consolidated financial results for the first three months of 2020, reporting net profit of AED 82.2 million, an increase of 3% compared to its 2019 Q1 performance.

In the midst of the global COVID-19 pandemic, the company has taken every precaution to ensure continuous uninterrupted service is maintained to all of its customers while also adopting industry-leading health and safety practices and sanitization programmes to ensure the safety of its staff during these challenging times.

Notwithstanding the unprecedented global pandemic, the company continues to meet the growing demand for district cooling solutions and has recently announced the acquisition of its Downtown Dubai district cooling business in a long-term partnership with Emaar, one of the world’s largest real estate companies and a global property developer, to provide up to 235,000 RT of cooling from the largest integrated district cooling scheme in the world to some of Emaar’s most prestigious developments.

Financial highlights – three months ended 31 March 2020:

• Decrease in revenue of 1% driven by results from value chain businesses
• Chilled water revenue in line with prior year
• Gross margins marginally up on prior year at 55%
• Finance costs down due to lower rates
• Increase in administrative and other expenses mainly from a provision of AED 10 million on receivables due to impact of COVID-19 offset by cost savings
• EBITDA increased by 5% to AED 178.2 million (Q1 2019: AED 170.2)

Operational highlights – three months ended 31 March 2020:

• Staff were successfully rotated to ensure at least 50% of workers were on call at any given time, while all necessary precautions are being taken to ensure their safety amid the threat of the spread of COVID-19
• Management were able to mitigate the threat of the virus by ensuring that services were maintained with minimal staff interaction and exposure leveraging its state-of-the-art technology and operation philosophy coupled with thorough and regular sanitization of plants and offices

Environmental highlights – three months ended 31 March 2020:

• Tabreed’s energy efficient services prevented the release of 1,233,000 metric tons of carbon dioxide into the atmosphere over the course of the previous year – the equivalent of eliminating the emissions from 268,000 vehicles

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “Tabreed’s first quarter financial results demonstrate the resilience of our operational capabilities, proving that we are still able to deliver essential, efficient and reliable services to our customers as we collectively navigate through these challenging times.”

“Tabreed has successfully continued to deliver efficient and cost-effective cooling solutions, minimizing the potential for a disruption to the service through working remotely and safely in cooperation with our highly qualified and dedicated employees. Our facilities are 100% operational and we are taking all possible measures to ensure we maintain this service level while ensuring the health and safety of all that interact with our facilities.” He added.

Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “We are extremely proud of the swift and effective steps we have been taking to ensure our business continuity and ability to serve the market and our customers during this period of intense market conditions.”

“Now more than ever, it is critical that we make it possible for all customers to continue their operations and help them respond to the unique demands that they are facing. Tabreed’s response in this regard has been strong, and as we align our work processes with the guidelines issued by relevant authorities, and our customers can rest assured that they can continue to count on us to support their businesses with efficient, reliable and effective district cooling solutions.” He added.

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 1.338 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.

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.

22 December, 2019 – Abu Dhabi, United Arab Emirates: The National Central Cooling Company PJSC (DFM: Tabreed), the leading international district cooling developer based in the UAE, has acquired an additional 8 percent stake in Saudi Tabreed, its district cooling investment vehicle in Saudi Arabia held jointly by Vision Invest, IDB Infrastructure Fund II of the Public Investment Fund of Saudi Arabia and others, bringing its ownership up to 28 percent.

Khaled Al Qubaisi, Tabreed’s Chairman, said: “This acquisition underscores our commitment to supporting and fulfilling the current and future infrastructure needs of large scale developments throughout the Middle East and further cements our position as a leading international district cooling developer. Within Saudi Arabia, district cooling is becoming a vital part of complex urban infrastructure developments and we are pleased to be able to support the achievement of Saudi Vision 2030.”

“Saudi Tabreed currently provides and operates 187,000 RT of cooling to projects including Jabal Omar Development in Mecca, ARAMCO in Dahran and King Abdullah Financial district. With the rapid growth and urbanization of the largest market in the GCC, Tabreed’s acquisition of an additional stake in Saudi Tabreed amounting to SAR 129 Million will further enhance its ability to capitalize on new business opportunities.” Al Qubaisi concluded.

In line with the Saudi Vision 2030 and its strategic objectives of developing a vibrant society, thriving economy and ambitious nation, Saudi Tabreed works with the public sector through long term Build-Operate-Own-Transfer frameworks to optimise energy consumption by providing innovative district cooling solutions.

Delivering on this, Saudi Tabreed announced the commissioning of the district cooling plant at the King Khalid International Airport phase 1 in Riyadh with a total capacity of 20,000RT serving terminals 1 to 4 on exclusive basis.

Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “We are delighted to contribute to our affiliate’s continued growth within the Kingdom by increasing our stake to 28%. The concession of 20K RT demonstrates our commitment to the Saudi market where, as published in the Global Market Insight Inc., district cooling is set to exceed USD 1 billion by the next five years”.

“Tabreed is enabling businesses in the Kingdom of Saudi Arabia to enhance their energy efficiency, reduce costs and meet their sustainability objectives by integrating advanced technology, operational excellence and the latest innovation in district cooling into its solutions.” Added Al Lamki.

Saudi Tabreed has formed multiple joint venture companies in partnership with regional and local players. Its subsidiaries and project companies include Saudi Dhahran District Cooling Company (SDCC), Central District Cooling Company (CDCC) and the Operation and Maintenance for District Cooling Systems (STOM). Current contracted projects include Saudi Aramco, Jabal Omar Development Project in the Holy City of Mecca, King Abdullah Financial District and the King Khalid International Airport.

With over two decades of operational excellence, Tabreed is the partner of choice for organizations interested in benefiting from environmentally friendly district cooling solutions that support the region’s achievement of the Sustainable Development Goals. With 76 district cooling plants located throughout the region, Tabreed currently delivers over 1.16 million refrigeration tons to key developments including iconic infrastructure projects such as Sheikh Zayed Grand Mosque, Dubai Metro, Ferrari World Abu Dhabi, Yas Water Park, Abu Dhabi’s Al Maryah Island, Bahrain Financial Market in the Kingdom of Bahrain and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

AED 2.48 billion deal with Emaar

06 April 2020 – Dubai, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based international district cooling developer has announced the acquisition of a 80% stake in Emaar Properties PJSC’s (DFM: Emaar) Downtown Dubai district cooling business at a cost of AED 2.48 billion (USD 675m). Emaar, one of the world’s largest real estate companies and a global property developer, will retain a 20% stake as part of the long-term partnership with Tabreed.

Downtown Dubai is Emaar’s flagship mega-development at the heart of the city. The destination is home to the iconic Burj Khalifa – the world’s tallest building, The Dubai Mall – the most visited mall in the world, The Dubai Fountain, Dubai Opera and other landmark residential, commercial and hospitality developments. The long-term concession will exclusively provide up to 235,000 RT of cooling to Dubai’s most prestigious developments with the largest integrated energy efficient cooling scheme in the world.

The district cooling scheme currently provides 150,000 RT of contracted capacity through a network that distributes chilled water produced in 3 already built interconnected district cooling plants; shortly followed by a 4th state-of-the-art plant that is currently under construction. Following the completion of the transaction, Tabreed’s presence in Dubai has increased to 278,801 RT and its total capacity has increased by 12.6% to 1,338,602 RT from 83 plants. The transaction represents a major milestone in Tabreed’s history, demonstrating the Company’s ability to deliver on its growth potential and reinforcing its position as the global district cooling industry leader and the cooling provider of choice for landmark developments in the region and beyond.

Khaled Abdulla Al Qubaisi, Chairman of Tabreed, said: “This is a historic achievement for Tabreed and a truly transformational transaction for the company, accelerating our growth trajectory and consolidating our position in Dubai. Tabreed is an international powerhouse in district cooling, with over 22 years of experience, operational excellence across 83 plants and investments in six countries. This acquisition, in the world’s largest district cooling market, is a further testament to our financial strength and leading market position. We are well placed to take advantage of growth opportunities and expect our enhanced presence within the Dubai market to further enable us to reach our long-term objectives.”

“We are proud to be a partner of choice for Emaar and to serve their iconic developments in Downtown Dubai. We are delighted with the agreement which paves the way for a long-term relationship with one of the world’s largest and most reputed real estate developers.” Al Qubaisi concluded.

Commenting on the acquisition, Chairman of Emaar Properties Mohamed Alabbar added: “This is a key transaction for both Emaar and Tabreed. Emaar values the strategic partnerships we establish, making a concerted effort to nurture and deepen these alliances. Tabreed is one such example where we can identify with many synergies between the companies, and we’re pleased to see our prosperous journey reach new heights. Downtown Dubai is a hallmark of pride for Emaar and we trust Tabreed feels the same way, serving and treating its constituents as their own.”

With this transaction, Tabreed’s extensive portfolio of iconic developments now includes the Burj Khalifa, Dubai Mall, Dubai Opera, the RTA’s Dubai Metro, Abu Dhabi Global Market, 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.

28 November, 2019 – Abu Dhabi, United Arab Emirates: The National Central Cooling Company PJSC (DFM: Tabreed), the leading international district cooling developer based in the UAE, celebrates hitting 10 million safe work hours without Lost Time Injury (LTI).

The accomplishment is a result of Tabreed’s compliance with the highest international standards of safety and operational excellence, its commitment to maintaining a robust Health, Safety & Environment (HSE) culture, and its continuous implementation of workplace safety improvement programs.

Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “Managing safety is never an easy task as it requires full commitment from all stakeholders to secure great results. This achievement was made possible by the collective efforts of all our employees, who established values and attitudes aiming to promote and maintain safety culture across the business.”
“We are proud of achieving this milestone given the large scale of our operations, spanning five countries with 75 plants.” He added.

Tabreed is committed to further enhancing its HSEQ culture, led by the company’s leadership who recognizes the importance of empowering employees at every level of the business to ensure their own safety and the safety of other employees and partners through a range of best practices and tools that enable the identification of potential incidents prior to their occurrence.
“In the journey towards excellence in HSE culture, Tabreed personnel not only manifested the core value ‘Commitment to HSE’ but also strengthened their excellent workmanship with appropriate techniques to identify and mitigate existing and foreseeable risks. This was a team objective and one Tabreed wouldn’t have achieved, if not for the hard work and efforts from all our employees and partners.” Said Sabooh Asghar, Vice President of HSEQ at Tabreed.

Earlier this year Tabreed was accredited with the ISO 50001 standard and was integrated with Tabreed’s existing health, safety, environment and quality management system. The ISO standard provides one of the best practice model and global benchmark for climate and clean energy action by helping companies to improve energy performance, consumption and sustainability. Prior to being certified on this standard, Tabreed had been accredited with the ISO 9001:2015 standard for quality management system, ISO 14001:2015 standard for environmental management system, and OHSAS 18001 for occupational health and safety management systems.

For more than 20 years, Tabreed has been the partner of choice for organizations across the world in providing environmentally friendly district cooling solutions that support the region’s energy sustainability strategy. With 75 district cooling plants, Tabreed currently delivers over 1.16 million

16 March 2020 – Abu Dhabi, United Arab Emirates: The shareholders of the National Central Cooling Company PJSC (DFM: TABREED), the leading UAE-based international district cooling developer, have approved a dividend of 10.5 fils per share for the financial year ending 31 December 2019. This represents a 11% increase on the previous year’s pay out, highlighting Tabreed’s growth in 2019 and reflecting its growing presence locally, regionally and internationally.

The dividend was approved by the shareholders at the company’s Annual General Assembly (AGA), chaired by Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, and attended by shareholders and members of Tabreed’s Board of Directors. During the AGA, elections were held to elect the new Board of the Company for a period of three years, and the outcome of the shareholder vote resulted in all previous members of the Board of Directors being re-elected to their positions.

Reflecting the company’s stellar full-year performance, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “In 2019, Tabreed delivered a net profit increase of 11% percent and added 51,366 RTs of new connections, bringing our total capacity to 1,182,715 RTs. Tabreed continues to rapidly expand its client base both regionally in the GCC and internationally, including through acquiring an 8% increased stake in Saudi Tabreed during the year and through our continued presence in India, both being increasingly important markets for us. Following yet another year of exceptional financial and operational performance, and building on over 22 years of excellence in the district cooling sector, we continue to deliver attractive cash dividends to shareholders each year and to reinforce our position as the industry leader in providing reliable, efficient and innovative district cooling solutions.”

Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “Tabreed’s revenue increased by 5% to AED 1,520.1 million reflecting our strong and flexible business model that allows us the financial freedom to continue to adapt and seek further operational efficiencies and deliver growing dividends to our shareholders. Throughout the past year, we have continued to grow the overall cooling capacity of the business and to align ourselves with the UAE’s ambitious national energy efficiency targets and wider energy transformation strategy. We have taken steps to diversify our business offering through the creation of a new business entity that will primarily focus providing energy efficiency services that optimize the overall energy usage of buildings situated in landmark developments across the region, while also supporting our core district cooling business in the growth of existing cities and new smart cities. We are confident that this will be the blueprint for further profitability and increased shareholder dividends in the future.”

With over 22 years of operational excellence, Tabreed is the partner of choice for organizations interested in benefiting from environmentally friendly district cooling solutions that support the region’s energy sustainability strategy. With 80 district cooling plants across the region, Tabreed currently delivers over 1.18 million refrigeration tons to key developments, including iconic infrastructure projects such as Sheikh Zayed Grand Mosque, Abu Dhabi’s Al Maryah Island, Yas Island, Dubai Metro, Dubai Parks and Resorts, Bahrain Financial Harbour in Manama, Kingdom of Bahrain and the Jabal Omar Development in the Holy City of Mecca, 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.

Moody’s reaffirms Tabreed’s Credit Rating

03 November, 2019 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading international district cooling developer based in UAE, released today its consolidated financial results for the first nine months of 2019, reporting an increase of 3.1% in the net profit to AED 329.1 million.

The company continues to meet the growing demand for district cooling solutions and has recently commenced supplying 12,000 RT of cooling services to the expansion of the Galleria Mall Al Maryah Island, covering an area of 1.4 million square feet. This new connection comes as part of Tabreed’s long-term concession, as the exclusive provider of district cooling services for landmark developments on Al Maryah Island through a partnership with Mubadala Infrastructure Partners (MIP).

Financial highlights – nine months ended 30 September 2019:

 Net profit attributable to the parent increased by 3.1% to AED 329.1 million (Q3 2018: AED 319.3 million)

 Group revenue increased by 3.5% to AED 1,127.9 million (Q3 2018: AED 1,090.0 million)

 Core chilled water revenue increased by 3.8% to AED 1,073.1 million (Q3 2018 AED 1,033.7 million)

 EBITDA increased by 11.2% to AED 562.5 million (Q3 2018: AED 505.9 million)

 Share of results of associates and joint ventures decreased by 1.2% to AED 69.8 million (Q3 2018: AED 70.7 million)

Operational highlights – nine months ended 30 September 2019:

 In the first three quarters of the year, total Group connected capacity across the GCC increased to 1,161,227 Refrigeration Tons (RT), with 29,848 RT of new customer connections added and one new plant in Oman has become fully operational

Environmental highlights – nine months ended 30 September 2019:

 Contributed to saving 1.56 billion kilowatt/hours across the GCC – enough energy to power approximately 88,846 homes in the UAE annually

 These power savings prevented the release into the atmosphere of 932,699 metric tons of carbon dioxide – the equivalent of eliminating the emissions from 202,761 vehicles annually

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “Tabreed’s continued growth demonstrates its ability to consistently deliver stable results, drive shareholder value further and reinforce our standing as the leading international district cooling developer. We are committed to providing energy-efficient, cost-effective and environmentally friendly cooling solutions and contribute to the initiatives aimed at reducing carbon footprint in the region and preserving the environment and natural resources for present and future generations.”

Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “Tabreed has delivered another strong set of financial and operational results, with net income increasing by 3.1%, reflecting our solid group performance. The stable growth in our connected capacity enabled us to deliver consistent results and tangible returns. Additionally, Tabreed’s strong financial position qualifies it to capitalize on growth opportunities, as reaffirmed by Moody’s, who had recently published its credit opinion that is a strong endorsement of Tabreed’s robust business model. Tabreed investment grade rating (Baa3) by Moody’s was supported by resilient cash flows from long-term fixed charge contracts, low operating risk levels, strong market position in the Middle East and complementary shareholders.”

“Tabreed is committed to providing energy-efficient and sustainable cooling solutions that have become an integral part of the infrastructure for major developments across the region. On this front, we are proud to deliver our services to Al Maryah Island and the expansion of the Galleria Mall. This new connection confirms our customers’ trust and confidence in our innovative, efficient and reliable cooling solutions.” He added.

For over 20 years, Tabreed is the partner of choice for organizations interested in benefiting from environmentally friendly cooling solutions that support the region’s sustainable development goals. With 75 district cooling plants, Tabreed currently delivers over 1.16 million refrigeration tons to key developments, including iconic infrastructure projects such as Sheikh Zayed Grand Mosque, Al Maryah Island, Yas Island and Ferrari World in Abu Dhabi, Dubai Metro, the Bahrain Financial Harbour in Manama, Kingdom of Bahrain and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

10 March 2020 – Abu Dhabi, United Arab Emirates: The National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based international district cooling developer, today announced the appointment of Mr. Adel Salem Al Wahedi as the new Chief Financial Officer (CFO) of Tabreed.

Mr Al Wahedi brings a wealth of 22 years of experience to the company in the fields of corporate finance, mergers and acquisitions, statutory accounting, budgeting, planning, costing and strategic decision making. Al Wahedi has a proven track record as a business leader in both private and public companies in the region. Prior to joining Tabreed, he served as CFO for some of the largest entities in the UAE including Abu Dhabi Ports Company and Petrofac Emirates, in addition to holding senior positions at Emirates Telecommunications Corporation (Etisalat). Al Wahedi also has considerable experience working in companies that have highly technical operations at their core.

Commenting on the appointment, Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “We are delighted to have Adel join Tabreed and be part of our vision and our continued success. We are certain that his experience will be an invaluable addition to Tabreed and make an immediate impact to continue to drive the business forward. This appointment will also enhance the expertise and experience of our management team and invigorate our overall financial strategy as Tabreed navigates through a period of sustained growth and expansion.”

Mr Al Wahedi’s appointment will take place with immediate effect.

With over 22 years of operational excellence, Tabreed is the partner of choice for organizations interested in benefiting from environmentally friendly district cooling solutions that support the region’s energy sustainability strategy. With 80 district cooling plants across the region, Tabreed currently delivers over 1.18 million refrigeration tons to key developments, including iconic infrastructure projects such as Sheikh Zayed Grand Mosque, Abu Dhabi’s Al Maryah Island, Yas Island, Dubai Metro, Dubai Parks and Resorts, Bahrain Financial Harbour in Manama, Kingdom of Bahrain and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

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.

The National Central Cooling Company PJSC “Tabreed,” the global leading UAE-based district cooling developer, participated in the United Nations Climate Action Summit 2019 and related side events, which took place in New York City, USA from 21 – 25 September 2019.

The summit brought together international stakeholders from the public and private sectors under the theme ‘A Race We Can Win. A Race We Must Win’ to discuss means of accelerating actions to implement the Paris Agreement on Climate Change by focusing on energy transition, climate finance and carbon pricing, industry transition, nature-based solutions, infrastructure, cities and local action, resilience and adaptation.

Through its participation in the “We Will: Efficient, Clean Cooling for All” side event, Tabreed demonstrated its leading role in providing environmentally friendly district cooling solutions that support sustainability initiatives and strategies at the local, regional and global levels and also proved its significant contribution to the UN Sustainable Development Goals, the UAE Energy Strategy 2050 and the primary objectives of the National Climate Change Plan adopted by the UAE Ministry of Climate Change and Environment (MOCCAE).

Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “Climate change is a universal challenge and a defining issue of our time that requires innovative technologies and collaboration between governments and the private sector to address. 2018 was the fourth-warmest year on record, highlighting the fact that sustainable cooling solutions have become an essential necessity in the face of these climate challenges. We need to provide sustainable cooling at speed and on a large scale.”

“Our participation in the UN Climate Action Summit 2019 underscores Tabreed’s leadership in the district cooling industry for over 20 years, through its innovative and environmentally friendly district cooling solutions that contribute to achieving the sustainable development goals. We were pleased to have the opportunity to meet new business partners and discuss industry best practices, innovative solutions and the latest trends within the sector,” added Al Lamki.

On the side-lines of the summit, Tabreed also participated in the launch of the Cool Coalition – the global network that connects over 80 partners from the private sector, government, cities, international organizations, finance, academia and civil society.

Tabreed is committed to investing in cooling efficiency innovations in seven countries, including India, where demand is growing and a significant opportunity exists for energy savings such as those delivered by district cooling. In 2018 alone, Tabreed contributed to saving 1.97 billion kilowatt/hours, preventing the release of 986,000 metric tons of CO2.

For over 20 years, Tabreed remains the partner of choice for organizations across the world in providing environmentally friendly district cooling solutions that support the region’s energy sustainability strategy. With 75 district cooling plants, Tabreed currently delivers over 1.1 million refrigeration tons to key developments, including iconic infrastructure projects such as Sheikh Zayed Grand Mosque, Abu Dhabi’s Al Maryah Island, Yas Island, Dubai Metro, Dubai Parks and Resorts, Bahrain Financial Harbour in Manama, Kingdom of Bahrain and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

– Tabreed first district cooling company in the region to receive ISO 50001:2018 certification

11 September 2019 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based district cooling developer, has received the International Organization for Standardization (ISO) 50001:2018 certification for the successful implementation of its Energy Management System . Tabreed is the first district cooling company in the region to have been certified under the revised version (2018) of the ISO 50001 standard.

Tabreed’s Energy Management System, developed in accordance with its operational excellence and due focus on energy efficiency requirements across all its 75 plants in the region, has enabled the company to receive the ISO 50001 certification. This ISO standard is based upon best practices and global benchmarks, and is intended to enable organizations to follow a systematic approach to achieving continual improvement of energy performance, consumption and sustainability.

Bader Saeed Al Lamki, Tabreed’s Chief Executive Officer, said: “Being awarded with an ISO 50001 certification is a clear manifestation of Tabreed’s efforts of more than 20 years in optimizing energy efficiency. We are proud of this achievement. Our commitment towards sustainability is evedent through our robust Energy Management System, which is particularly important within the context of the GCC’s growing demand for environmentally friendly cooling solutions”

Tabreed also holds the ISO 9001:2015 accreditation for quality management systems, ISO 14001:2015 for environmental management systems, and OHSAS 18001 for occupational health and safety management systems.

In the first half of 2019, Tabreed contributed to saving 656 million kilowatt/hours across the GCC – enough energy to power approximately 37,368 homes in the UAE annually. These power savings prevented the release into the atmosphere of 392,000 tons of carbon dioxide – the equivalent of eliminating the emissions of 85,279 vehicles annually.

For over 20 years, Tabreed remains the partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions that support the region’s energy sustainability strategy. With 75 district cooling plants, Tabreed currently delivers over 1.1 million refrigeration tons to key developments in the region, including iconic infrastructure projects such as Sheikh Zayed Grand Mosque, Abu Dhabi’s Al Maryah Island, Yas Island, Dubai Metro, Dubai Parks and Resorts, Bahrain Financial Harbour in Manama, Kingdom of Bahrain and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

28 January 2020 – 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 2019. Tabreed reported an 11% increase in net profit to AED 472.5 million for the full year, adding 51,336 Refrigeration Tons (RT) of new customer connections, resulting in the delivery of 1,182,715 RT of cooling capacity. Tabreed’s Board of Directors recommended a cash dividend for 2019 of 10.5 fils per share, up 11% on prior year aligning with the company’s policy of growing dividends in line with the growth in the business.

Tabreed announced a number of significant achievements during 2019, including the signing of its first cooling concession agreement in India, increasing its stake in Saudi Arabia-based district cooling firm Saudi Tabreed to 28 percent, acquiring a 69,000 RT concession in Masdar City and commissioning its DC plants at King Khaled International Airport in Riyadh and the Mall of Muscat in Oman.

Operationally, Tabreed celebrated a series of accomplishments in 2019 including the achievement of 10 million safe work hours without Lost Time Injury (LTI), the integration of data-based operational intelligence software across its network of district cooling plants, and becoming the first district cooling company in the region to receive the ISO 50001:2018 certification under the revised version (2018) of the ISO 50001 standard.

Financial highlights – 12 months ended 31 December 2019:

• Net profit attributable to the shareholders increased by 11% to AED 472.5 million (2018: AED 427.6 million)
• Group revenue increased by 5% to AED 1,520.1 million (2018: AED 1,446.9 million)
• Core chilled water revenue increased by 7% to AED 1,456.4 million (2018 AED 1,361.3 million)
• EBITDA increased by 10% to AED 763.2 million (2018: AED 694.2 million)
• Share of results of associates and joint ventures increased by 10% to AED 99.1 million (2018: AED 90.3 million)

Operational highlights – 12 months ended 31 December 2019:

• Total Group connected capacity across the GCC increased to 1,182,715 Refrigeration Tons (RT)
• 51,336 Refrigeration Tons (RT) of new customer connections added
• Six new plants became fully operational

Environmental highlights – 12 months ended 31 December 2019:

• Contributed to saving 2.06 billion kilowatt/hours across the GCC – enough energy to power 117,500 homes in the UAE every year
• These power savings prevented the release into the atmosphere of 1.23 million metric tons of carbon dioxide – the equivalent of eliminating the emissions from 268,000 vehicles annually

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “Tabreed has become an international powerhouse in district cooling, with 80 plants and investments in six countries. Our financial and operational achievements this past year allowed us to achieve a staggering AED 472.5 million, 11% increase, in our net profit which demonstrates our exceptional strength within the market and continued growth and innovation. For 2020 and beyond, I am confident about our ability to further contribute to the region’s sustainable development as urbanization continues to drive investment into high-density developments.”

Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “Tabreed’s strategy and continued financial and operational excellence is reflected in our results, represented in a net profit increase, a 10% increase in our EBITDA, 51,336 RT of new customer connections, and a number of accomplishments in digitalization, safety, and innovation. We are uniquely positioned to provide cost-effective and environmentally friendly cooling solutions to customers throughout the GCC and beyond. Tabreed will continue to play an instrumental role in supporting sustainable development as we enter 2020 and the company’s 22nd year of operations.”

With over 20 years of operational excellence, Tabreed is the partner of choice for organizations interested in benefiting from environmentally friendly district cooling solutions that support the region’s energy sustainability strategy. With 80 district cooling plants across the region, Tabreed currently delivers over 1.18 million refrigeration tons to key developments, including iconic infrastructure projects such as Sheikh Zayed Grand Mosque, Abu Dhabi’s Al Maryah Island, Yas Island, Dubai Metro, Dubai Parks and Resorts, Bahrain Financial Harbour in Manama, Kingdom of Bahrain and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

Highlighting its support in developing energy efficient communities

28 August 2019, Abu Dhabi, UAE: The National Central Cooling Company PJSC “Tabreed,” will participate in the 24th edition of the World Energy Congress in Abu Dhabi. Held under the patronage of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, the congress is taking place at the Abu Dhabi National Exhibition Centre (ADNEC) from the 9th to the 12th of September, 2019.

At the congress, Tabreed will demonstrate the numerous benefits of energy efficient and low-cost district cooling systems. It will also highlight the role in supporting regional countries in sustainable development, as well as showcasing a variety of its projects, initiatives and solutions. Through its participation, Tabreed also looks forward to establishing new partnerships with global players in the industry.

Tabreed’s participation comes at a time when cooling is responsible for up to 70% of electricity consumption during peak hours across the region, and global demand for cooling services is set to rise three fold over the next three decades, according to “Cooling our World” study by Strategy& Middle East. District cooling systems represent a unique and beneficial solution to meeting such demands, as they cut energy consumption by half as compared to traditional cooling systems.

Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “By integrating advanced technology and the latest innovations in district cooling into its solutions, Tabreed supports the development of energy efficient communities, achieving regional energy strategies in terms of efficiency and reduced costs, while meeting sustainable development goals and objectives. Within the region in 2018, Tabreed contributed to saving 1.97 billion kilowatt/hours, preventing the release of 986,000 metric tons of CO2. This is what we hope to highlight during the World Energy Congress, one of the biggest and most influential gatherings of international experts within the energy sector.”

“We are also looking forward to meeting with industry experts at the congress, to discuss the energy sector’s most pressing challenges and highlight our extensive expertise in district cooling, now spanning more than 20 years. Tabreed is proud to provide cooling solutions to major projects across the region, and particularly within the UAE,” added Al Lamki.

Across the region, Tabreed is a partner of choice for organizations interested in benefiting from environmentally friendly district cooling solutions that support the region’s achievement of the UN Sustainable Development Goals. With 75 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments including iconic infrastructure projects such as Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, Abu Dhabi’s Al Maryah Island, Yas Island, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

Tabreed’s pavilion is located within the Mubadala platform H5-140, Atrium Hall.

15 January 2019 – Abu Dhabi, United Arab Emirates: The National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based international district cooling developer, has announced an agreement to acquire the Masdar City district cooling plants and concession, which will grow to provide efficient cooling services to more than 2.7 million sq.m of sustainable urban communities in Masdar City, with a total capacity of about 69,000RT. In line with the ethos of Masdar City, this will continue to be the most efficient and sustainable cooling system in the Middle East. This advancement represents a major milestone in Tabreed’s strategy of providing efficient cooling to sustainable cities around the world.

In addition to the plant, Tabreed will also acquire the use of two deep geothermal wells located in Masdar City that are a part of a major research & development collaboration initiative, which will see Tabreed leverage its sector expertise and innovative approach to create unique, reliable and sustainable cooling solutions through geothermal technology.

The agreement was announced during Abu Dhabi Sustainability Week (ADSW), a global platform that brings together a unique fusion of industry leaders and policy makers to share knowledge, implement strategies and deliver solutions that will help drive human progress. The signing was witnessed by Mr. Khaled Al Qubaisi, Chairman of Tabreed and CEO Aerospace, Renewables and ICT at Mubadala, and Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar

Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “At Tabreed, we are committed to developing sustainable technologies and innovative advanced cooling solutions that support the growth of sustainable urban communities. We will be integrating, in operating the plant, our state-of-the-art AI module control system that will more efficiently and economically adjust the plant’s operating parameters to the specific cooling requirements thus further reducing carbon emissions across the city and beyond.”

“As an industry leader, our strategic and solid partnerships have allowed us to diversify our operations and venture into energy solutions such as geothermal technology. We look forward to the continuation of a highly successful partnership with Masdar as it paves the way to achieving the ambitious energy efficiency targets set for the city,” added Al Lamki.

“This agreement reflects the progress Masdar City has made in developing its residential and commercial portfolio and our commitment to providing the most innovative solutions available,” said Yousef Baselaib, Executive Director, Sustainable Real Estate at Masdar. “By working with an industry-leading specialist in Tabreed, we can be sure our clients will benefit from the best cooling solutions, meeting the City’s needs now and in the future. Tabreed’s expertise in leveraging emerging technologies such as artificial intelligence will help Masdar City meet its sustainability objectives.”

Masdar City is a world-renowned green city and one of the world’s most sustainable urban communities; it is home for some of Abu Dhabi’s most iconic and sustainable buildings, including the UAE Space Agency HQ, MAF Masdar City Center, IRENA HQ as well as Siemens HQ. It is a low-carbon development made up of a rapidly growing clean-tech cluster, business free zone and residential neighborhood with restaurants, shops and public green spaces. Sustainability is the key ethos of Masdar City, sharing Tabreed’s vision of efficient and low-emission urban developments.

With over 20 years of operational excellence, Tabreed is the partner of choice for organizations interested in benefiting from environmentally friendly district cooling solutions that support the region’s energy sustainability strategy. With 80 district cooling plants across the region, Tabreed currently delivers over 1.16 million refrigeration tons to key developments, including iconic infrastructure projects such as Sheikh Zayed Grand Mosque, Abu Dhabi’s Al Maryah Island, Yas Island, Dubai Metro, Dubai Parks and Resorts, Bahrain Financial Harbour in Manama, Kingdom of Bahrain and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

Tabreed Bahrain Hosts an Official Delegation from Bahrain Financial Harbour

18 August 2019, Abu Dhabi, UAE: Bahrain District Cooling Company B.S.C. “Tabreed Bahrain,” a subsidiary of the National Central Cooling Company PJSC “Tabreed,” hosted an official delegation from Bahrain Financial Harbour (BFH), representatives from the United Nations, developers and local media at its district cooling plant in Manama.

Dr. Afif AL Yafei, Executive Vice President of the Regional Asset Management, received the delegation and took them on a tour of Bahrain District Cooling Company’s diplomatic area plant, which was commissioned in 2010 in line with the country’s efforts to contribute to the achievement of the UN Sustainable Development Goals (SDGs). It is the first district cooling plant in the region that utilizes seawater, and is significantly more efficient, reliable and sustainable as compared to conventional cooling systems.

The seawater system is comprised of a 1.5 kilometre intake line from the Manama Lagoon Area, a 1.4 kilometre outfall line to Bahrain Bay, a 14 kilometre closed loop chilled water distribution system, and an integrated central Supervisory Control and Data Acquisition (SCADA) system to monitor and optimize performance. The closed loop distribution system will enable multiple inter-connected district cooling plants to serve a connected load of 185,000 RT. Currently, the plant serves several major projects in Bahrain, including Bahrain Financial Harbour, World Trade Centre Tower, Reef Island, Moda Mall complex and Avenues Mall.

Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “We are delighted to have had the opportunity to demonstrate, on the ground in Bahrain, our innovative technologies and the significant benefits of district cooling in terms of efficiency, reliability and sustainability. Since our inception in 1998, Tabreed has been supporting numerous clients and customers across the region not only meet their cooling requirements but achieve their sustainable development objectives as well. Cooling represents up to 70% of peak energy consumption and district cooling uses only half the energy compared to conventional cooling systems, resulting in tangible benefits for our customers and governments as we collectively work towards achieving the UN Sustainable Development Goals.”

Dr. Afif Al Yafei, Tabreed’s Senior Vice President, Regional Asset Management said: “Commissioned in 2010, Tabreed’s Bahrain Plant is the first one of its kind in the region to operate using seawater, indicative of the advanced and innovative technology we have applied across our facilities. The plant serves a variety of customers from business centres to residential housing, delivering industry leading reliability, cost-efficiency, and a significant reduction in energy consumption.”

Tabreed Bahrain plays an important role in enabling its customer’s achievement of their environmental and sustainability objectives, by significantly reducing carbon dioxide emissions and energy consumption. Within the region in 2018, Tabreed contributed to saving 1.97 billion kilowatt/hours, preventing the release of 986,000 metric tonnes of CO2 – the equivalent of eliminating the emissions from 214,000 vehicles annually. Tabreed’s operations in Bahrain alone were responsible for preventing the release of 24,500 metric tonnes of CO2, equivalent to eliminating the emissions from 5,000 vehicles annually.

Across the region, Tabreed is a partner of choice for organizations interested in benefiting from environmentally friendly district cooling solutions that support the region’s achievement of the UN Sustainable Development Goals. With 75 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments including iconic infrastructure projects such as Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, Abu Dhabi’s Al Maryah Island, Yas Island, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

Abu Dhabi, UAE, 15 January 2020: Bee’ah, the Middle East’s leading sustainability pioneer, and National Central Cooling Company (Tabreed), the leading international district cooling developer based in the UAE, have signed a partnership agreement to jointly explore the development of large-scale district cooling projects in the Emirate of Sharjah.

The partnership was signed today by Khaled Al Huraimel, Group CEO of Bee’ah, and Bader Saeed Al Lamki, CEO of Tabreed. Under the agreement, Bee’ah and Tabreed will develop potential district cooling projects at locations across Sharjah. District cooling is more environmentally friendly and cost-efficient than traditional space cooling methods and in line with Bee’ah’s vision to drive a more sustainable quality of life.

Commenting on the agreement, Bee’ah’s Al Huraimel said: “Bee’ah has made significant investments in sustainability and infrastructure in Sharjah to date. Our partnership with Tabreed is a further illustration of our continued commitment to seek new solutions that are more sustainable and cost-competitive. The UAE faces extreme weather conditions, especially during summer, but through new district cooling projects, we hope to tackle this issue through more energy-efficient measures.”

Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “We are pleased to be partnering with Bee’ah to explore opportunities to bring reliable, sustainable and cost-efficient district cooling solutions to the Emirate of Sharjah. Our strong core business, innovative technology, experienced team and structuring capabilities have made Tabreed the partner of choice, and we look forward to contributing to the continued growth and long-term sustainability of the Emirate.”

District cooling is a key part of the district energy systems that are the foundation of sustainable, economic and urban development. Ideal for large-scale, high density developments such as downtown business districts, airports, university campuses, residential towers and commercial establishments. District cooling relies on a centralized cooling plant that provide cooling to buildings within its grid. The plant supplies chilled water via insulated underground piping networks to a cluster of buildings in a service area, or district. Energy Transfer Stations (ETS) then utilizes the chilled water to force cold air inside the buildings to produce an air-conditioned environment with warm water then returning to the plant to be re-chilled and redistributed. In some cases, plants use nearby sea water instead of potable water, leading to further environmental benefits and water savings. District cooling is highly efficient and cost-effective, providing cost savings from building operations and maintenance to reduce energy consumption, while still efficiently delivering on cooling requirements. The collaboration is designed to increase the use of this energy-efficient district cooling solution among some of the largest projects in Sharjah.

Space cooling represents up to 70 percent of electricity consumption at peak times in hotter countries such as the UAE. The International Energy Agency estimates that the energy used by such cooling will more than triple by 2050. With 60 to 80 percent less energy consumption than the average conventional cooling systems, centralized district cooling will play a major role in tackling this global challenge.

National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional district cooling utility company, today released its 2019 first quarter consolidated financial results. The company continues to deliver strong and consistent performance from its 74 district cooling plants across the GCC, which provide over 1.1 million refrigeration tons (RT) of cooling capacity for customers in five countries.

Financial highlights – three months ended 31 March 2019:

• Net profit attributable to the parent increased by 3 percent to AED 80.0 million (Q1 2018: AED 77.7 million)
• Group revenue increased by 8 percent to AED 296.8 million (Q1 2018: AED 274.4 million)
• Core chilled water revenue increased by 7 percent to AED 276.1 million (Q1 2018: AED 258.7 million)
• EBITDA increased by 15 percent to AED 170.2 million (Q1 2018: AED 148.6 million),
• Share of results of associates and joint ventures decreased by 29 percent to AED 15.5 million (Q1 2018: AED 21.8 million)

Operational highlights – three months ended 31 March 2019:

• Total Group connected capacity across the GCC increased to 1,134,329 RT
• The Group signed a 30 year concession for the new Andhra Pradesh Capital City in India, which was a significant step for Tabreed to penetrate one of the world’s biggest and fastest growing markets

Environmental highlights – three months ended 31 March 2019:

• 206 million kilowatt hours was saved across the GCC – enough energy to power approximately 11,700 homes in the UAE every year
• These power savings prevented the release into the atmosphere of 103,000 tons of carbon dioxide – the equivalent of eliminating the emissions of 22,400 vehicles annually

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “Our strong first quarter builds on a solid 2018, during which we continued to build on our reputation as one of the UAE’s strongest and most successful businesses. We are proud to now be pioneering district cooling in India alongside our established presence in the UAE and the GCC. Looking to the future, continued economic diversification in the GCC, its expanding population, and increasing urbanization will drive further investment in high-density developments, and district cooling is a core component of such investment. Tabreed’s new CEO, Bader Al Lamki, brings a track record of success and is well-placed to guide Tabreed’s next stage of growth and further drive our operational and financial performance.”

Bader Al Lamki, Tabreed’s new Chief Executive Officer, added: “This quarter’s results underline customer confidence in Tabreed’s operational strength and two decades of leadership and experience. We are pleased to report a 3 percent increase in net profit, and an 8 percent increase in revenue, as a result of new customer connections. Tabreed’s high-performing team has once again delivered over the first three months of the year and this strong platform puts us in a good position for the remainder of 2019 and beyond.”

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions that support the region’s energy sustainability. With 74 district cooling plants located throughout the region, Tabreed currently delivers over 1.1 million refrigeration tons to key developments in the region, including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

15 January 2020 – Abu Dhabi, United Arab Emirates: The National Central Cooling Company PJSC (DFM: Tabreed), the leading international district cooling developer based in the UAE, establishes ‘Tabreed Energy Services’, a new entity consolidating its service businesses to provide customers with an integrated set of consultancy, operations and maintenance services, that will help them optimize the energy efficiency of their buildings and developments.

Building on more than 20 years’ of experience in offering management services as a complement to its core district cooling offering, the new company will allow building owners, both government and private sector, to access Tabreed’s deep expertise in optimising energy efficiency and in particular cooling systems, which are the largest driver of energy use.

Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “Energy efficiency is a key pillar under the climate change discussion, and the UAE has set ambitious national targets as a part of its wider energy transformation strategy. The launch of Tabreed Energy Services positions us at the forefront of this rapidly growing market and enables customers to benefit from our extensive experience in enhancing efficiency within the cooling industry, as well as providing them with an end-to-end service offering.”

“Tabreed Energy Services strengthens our existing district cooling business by capturing further operational synergies and enabling our delivery of fully-integrated cooling solutions.” He added.

With operations commencing in 2020, Tabreed Energy Services will offer 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 (ESCO) and traditional service models.

With over two decades of operational excellence, Tabreed is the partner of choice for organizations interested in benefiting from environmentally friendly district cooling solutions. With 79 district cooling plants located throughout the region, Tabreed currently delivers over 1.16 million refrigeration tons to key developments including iconic infrastructure projects such as Sheikh Zayed Grand Mosque, Dubai Metro, Ferrari World Abu Dhabi, Yas Water Park, Abu Dhabi’s Al Maryah Island, Bahrain Financial Market in the Kingdom of Bahrain and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based international cooling provider, announced today that the Board of Directors has appointed Bader Saeed Al Lamki as the Company’s new Chief Executive Officer, effective 21st April, 2019.

Khaled Al Qubaisi, Chairman of Tabreed, commented, “I am very pleased to welcome Bader Al Lamki to Tabreed. His vast expertise makes him the ideal successor to steer the company during the next stage of its growth strategy and further drive its operating and financial performance. His considerable industry knowledge will be invaluable to us as we continue our expansion and seek to further efficiency gains and achieve our full growth potential.”

Mr. Al Lamki joins from Masdar, where he was the Executive Director of the Clean Energy Directorate. In this role, Bader played an instrumental role in building the company’s renewable energy portfolio across 25 countries, leading on a number of its most iconic projects. He was responsible for steering the business growth activities including bidding, acquisition and green field development. He was also responsible for maximizing value from Masdar’s utility-scale renewable energy portfolio globally through effective Asset and operation Management.

Bader Al Lamki joined Masdar in February 2008 from ADMA-OPCO after successfully leading a strategic development initiative to support increasing the oil production of the company to nearly 1 million barrels per day. Earlier in his career, Mr. Al Lamki also worked with the leading French energy operator Total, advising on oil and gas project development across the Africa continent.

Mr. Al Lamki succeeds Jasim Husain Thabet, who joined as the first Emirati CEO of Tabreed in August 2012 and during his six-year tenure, the Company’s annual net income grew from approximately AED 202.3 million to AED 427.6 million. Under his leadership, Tabreed successfully pioneered a new model of sustainable growth, delivering approximately 50% growth in consolidated connected capacity and 28% growth in revenues. This outstanding performance facilitated the investment grade credit ratings from Moody’s and Fitch of Baa3 and BBB respectively and the successful re-entry to the public debt capital markets through the issue of a US$ 500 million (AED 1.8 billion) 7 year unsecured sukuk. Jasim has played a major role in the strategic acquisition by ENGIE of 40% of Tabreed and most recently, he led Tabreed’s first foray outside of the GCC market with the signing a 30-year concession for a contracted cooling capacity of 20,000 RT in Amaravati, India.

Khaled Al Qubaisi commented “The Board is grateful to Jasim for his commitment, strong leadership and many years of service to Tabreed. He has been instrumental in effectively positioning Tabreed in the UAE and across the GCC and driving its growth, making it one of the best-performing and most profitable companies in the sector. He leaves a more agile and resilient company, well placed to win in this fast-changing, evolving industry. I’d like to thank him both personally and on behalf of the Board, for his contributions to Tabreed.”

National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional district cooling developer, released today its consolidated financial results for the first half of 2019. The company continues to meet the region’s growing demand for district cooling and delivers solid performance and growth.

Financial highlights – six months ended 30 June 2019:

• Group revenue increased by 3% to AED 671.9 million (H1 2018: AED 650.7 million)
• Core chilled water revenue increased by 3% to AED 634.4 million (H1 2018: AED 617.3 million)
• EBITDA increased by 12% to AED 366.0 million (H1 2018: AED 326.1 million)
• Net profit attributable to the parent was  AED 199.4 million, an increase of 11% on H1 2018, when the latter is adjusted for the profit from  partial sale of Saudi Tabreed that occurred in the first half of last year
• Share of results of associates and joint ventures decreased by 13% to AED 40.2 million (H1 2018: AED 46.0 million)

Operational highlights – six months ended 30 June 2019:

• Total Group connected capacity across the GCC increased to 1,145,847 Refrigeration Tons (RT), with 14,468 RT of new customer connections added in the first half of the year as follows:
  • 6,068 RT in the United Arab Emirates
  • 8,400 RT in Oman as a new plant came into service

Environmental highlights – six months ended 30 June 2019:

• 656 million kilowatt hours was saved across the GCC – enough energy to power approximately 37,368 homes in the UAE
• These power savings prevented the release of 392,000 tons of carbon dioxide into the atmosphere – the equivalent of eliminating the emissions of 85,279 vehicles annually

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “Tabreed delivered another quarter of stable results and reported a net profit of AED 199.4 Million driven by its core chilled water business. Tabreed continuous growth reinforces our position as a leading district cooling company and retains the confidence of our shareholders in delivering consistent results and tangible returns.”

“We are determined to expand the company’s footprint and unlock new opportunities to grow our business and contribute the world sustainable development goals.”

Bader Saeed Al Lamki, Tabreed’s Chief Executive Officer, said: “Tabreed recorded a solid performance in the first half of 2019 fostered by vigorous efforts to grow the business and expand our operations across the region. This performance underscores the efficient strategy the company has adopted and its resiliency.” Al Lamki further noted the 12% increase in EBIDTA and 11% rise in net income, when adjusted for the partial sale of the Saudi Tabreed shares. , ”

“On the operational side, we commissioned a new district cooling plant in Oman to serve the Mall of Muscat with a contracted capacity of 8,400 RT. This takes our total number of operational plants to 75.  We will strengthen our operations by investing in our expertise and continue leading the district cooling industry,” he added.

Tabreed is a partner of choice for organizations in providing environmentally friendly district cooling solutions that support the region’s energy and sustainability strategy. With 74 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments including iconic infrastructure projects such as Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, Abu Dhabi’s Al Maryah Island, Yas Island, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional district cooling utility company, has been awarded ‘District Cooling Utility Provider of the Year’ at the Climate Control Awards, ‘Excellence in HSE on a Project’ at the Big Project Middle East Awards, Group Carbon Champions Award at the District Cooling 2018 Conference, and the Korn Ferry 2018 Employee Engagement Award.

“We are proud to have obtained these leading industry awards in recognition of our efforts across our various departments of Operations and Maintenance, Health Safety Environment and Quality, and Human Resources,” said Jasim Husain Thabet, Chief Executive Officer, Tabreed. “Sustainability is one of our core pillars, and something the company is wholly dedicated to. Tabreed is committed to building on its achievements towards reducing the burden on power grids and contributing to the region’s energy efficiency goals.”

Thabet continued, “Our investment in HSEQ across the organization has allowed us to achieve a remarkable eight million manhours without Lost Time Injury (LTI) reported, and an increase of approximately 21% in incident reporting, highlighting the seamless use of the system.”

First, the Climate Control Awards sought after organizations that are comprehensively improving the condition of the world, through either socioeconomic or sustainable development targets, such as mitigating climate change (reducing direct and indirect emissions). During 2017, Tabreed contributed to its customers a 1.97 billion-kilowatt hour reduction in energy consumption in the GCC – enough energy to power 112,419 homes in the UAE every year. This led to the elimination of 986,748 tons of CO2 emissions or the equivalent of removing 214,511 cars from our streets every year.

Second, the ‘Excellence in HSE on a Project’ award focuses on the implementation of HSEQ policies on a particular project, to the highest standards. Over the last several years, Tabreed revamped its efforts in HSEQ, focusing on instilling a culture of safety among its 850+ employees who work onsite at plants, as well as in its corporate office. Last year, Tabreed introduced an Automated Incident Reporting System (AIRS) which not only enhances HSEQ culture within the organization, but improved a two-way communication in the reporting system, consistency in reporting of hazards, near misses and incidents, and simplified the closing of any reported incidents with recommended corrective actions.

Third, Tabreed received the Group Carbon Champions Award, presented at the District Cooling 2018 Conference titled ‘Efficient Energy for Smart Cities’, by The International District Energy Association (IDEA) in partnership with Dubai Carbon Centre of Excellence (Dubai Carbon) for special recognition of the combined achievements of the District Cooling industry in the Middle East in advancing efficient energy for smart cities. Also, the city of Dubai received the ‘District Cooling Champion City’ award, in which Tabreed was recognized for its key role in the industry.

Fourth, the Korn Ferry 2018 Employee Engagement Award publicly recognizes organizations that have built superior levels of engagement, as measured through their recent people surveys. To calculate winners Korn Ferry analysed the percentage of employees who either ‘strongly agreed’ or ‘agreed’ with the following two statements: ‘I feel proud to work for the company’, and ‘I would recommend the company as a good place to work’.

Thabet concluded, “Being recognized as an outstanding employers is with thanks to our employees, and we are just as proud as they are for their commitment to Tabreed.

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions that support the region’s energy sustainability. With 73 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

Tabreed Shareholders Approve 19% Increase in Cash Dividend

9.5 fils dividend per share for 2018

March 7, 2019 – ABU DHABI, UAE: The shareholders of National Central Cooling Company PJSC (DFM: TABREED), the leading UAE-based international district cooling utility company, have approved a dividend of 9.5 fils per share for the financial year ending 31 December 2018. Driven by the company’s strong and consistent performance in 2018, this represents a 19% increase on the previous year’s pay out.

The dividend was approved by the shareholders at the company’s Annual General Assembly (AGA), chaired by Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, and attended by Tabreed’s Board of Directors, shareholders, and the company’s senior leadership team.

Commenting on the full-year performance, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman said: “In 2018, our 20th year of operations, we delivered an outstanding year of financial and operational performance. Tabreed has delivered rising cash dividends to shareholders in recent years, and this year’s dividend continues that trend. Our progress has deservedly earned Tabreed a reputation for enduring reliable performance which has assisted in securing our first international opportunity outside the GCC as we signed a 30-year concession for Amaravati, the new capital of Andhra Pradesh in India.”

In the 2018 full-year results, Tabreed reported a net profit increase of 7 percent to AED 427.6 million, adding 39,061 refrigeration tons (RTs) of new connections, resulting in the delivery of over 1.1 million RTs of cooling capacity. During the year, the company acquired 50% of S&T Cool District Cooling Company LLC, a major district cooling provider on Reem Island in Abu Dhabi, from Aldar Properties. Tabreed also sold part of its stake in its associate Saudi Tabreed to the IDB Infrastructure Fund II and successfully issued a US$500 million, seven-year tenor sukuk, which was 50% oversubscribed.

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said: “Tabreed enjoyed another successful year in 2018, with revenues rising to AED 1.4 billion. Our financial strength, reflected in a strong balance sheet and consistent recurring income and cash flows, gives us the ability to continue to invest in our operations and networks whilst delivering growing dividends to shareholders. Our strategy remains to build on our strong foundations to develop solutions to capture the growing demand for district cooling in the region, both through an expanded operational footprint and by capturing new and more efficient ways of operating.”

Tabreed is a partner of choice for providing environmentally friendly cooling solutions that support the world’s energy sustainability agenda. With 74 district cooling plants located throughout the region, Tabreed currently cools key landmarks in the region including Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Ferrari World Abu Dhabi, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

-ENDS-

About National Central Cooling Company PJSC (Tabreed)

Tabreed is the leading UAE-based regional district cooling utility company that provides energy-efficient, cost-effective and environmentally friendly year-round district cooling solutions in the GCC. Founded in 1998 and listed on the Dubai Financial Market (DFM), Tabreed’s cooling infrastructure is an integral part of the region’s growth. The company now delivers over one million refrigeration tons to major residential, commercial, government and private projects. Tabreed owns and operates 74 plants in its portfolio across the GCC, including 63 plants in the United Arab Emirates, two in the Kingdom of Saudi Arabia, 4 in Oman, one in the Kingdom of Bahrain and others in the region.

For more information, please visit www.tabreed.ae or contact the Strategic Communications Team on:

Tel: +971 2 2020 399
Email: media@tabreed.ae

• Tabreed has been rated investment grade by two credit rating agencies

National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional district cooling utility company, today released its consolidated financial results for the first nine months of 2018. Tabreed reported a 10% increase in net profit to AED 319.3 million for the year up to 30 September, compared with the same period in 2017, mainly driven by the acquisition in March of S&T Cool, a district cooling provider on Reem Island in Abu Dhabi, as well as income in May from a partial sale of Saudi Tabreed following the investment by the IDB Infrastructure Fund II, reducing Tabreed’s total shareholding in Saudi Tabreed from 25% to 20%.

Tabreed’s latest financial results follow its announcement last month that it successfully issued a US$500 million (AED 1.8 billion) fixed rate senior unsecured US dollar denominated RegS sukuk with a 7 year tenor. The issue was 50% oversubscribed and saw strong institutional demand both locally and in Asia and Europe. The sukuk was competitively priced, with a profit rate of 5.5%, underpinned by Moody’s Baa3 and Fitch’s BBB credit ratings, assigned to Tabreed and to the sukuk itself. Tabreed also arranged new bank facilities of up to AED 1.5 billion which, along with the sukuk, will be used to refinance AED 2.8 billion of current corporate debt and provide a committed revolving credit facility which is available to fund the business as needed.

Financial highlights – nine months ended 30 September 2018:

• Net profit attributable to the parent increased by 10 per cent to AED 319.3 million (Q3 2017: AED 290.4 million)
• Group revenue increased by 4 per cent to AED 1,090 million (Q3 2017: AED 1,049.1 million), driven by the acquisition in March 2018 of S&T Cool, a district cooling provider on Reem Island in Abu Dhabi
• Core chilled water revenue increased by 4 per cent to AED 1,033.7 million (Q3 2017: AED 993.5 million)
• EBITDA increased by 9 per cent to AED 505.9 million (Q3 2017: AED 464.6 million)
• Share of results of associates and joint ventures decreased by 22 per cent to AED 70.7 million (Q3 2017: AED 91 million), due to the impact of new accounting standard (IFRS 15)

Operational highlights – nine months ended 30 September 2018:

• In the first three quarters of the year, total Group connected capacity across the GCC increased to 1,121,520 Refrigeration Tons (RT), with 29,202 RT of new customer connections added and one new plant became fully operational

Environmental highlights – nine months ended 30 September 2018:

• Contributed to saving 1,519,467,916 kilowatt/hour across the GCC – enough energy to power approximately 86,525 homes in the UAE every year
• These power savings prevented the release into the atmosphere of 759,734 metric tons of carbon dioxide – the equivalent of eliminating the emissions from 165,160 vehicles annually

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “We are pleased to report another strong set of both financial and operational results, with a net income increasing 10%, reflecting our solid group performance. We also saw stable growth in our connected capacity, adding over 29,000 of new customer connections in the first nine months of this year. Additionally, in Q3 we received new investment grade ratings from Moody’s and Fitch, which is a strong endorsement of Tabreed’s strong utility business model.”

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “These solid results follow our successful raising of a 500 million dollar sukuk, which was 50% oversubscribed, receiving strong institutional demand both locally and in Asia and Europe. This, coupled with another quarter of consistently strong results, confirms Tabreed’s position as a leader in district cooling in the region.”

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions that support the region’s energy sustainability. With 73 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

Tabreed’s 2018 Full Year Net Profit Increases 7% During its 20th Year of Operation

Board of Directors recommends increasing dividend by 19% to 9.5 fils per share

31 January, 2019 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional cooling provider today released its audited financial results for 2018. Tabreed reported a 7% increase in net profit to AED 427.6 million for the full year by adding 39,061 RT of new connections resulting in the delivery of over 1.1 million refrigeration tons (RTs) of cooling capacity. Based on such results, Tabreed’s Board of Directors recommended a cash dividend for 2018 of 9.5 fils per share, up from 8 fils per share paid in 2018.

Tabreed announced a number of significant achievements during 2018, in addition to celebrating its 20th anniversary. During the year, Tabreed acquired 50% of S&T Cool District Cooling Company LLC, a major district cooling provider on Reem Island in Abu Dhabi, from Aldar Properties. Tabreed also sold part of its stake in its associate Saudi Tabreed to the IDB Infrastructure Fund II.

Tabreed also added 39,061 RT of new customer connections across the GCC and included Warner Bros. World Abu Dhabi theme park, which opened on Yas Island in July 2018 and which reinforced Tabreed’s reputation as a partner of choice for the UAE’s most high-profile assets.

In addition, Tabreed successfully issued a US$500 million, seven year tenor sukuk, which was 50% oversubscribed, reflecting strong demand from local and international investors, and received investment grade credit ratings from Moody’s and Fitch of Baa3 and BBB respectively. These consistently strong results, new sukuk and new bank facilities of up to AED 1.5 billion reinforce Tabreed’s strong business model and solid funding base, positioning it well for future growth.

Financial highlights – 12 months ended 31 December 2018:

• Net profit attributable to the parent increased by 7 per cent to AED 427.6 million (2017: AED 400.1 million)
• Group revenue increased by 3 per cent to AED 1,446.9 million (2017: AED 1,399.4 million)
• Core chilled water revenue increased by 3 per cent to AED 1,361.3 million (2017: AED 1,317.3 million)
• EBITDA increased by 10 per cent to AED 694.2 million (2017: AED 628.4 million)
• Share of results of associates and joint ventures decreased by 30 per cent to AED 90.3 million (2017: AED 128.8 million), due to the impact of new accounting standards (IFRS 15)

Operational highlights – 12 months ended 31 December 2018:

• Total Group connected capacity across the GCC increased to 1,131,379 Refrigeration Tons (RT), with 39,061 RT of new customer connections added and 3 new plant(s) became fully operational

Environmental highlights – 12 months ended 31 December 2018:

• Contributed to saving 1.97 billion kilowatt/hour across the GCC – enough energy to power approximately 112,000 homes in the UAE every year
• These power savings prevented the release into the atmosphere of 986,000 metric tons of carbon dioxide – the equivalent of eliminating the emissions from 214,000 vehicles annually

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “Tabreed has become the leader in district cooling, with 74 plants across five countries. Our financial and operational achievements this year demonstrate continuing excellence across our business.  I am optimistic about 2019 and beyond as economic diversification in  the GCC and increasing urbanization drives investment in high-density developments. This will leave Tabreed well positioned to provide cost-effective and environmentally friendly cooling solutions for our region. We will continue to play a crucial role in the development of the infrastructure of the GCC and beyond.”

“In line with our commitment to continue delivering shareholder value and based on our achievements and performance in 2018, the company’s Board of Directors will recommend increasing cash dividends to 9.5 fils at the upcoming annual general assembly,” Al Qubaisi added.

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, commented: “Our business has gone from strength to strength in our 20th year of operation. We made great strides to improve our performance, implementing new technology to achieve greater efficiencies while forging strategic partnerships to increase our loyal customer base. Our relentless commitment to our strategy is reflected in our results, which show a 7% increase in net profit, as well as 39,061 RT new customer connections and numerous industry awards recognising our achievements. We are looking forward to the year ahead, where we’ll continue to provide cost-effective cooling for our customers, which deliver significant energy and environmental benefits while adding value for our shareholders.”

Tabreed’s excellence in Operational, Health, Safety and Environment and Human Resources was recognised with four leading industry awards during the last quarter of the year, including ‘District Cooling Utility Provider of the Year’ at the Climate Control Awards, ‘Excellence in HSE on a Project’ at the Big Project Middle East Awards, Group Carbon Champions Award at the District Cooling 2018 Conference, and the Korn Ferry 2018 Employee Engagement Award.

Throughout the year, Tabreed delivered significant savings in energy consumption, costs and carbon dioxide emissions. Overall, Tabreed cools the equivalent of 113 towers the size of the Burj Khalifa, with 986,000 tons of annual elimination of CO2 emissions – which is equal to removing 214,000 cars from our streets every year.

As part of its corporate social responsibility mandate, Tabreed held its annual blood drive and worked with the Zayed Bin Sultan Al Nahyan Charitable & Humanitarian Foundation and donated electronic and furniture items, which will be sent to schools in third world countries.

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions that support the region’s energy sustainability. With 74  district cooling plants located throughout the region, Tabreed currently cools key landmarks in the region including Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Ferrari World Abu Dhabi, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

Tabreed Signs First District Cooling Concession in India

Signs 30 years concession agreement for the new Andhra Pradesh Capital City, one of the world’s most sustainable cities

February 13, 2019 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based international cooling provider, has entered into a 30 year concession for a contracted cooling capacity of 20,000 refrigeration tons (RTs) with Andhra Pradesh Capital Region Development Authority (APCRDA) to build, own, operate and transfer India’s first district cooling system in Amaravati – the new capital of Andhra Pradesh. This will be Tabreed’s first plant outside its GCC market.

Tabreed’s district cooling system is part of the Indian state of Andhra Pradesh’s vision for Amaravati to create jobs and homes along with a world-class infrastructure, a green city, and efficient resource management.

In addition and in line with the ambitious plans for this greenfield capital city of Andhra Pradesh to be amongst the most sustainable cities in the world, Tabreed’s system will meet cooling requirements for the State’s Assembly, High Court, Secretariat and other government buildings that are currently under construction, for which cooling services will commence from early 2021.

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “As the UAE flagship District Cooling provider we are very pleased to be taking a leading role in the development of the new capital city of Andhra Pradesh. As our first district cooling project in India, this signals a significant step for Tabreed to penetrate one of the world’s biggest and fastest growing markets. We see this as an opportunity to establish an initial presence which will be the foundation for further growth in the future.”

Jasim Husain Thabet, Chief Executive Officer, commented: “We are very pleased with our first project in India, increasing our presence to 6 countries. Our strong core business, experienced team, structuring capabilities, and proven innovative skills made us the ideal choice to be a long-term partner of APCRDA. Our focus will be on delivering high quality and cost-effective cooling solution to provide long-term benefits for the Andhra Pradesh government.”

Dr. Sreedhar Cherukuri, Commissioner, Andhra Pradesh Capital Region Development Authority (APCRDA), said: “Bringing in the best solutions and providers from across the world to build Amaravati, we are excited to select Tabreed, a global district cooling leader, as our partner for our new capital. Tabreed demonstrated strong commercial flexibility, operational depth, and understanding of the complexity of well-structured district cooling concession schemes through the bidding process.”

Compared to other cooling systems, district cooling uses only 50% of primary energy consumption for cooling urban buildings thereby reducing CO2 emissions. This highly efficient and cost-effective form of air conditioning also has associated benefits of improvement in air quality and reduction in general noise levels when compared to other traditional air conditioning systems.

Exploring other growth opportunities across India, Tabreed is actively working with the UN Environment’s District Energy in Cities Initiative, a multi-stakeholder partnership that assists developing countries and cities to accelerate their transition to lower carbon and climate resilient societies through modern district energy systems.

National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional district cooling utility company, today announces it has successfully raised US$500 million (AED 1.8 billion) with a fixed rate senior unsecured US dollar denominated RegS sukuk with a 7 year tenor. The issue follows a series of fixed income investor meetings which took place in Europe and Asia, as well as in the United Arab Emirates.

The new sukuk, which will be listed on the London Stock Exchange, had strong institutional demand both locally and in Asia and Europe, which enabled the issue to be oversubscribed by 50%. The sukuk was competitively priced, with a profit rate of 5.5%, underpinned by Moody’s Baa3 and Fitch’s BBB credit ratings, which were announced last week. These ratings are the first to be assigned to Tabreed by Moody’s and Fitch, and have also been assigned to the sukuk itself.

The ratings agencies noted Tabreed’s robust and sustainable business model, the long term nature of its customer contracts and the consequent strength and resilience of its cashflows in attributing their ratings. The company’s strong competitive position in the growing GCC market was also referenced, as well as its low risk profile and supportive shareholder base.

In addition to the new sukuk, Tabreed has arranged new bank facilities up to AED 1.5 billion. Together with the proceeds from the new sukuk, these will be used to refinance AED 2.8 billion of current corporate debt. The refinancing of this debt will deliver a number of benefits, including improved balance sheet efficiency and a longer debt maturity. These in turn will further improve Tabreed’s cashflow, providing fresh impetus for the company’s expansion into both existing and new markets.

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “We are very pleased that Tabreed has been rated as Investment Grade by Moody’s and Fitch. We see this as a testament to the financial strength, robust business model, and strong position we have in the UAE and across the GCC. This new sukuk, which was well received by the market, further strengthens our balance sheet and reinforces our robust financial position and leaves us well placed for further growth.”

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, commented: “We are delighted  with the market’s positive response to our sukuk, and with the recognition Tabreed continues to gain as a safe and high-quality investment. This successful issuance leaves us in a stronger position to leverage growth, with even greater capital and operational efficiency.”

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions that support the region’s energy sustainability. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional district cooling utility company, is integrating data-based operational intelligence software across its network of district cooling plants to monitor, analyze, and improve overall plant performance and reliability, making it the first district cooling company to do so. Created by OSIsoft, a leader in operational intelligence, the PI System will collect, analyze, visualize and share the large amount of data produced by Tabreed’s network of plants.

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions that support the region’s energy sustainability. With 74 district cooling plants located throughout the region, Tabreed currently delivers over one million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

“The PI System gives us real-time insight into our systems, which plays a key role in enhancing customer satisfaction and our services provided to them,” said Jean-Francois Chartrain, Chief Operating Officer, Tabreed. “This kind of immediate application of such world-class Technology is the cornerstone of digital transformation and we hope to leverage technology like the PI System to predict equipment malfunctions and proactively enhance our operations. Data analytics solutions will increase our ability to deliver affordable and reliable chilled water to our customers.”

Tabreed now tracks approximately 30,000 data streams or ‘tags’, monitoring metrics such as real-time and historic power consumption, cooling energy production and equipment status. Employees also use PI Vision, OSIsoft’s visualization tool, to create dashboards which present data with greater clarity and across multiple devices.

District Cooling: Efficient, Reliable and Big Enough for an Entire City

A highly efficient and cost-effective form of air conditioning, district cooling relies on centralized cooling plants to produce chilled water, which then gets circulated through underground insulated pipes to buildings and campuses within a network. District cooling consumes up to 50% less energy than conventional individual air conditioning, reduces maintenance and capital costs, and lowers CO2 emissions. By reducing demand for conventional air conditioning, Tabreed estimates its own operations has contributed to eliminating 986,750 tons of CO2 annually, or the equivalent of taking 214,000 cars off the road, and contributed to saving 1.97 billion kilowatt/hour across the GCC – enough energy to power approximately 112,000 homes in the UAE every year. District cooling equipment also typically lasts 30 years or more, twice as long as conventional air conditioners, and can take advantage of seawater or treated sewage effluent (TSE) rather than potable water to further reduce costs and environmental impacts.

District cooling is expected to play a pivotal role in many regions in curbing the escalating energy demands of air conditioning, which currently accounts for approximately 10% of global electricity consumption and is the fastest growing use of energy in buildings, according to the International Energy Agency. By 2050, around two-thirds of households are expected to have air conditioners. Demand for air conditioning power is expected to triple by 2050, an increase that would require an increase in capacity equivalent to the current electrical capacity of the U.S., EU and, Japan today.

The PI System

OSIsoft’s PI System transforms the vast number of operational data streams from sensors, industrial equipment and other devices into rich, real-time insights to help save money, increase productivity and make better decisions. Worldwide, over two billion sensor-based data streams are managed by the PI System.

In facilities, the PI System is used to manage power consumption for over 135 million square feet of building space at leading universities, research hospitals, data centers, national laboratories, stadiums, government centers and corporate campuses. The PI System is also used to optimize district heating networks across France.

“We’re incredibly excited to be working with Tabreed, which has been a regional leader in demonstrating the power of district cooling,” said J. Patrick Kennedy, founder and CEO of OSIsoft. “Data is the one commodity in the world that gets more valuable the more people use it. In Tabreed’s case, digital transformation can help improve the company’s performance, enhance the comfort of its customers and ultimately benefit the greater community. We look forward to seeing what they accomplish.”

Tabreed Launches Knowledge Development Programme,

The Ethra’a Initiative

Fosters synergies between academia and the district energy sector

28 January 2019, Abu Dhabi – UAE: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional district cooling utility company, today announced the launch of its Ethra’a initiative, a first-of-its-kind knowledge development programme established to develop human capital and prepare the district energy sector’s future leaders.

Ethra’a initiative, which means ‘enrichment’ in Arabic, aims to build a highly-skilled talent pool and develop human capital by facilitating knowledge sharing and innovation between the industry and academia. This will further drive knowledge-based economic growth in line with the Abu Dhabi Economic Vision 2030, and strategic talent development to support environmental sustainability and green economy ambitions outlined in the UAE’s Green Agenda 2030, an overarching framework to transform the country into a green economy. The initiative is also aligned with Abu Dhabi Government economic reform plan ‘Tomorrow 2021’ (Ghadan 2021), which places significant focus on the development of technology, talent and research.

Ethra’a is built on five engagement pillars, with an overall objective to create opportunities for engineering and graduates, by equipping them with the knowledge, skills and competencies to become successful in highly-skilled roles within the district energy sector. These are: guest lectures delivered by subject matter experts at Tabreed to initiate knowledge transfer and improve understanding of the district energy sector; an in-house, capability-building programme, which features Training for Work, Undergraduate Internship Program, a Post Graduate Assistance Program to equip graduates of UAE Nationals with workplace skills and help improve their performance; educational tours at district cooling plants, designed to develop a greater understanding of how sustainable engineering theory can be put into practice; establishing cooperative research clusters for scientific advancements in the field of renewable energy and sustainable technologies; and a Sponsorship Program, designed to give outstanding Emirati students the opportunity to pursue a career with one of the granted local (UAE) based Accredited Universities and Technical Colleges.

Commenting, Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said: “As the regional pioneer in district cooling, Tabreed has a responsibility and commitment to developing the next generation of leaders for the district energy sector, by providing high quality training, mentorships and practical experience to engineering and management graduates. Ethra’a initiative sits at the heart of this commitment, creating stronger links between academia and the industry through greater collaboration on knowledge creation, research, innovation and skills development. This smart and forward-looking approach to education is key to achieving the UAE’s wider vision of developing a thriving, knowledge-based economy.”

Earlier this year, Tabreed successfully completed a three-year research and development (R&D) pilot project with Masdar Institute to deliver energy efficiency through enhancing operational performance in district cooling plants. Titled ‘Optimal Chiller Plant Control’, the project aimed to develop and operate a proprietary next-generation digital ‘smart controller’ capable of intelligently managing district cooling plants to improve operational performance by decreasing energy consumption.

In 2018, Tabreed has developed over 40 UAE National graduates and employees through different training schemes that offer a chance to build a strong career portfolio through skills development and hands-on experience.

The company remains committed to developing a strong pool of Emirati talent through recruitment and retention of UAE Nationals in various fields, having achieved an Emiratisation rate of 39% as of November, 2018.

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions that support the region’s energy sustainability. With 73 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional district cooling utility company, today released its consolidated financial results for the first half of 2018. The company continues to meet the region’s growing demand for district cooling and deliver solid performance and growth.

Financial highlights – six months ended 30 June 2018:

• Net profit attributable to the parent increased by 10 per cent to AED 211.9 million (H1 2017: AED 192.7 million)
• Group revenue increased by 2 per cent to AED 650.7 million (H1 2017: AED 639.2 million)
• Core chilled water revenue increased by 2 per cent to AED 617.3 million (H1 2017: AED 602.3 million)
• EBITDA increased by 6 per cent to AED 326.1 million (H1 2017: AED 308 million)

Operational highlights – six months ended 30 June 2018:

• Total Group connected capacity across the GCC increased to 1,113,906 Refrigeration Tons (RT), with 21,588 RT of new customer connections added in the first half of the year across the GCC.

Environmental highlights – six months ended 30 June 2018:

• Contributed to saving 600 million kilowatt/hour across the GCC – enough energy to power approximately 20,000 homes in the UAE every year
• These power savings prevented the release into the atmosphere of 300,000 tons of carbon dioxide – the equivalent of eliminating the emissions of 60,000 vehicles annually

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “We remain committed to returning consistent and positive financial results, which is exemplified in our first half earnings, with net profits increasing by 10 per cent over the same period last year. Tabreed remains the partner of choice across the GCC for providing energy-efficient, cost effective, and environmentally friendly cooling solutions. We are confident that we will further expand our operations whilst continuing to deliver stable returns to our shareholders.”

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “We are now in our 20th year of operation and, year after year, we have demonstrated consistent robust results underpinned by Tabreed’s unwavering focus on growing our core chilled water business which provides sustainable, reliable and cost effective energy solutions. We continue to strengthen our regional presence and deliver operational excellence by building strategic partnerships with leading government and private entities resulting in the addition of more landmark projects to our portfolio.”

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions that support the region’s energy sustainability. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

The project financing will be provided by Emirates NBD

National Central Cooling Company PJSC (‘Tabreed’), the leading UAE-based district cooling utility infrastructure company, today announced it has completed the signing of an AED 192.5 million long term limited recourse project finance facility with Emirates NBD for the district cooling plant it is developing for Dubai Parks and Resorts.

Tabreed’s district cooling plant for Dubai Parks and Resorts is now nearing completion and will be commissioned in time for the park’s opening.

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said: “Tabreed’s approach to financing new projects is to utilise long term project financing wherever possible which we believe is the best way of financing our assets and maximizing value for all stakeholders. This loan facility with Emirates NBD is a landmark deal as it is amongst the first district cooling transactions completed in the UAE under a limited recourse project finance structure for a Greenfield development.”

“We are committed to delivering district cooling services that enable Dubai Parks and Resorts to make significant savings to their energy consumption and positively contribute to the environment.”

Jonathan Morris, General Manager Wholesale Banking at Emirates NBD, said: “This is our first collaboration with Tabreed and we are pleased to participate in the financing of the district cooling plant for the new Dubai Parks and Resorts. This is an important development which will further support the UAE’s economic diversification efforts and reinforce Dubai’s position as a tourist destination.”

In 2014, Tabreed signed a long term concession to provide 45,600 tons of cooling to the new Dubai Parks and Resorts development in Jebel Ali.

Raed Kajoor Al Nuaimi, Chief Executive Officer of Dubai Parks and Resorts, added: “At Dubai Parks and Resorts we are setting a new milestone in Dubai’s leisure and entertainment industry through our ground breaking theme parks.  As part of our mission to create a truly unique experience, we are working with the very best in class partners to ensure the delivery of our project is not only in line with international standards but also takes the environmental and economic impact into consideration. We are proud to be working with Tabreed and look forward to working with them.”

In addition to Dubai Parks and Resorts, Tabreed provides its district cooling services to many of the region’s iconic developments including all the projects on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the projects on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, as well as other national and regional landmarks such as Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional district cooling utility company, today announced the acquisition of a significant stake in its associate, Saudi Tabreed, by the IDB Infrastructure Fund II (the Fund), managed by ASMA Capital Partners.

Saudi Tabreed is Tabreed’s district cooling investment vehicle in Saudi Arabia, held jointly with ACWA Holdings, the Al Mutlaq Group and LAMA Holding. Saudi Tabreed provides 79,000 refrigeration tons (RTs) of cooling to its Aramco and Jebel Omar projects and operates a further 130,000 RT through O&M projects across the Kingdom.

The sponsors of the Fund are the Islamic Development Bank (“IDB”), the Public Investment Fund of the Kingdom of Saudi Arabia (“PIF”), the Public Pension Agency of Kingdom of Saudi Arabia (“PPA”), and the governments of the Kingdom of Bahrain and the Sultanate of Brunei Darussalam.  The Fund has sizable investments in infrastructure projects in the GCC countries as well as in several South and South East Asian countries.

Saudi Tabreed, as the leading district cooling company in the Kingdom, is well placed to capture growth opportunities in the largest market in the GCC. The addition of leading Saudi investment funds as strategic stakeholders in Saudi Tabreed will further enhance Saudi Tabreed’s ability to capitalize on these new opportunities and solidify Tabreed’s position as the leading district cooling company in the region.

The Fund’s investment in Saudi Tabreed will in part be in the form of subscription for new shares and in part through purchasing existing shares from all the current shareholders of Saudi Tabreed. As a result, Tabreed’s holding in Saudi Tabreed will decrease from 25% to 20%.  Tabreed will receive around AED 70 million in cash from a combination of the sale of its shares to the Fund and dividends to be paid by Saudi Tabreed. Tabreed will realize a gain on the sale of around AED 30 million.

Commenting on the transaction, Jasim Husain Thabet, Tabreed’s CEO, said: “Tabreed is delighted to welcome the Fund as a strategic partner into the shareholding of Saudi Tabreed.  The Fund’s confidence in Saudi Tabreed confirms its status as the number one provider of district cooling in Saudi Arabia and further strengthens our position to capitalize on new opportunities expected to arise in the Kingdom.”

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions that support the region’s energy sustainability. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts and other iconic developments in Sultanate of Oman and the Kingdom of Bahrain.

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional district cooling utility company, today released its 2018 first quarter consolidated financial results. The company continues to deliver strong and consistent performance from its 72 district cooling plants across the GCC, which deliver almost 1.1 million refrigeration tons (RT) of cooling capacity to customers.

Financial highlights – three months ended 31 March 2018:

• Net profit attributable to the parent increased by 3.1 percent to AED 77.7 million (Q1 2017: AED 75.4 million)
• Core chilled water revenue increased by 1.4 percent to AED 258.7 million (Q1 2017: AED 255.2 million)
• Share of results of associates and joint ventures decreased by 4.8 percent to AED 21.8 million (Q1 2017: AED 22.9 million)
• Group revenue increased by 2 percent to AED 274.4 million (Q1 2017: AED 270.2 million)
• EBITDA increased by 6 percent to AED 148.6 million (Q1 2017: AED 140.8 million)

Operational highlights – three months ended 31 March 2018:

• Total Group connected capacity across the GCC of 1,093,818 RT.
• Acquisition of 50% of S&T Cool District Cooling Company LLC on Reem Island in Abu Dhabi to become its sole owner. The plant has connected capacity of over 32,000 RT and is the sixth plant in Tabreed’s portfolio providing district cooling to Aldar developments
• Successful completion of three-year pilot project to develop digital ‘smart controller’ technology to intelligently manage district cooling plants to improve operational performance by decreasing energy consumption in partnership with Masdar Institute of Science and Technology, a part of the Khalifa University of Science and Technology

 Environmental highlights – three months ended 31 March 2018:

• 179 million kilowatt hours was saved across the GCC – enough energy to power approximately 6,000 homes in the UAE every year
• These power savings prevented the release into the atmosphere of 89,600 tons of carbon dioxide – the equivalent of eliminating the emissions of 18,000 vehicles annually

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “This is another strong set of results, further reinforcing the company’s market leading position and the strength of its business model. Our core chilled water business is the fulcrum of this model and continues to support the delivery of stable shareholder returns, which remains our top priority. We are confident of continuing to deliver growth as we further expand our operations and look forward to reporting progress through the current financial year.”

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “We are very pleased to demonstrate once again that our unique cooling solutions are playing their part in the country’s efforts to achieve energy sustainability. Becoming the sole owner of S&T was also an important step in our long-term growth plan. We continue to explore ways of achieving greater efficiencies and developing innovative ways of reducing energy consumption and our pilot project with Masdar Institute of Science and Technology has proved valuable in this regard. We remain alert to all opportunities that can add value to our own business and also enhance our customers’ ability to reduce their energy consumption.”

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions that support the region’s energy sustainability. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional UAE-based district cooling utility company and Abu Dhabi’s renewable energy company, Masdar, today announced that they have signed a service agreement to operate Masdar’s first district cooling plant with operations underway.

Under the three-year contract, Tabreed will manage the district cooling plant on behalf of Masdar, providing expertise as well as operations and maintenance services, including regular maintenance of onsite equipment, water pumps and other related services through ongoing monitoring, diagnostic and planned maintenance work.

The Masdar district cooling plant is state-of-the-art and showcases the smart energy system of the district. It is part of Masdar City’s first phase, slated to provide the first 6,000 RT of the 94,000 RTs planned for the area.

Commenting on the selection of Tabreed, Mohamed Jameel Al Ramahi CEO of Masdar said: “Selecting the right partner to support for the operations and maintenance of our first district cooling plant was key.  The plant is a central part of the smart energy system we are building at Masdar. With their technical capability and successful track record, we trust Tabreed to provide us with the highest level of quality services and expertise to meet our operational efficiency targets.”

Commenting on the contract win, Jasim Thabet, Tabreed’s CEO said: “We are delighted to be working with Masdar to support their district cooling and sustainability needs. This agreement is testament to Tabreed’s operations and maintenance capabilities garnered across 72 plants in the region over the last 20 years, with industry leading approaches bringing innovative operations and management solutions to the sector. It also demonstrates the confidence of game-changing energy players such as Masdar in selecting us for long-term partnership arrangements.”

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

Masdar is Abu Dhabi’s renewable energy company which works to advance the development, commercialization and deployment of clean energy technologies and solutions. The company serves as a link between today’s fossil fuel economy and the energy economy of the future. Wholly owned by the Mubadala Investment Company PJSC, the strategic investment company of the Government of Abu Dhabi, Masdar is dedicated to the Emirates’ long-term vision for the future of energy and water.

• New acquisition gives Tabreed 100% ownership of the plant

National Central Cooling Company PJSC (‘Tabreed’), the leading UAE-based district cooling utility company, today announced the acquisition from Aldar Properties PJSC (‘Aldar’) of 50% of the shares in S&T Cool District Cooling Company LLC (‘S&T’), a major district cooling provider on Reem Island in Abu Dhabi. Tabreed will own 100% of the company following completion of the transaction, subject to relevant regulatory approvals.

S&T’s district cooling plant on Reem Island has a connected capacity of over 31,500 refrigeration tons (RT) and provides cooling to prominent landmarks on Reem Island’s skyline such as Sun & Sky Towers, Gate Towers, The Arc and Shams Boutik mall. The transaction values S&T at AED 348m.

This acquisition is consistent with Tabreed’s strategy of acquiring additional district cooling assets to add to its existing portfolio in the region. The Reem Island plant is the 6th plant in Tabreed’s portfolio providing district cooling to Aldar developments.

Jasim Husain Thabet, Tabreed’s CEO, said: “Tabreed is delighted to have completed this acquisition, especially as it serves a key Abu Dhabi growth area. The plant currently has over 31,500 RT of contracted capacity and we expect this to grow as new real estate developments in the area come online. This is also another milestone in our district cooling relationship with Aldar, the leading real estate developer in Abu Dhabi. The acquisition underscores our commitment to support and fulfill current and future infrastructure needs of large scale developments.”

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions that support the region’s energy sustainability. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia. Within the portfolio, 6 plants serve Aldar developments at Yas Island, Raha Beach, Raha Gardens, Abu Dhabi World Trade Centre, Al Jimi Mall and Reem Island.

Buyback of bonds will increase earnings per share

Shareholders of National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi–based regional district cooling utility company, yesterday approved the proposal presented by the company’s Board of Directors at an Ordinary General Assembly (‘OGA’) to buy back 28 per cent of the mandatory convertible bonds held by Mubadala.

The resolution for the buyback of the equivalent of 854 million bonds at a cost of AED 1 billion was unanimously approved at an OGA attended by shareholders representing 55% of Tabreed’s capital. The transaction will be finalized by early July, and the repurchased bonds will be cancelled.

Jasim Husain Thabet, Chief Executive Officer of Tabreed, said: “Our company’s strong and consistent year-on-year performance since 2011 has enabled us to present this important proposal to our shareholders, and we are delighted that they have voted to approve it. This initiative is value-accretive for shareholders, and based on 2014 net income, will increase earnings per share by approximately 2.6 fils, while saving the company over AED 30 million annually.

“This buyback is part of our wider strategy to continuously improve our capital structure. It follows our 2014 refinancing, which also delivered annual savings of AED 9 million. The combined yearly savings from these two transactions will reach approximately AED 40 million.”

The highest standards of corporate governance best practice were implemented in pursuing this transaction. Tabreed engaged HSBC to provide a fairness opinion to its Board of Directors which stated that (as at the date of that opinion and subject to its terms) it is HSBC’s view that the proposed purchase price is fair from a financial point of view to Tabreed. Additionally, Mubadala, as the bondholder, did not vote at the OGA.

The buyback will be financed through a new loan which Tabreed secured during its 2014 refinancing, and which has a lower cost of servicing than the bonds it is repurchasing.

• 23% higher cash dividend than 2016

At the annual general meeting, the shareholders of National Central Cooling Company PJSC (DFM: TABREED), the leading regional district cooling utility company, today approved a dividend of 8 fils per share for the financial year 2017. This represents a 23% increase on the dividend paid out in 2016, driven by the company’s robust performance in 2017.

The dividend was approved by the shareholders at the company’s Annual General Assembly (AGA), which was chaired by Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, and attended by Tabreed’s Board of Directors, shareholders, and the company’s senior leadership team.

Commenting on the full year performance and outlook, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “Tabreed delivered another year of strong results and net profit growth in 2017, driven by added capacity. This in turn enabled us to deliver a 23% increase in cash dividend per share. In the coming year, we look forward to continue delivering growth and stable returns to our shareholders, as we harness our expertise and capabilities of our major shareholders to meet the region’s growing cooling needs.”

Last month, Tabreed released its audited financial results for 2017, which showed a robust 9% net profit increase to reach AED 400 million. The increase was mainly due to the addition by Tabreed of 43,900 RT to its existing cooling capacity during the year through projects across the region, building on Tabreed’s established presence in the GCC.

Addressing Tabreed’s shareholders earlier at the meeting, Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said: “As we mark our 20-year milestone this year, we are proud of our track record, which has led us to become the region’s leading district cooling company, providing nearly 1.1 million refrigeration tons of cooling capacity to our customers. Our growth underscores our commitment to delivering high quality reliable and efficient solutions, while maintaining a healthy financial position and enhancing shareholder value with sustained and stable returns.”

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions that support the region’s energy sustainability. With 72 district cooling plants located throughout the region, Tabreed currently delivers nearly 1.1 million refrigeration tons of cooling to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional UAE-based district cooling utility company won the local currency loan deal of the year at the Bond, Loans and Sukuk Awards Middle East on held on December 7, 2017 at the Ritz Carlton JBR, Dubai.

Tabreed secured a club loan through a AED1.5bn 10 year Shari’a -compliant facility, enabling the company to diversify its funding base, extend its debt maturity profile and lower its financing costs. The new Shari’a-compliant facility, while allowing to secure better terms on previous loan, also served the dual purpose of opening the company up to Shari’a-compliant equity investors. The innovative Islamic structure, based on the sale and purchase of refrigeration capacity, with Tabreed selling that capacity to generate revenue to service the financing and pay the principal amount, is a first for the sector.

Commenting on the award win, Jasim Thabet, Tabreed’s CEO said: “This award confirms that our Shari’a complaint loan is a best in class facility that not only ensures Tabreed stock is available to Islamic investors, but also adds value to existing shareholders. The Local Currency Loan Deal of the Year Award recognizes the hard work and dedication of the Tabreed team, participating banks, lawyers and advisors.”

Thabet added, “We are honored to be recognized in the category for our achievements by a jury of the most influential international investors from leading banking and finance institutions.”

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

National Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based district cooling utility company, today announced that it has recently commenced the supply of chilled water to the Al Hilal Bank tower on Abu Dhabi’s Al Maryah Island.

Tabreed, which acquired the Al Maryah Island district cooling plant in 2014 in a consortium with Mubadala infrastructure Partners (MIP), an infrastructure focused fund investing in the Middle East, North Africa and Turkey, with institutional investors from the GCC region and Asia, will deliver more than 1,600 tons of cooling (RT) to the tower.

Tabreed’s district cooling services will enable the Al Hilal Bank tower to reduce its expected energy consumption by approximately 2.9 million kWh per year compared to conventional cooling. This will lead to the elimination of 2,000 tons of CO2 emissions per year.

Jasim Husain Thabet, Tabreed’s CEO, said: “In conjunction with our partners at MIP, we are proud to deliver our services to Al Maryah Island, which is one of Abu Dhabi’s key developments as it aims to become the new Central Business District and luxury lifestyle destination.”

Thabet added: “For Al Maryah Island and other large scale, high density developments, district cooling represents the ideal solution as it consumes approximately half of the energy compared to conventional cooling. This in turn leads to significant environmental benefits and cost savings.”

Mohamed Jamil Berro, Group CEO of Al Hilal Bank, said: “Al Hilal Bank prides itself as ‘the Orange bank that thinks green.’ One of our top priorities is to ensure high levels of sustainability and the least environmental impact across all of our facilities. Through Tabreed’s expertise we are fulfilling our commitment to a greener future for the communities we serve.”

The tower extends over 25 levels above island podium level, providing approximately 35,570 square meters of net internal area.  The tower includes 9 levels of parking providing 1,046 spaces in total, offering a very competitive parking to office ratio.

Today, Tabreed has  69 district cooling plants across the GCC and provides its services to many of the region’s critical projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Galleria, in addition to all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, as well as other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

Earnings per share increases 12% as a result of the successful completion of bonds buyback

National Central Cooling Company PJSC (‘Tabreed’), the leading UAE-based district cooling utility infrastructure company, today released its 2015 third quarter (Q3) consolidated financial results. In 2015, the company has connected over 15,000 refrigerated tons (RT) to customers in key markets across the GCC, while bringing to a successful conclusion the repurchase of 28% of the outstanding mandatory convertible bonds held by its bondholder.

Financial highlights – nine months ended 30 September 2015:

• Net profit attributable to the parent increased by 4 per cent to AED 253.8 million (Q3 2014: AED 244.5 million)
• Core chilled water revenue increased by 4 per cent to AED 834.2 million (Q3 2014: AED 804.9 million)
• Share of results of associates and joint ventures increased by 12 per cent to AED 59.7 million (Q3 2014: AED 53.5 million)
• Group revenue increased by 2 per cent to AED 891 million (Q3 2014: AED 870.7 million)
• EBITDA increased by 1 per cent to AED 414 million (Q3 2014: AED 411.7 million)

Operational highlights – nine months ended 30 September 2015:

• Total Group connected capacity across the GCC reached 954,000 RT, with 15,200 RT of new customer connections added in the first nine months of the year as follows:
• 5,000 RT in Oman
• 4,800 RT in Saudi Arabia
• 3,000 RT in Qatar
• 2,400 RT in the United Arab Emirates

Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “In the current economic climate, Tabreed distinguishes itself by having a robust utility infrastructure business which delivers consistent and sustainable results. As an organization, we will continue to benefit from the strength of our long-term customer relationships, as well as from a steady increase in the number of companies across the region that are actively looking to utilize energy-efficient and environmentally-friendly cooling solutions for their projects.”

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “Tabreed has a stable utility infrastructure business model that delivers consistent and recurring revenues year-on-year. Looking forward, we anticipate this pattern will continue as we look to grow our business in a sustainable manner that enhances shareholders value and delivers long-term returns to all of our stakeholders.”

Tabreed has  69 district cooling plants across the GCC and provides  services to many of the region’s critical developments including all the projects on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the projects on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks such as Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

Company completes buyback of Bonds which will increase earnings per share

National Central Cooling Company PJSC (‘Tabreed’), the leading UAE-based district cooling utility infrastructure company, today released its 2015 first half consolidated financial results. Tabreed’s strong performance continues to benefit from lower finance costs and further growth across the UAE and GCC, with over 13,700 refrigerated tons (RT) of new connections made in the first half of the year.

Financial highlights – six months ended 30 June 2015:

• Net profit attributable to the parent increased by 3 per cent to AED 153.4 million (H1 2014: AED 148.6 million)
• Core chilled water revenue increased by 5 per cent to AED 507.2 million (H1 2014: AED 483.1million)
• Group revenue increased by 6 per cent to AED 555.3 million (H1 2014: AED 526.3 million)
• EBITDA increased by 2 per cent to AED 264.4 million (H1 2014: AED 259.9 million)
• The buyback of 28% of Bonds from Mubadala was unanimously approved by voting shareholders at an Ordinary general Assembly in June. The buyback was completed on 1 July
• For the 3rd consecutive year, a dividend of 5 fils per share was declared and paid to all shareholders in April
• Net finance costs decreased by 7 per cent to AED 60.8 million (H1 2014: AED 65.2 million) as a result of the refinancing completed at the end of 2014.

Operational highlights – six months ended 30 June 2015:

• Renewed district cooling agreement with major customer in Q1 2015.  The renewed agreement has a duration of 30 years and sets the framework for additional connections to future projects
• Total Group connected capacity across the GCC reached 953,000 RT, with over 13,700 RT of new customer connections added in the first half of the year, including:
• 5,000 RT in Oman
• 4,800 RT in Saudi Arabia
• 2,400 RT in the United Arab Emirates
• 1,500 RT in Qatar

Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “Tabreed’s consistently strong results are a testament to the company’s stable utility infrastructure business model, which is anchored in a robust core chilled water segment. As the leading district cooling provider in the GCC, Tabreed has been steadily strengthening its footprint in its key markets across the region, with almost 14,000 RT of new connections across the GCC taking total connected capacity to almost 1 million RT.”

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “We remain committed to returning consistent and positive financial results, which is exemplified in our first half earnings, with net profits increasing by 3% over the same period last year, reaching AED 153.4 million. The first half of the year also saw our shareholders approve a 5 fils dividend and the buyback of 28% of the bonds held by Mubadala.  The buyback will increase earnings per share and reduce annual financing costs.”

Tabreed has  69 district cooling plants across the GCC and provides its services to many of the region’s critical projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Galleria, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

Tabreed’s Invitation for its Ordinary General Assembly

The Board of Directors of National Central Cooling Company PJSC (Tabreed) is pleased to invite its shareholders to attend the Ordinary General Assembly meeting to be held on Sunday 7 June 2015 at 5:30 pm in Beach Rotana Hotel in Abu Dhabi, to consider and resolve the following item:

1. Repurchase by Tabreed from MDC Industry Holding Company LLC of an outstanding principal amount of AED 853,601,212 of the Mandatory Convertible Bonds Series B due 2019, issued by Tabreed in 2011, representing 28% of the total outstanding, at an aggregate purchase price of AED 1 billion.

In the event a quorum for the first meeting is not achieved, the Ordinary General Assembly meeting will be adjourned until Sunday 14 June 2015 at the same time and place. Shareholders who are registered in the Tabreed’s share book on 11 June 2015 shall then be entitled to attend the second meeting.

Where the necessary quorum is not achieved, all duly completed proxy forms for the first meeting shall continue to be valid and in full force for the second meeting unless revoked by the relevant shareholder by notice to the Securities Services Department at the National Bank of Abu Dhabi at least two days prior to the date of the second meeting.

To view the full (PDF) invitation please follow this link:  https://www.tabreed.ae/download/466/

November 8, 2017 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based district cooling utility infrastructure company, today released its 2017 third quarter consolidated financial results. The company continues to deliver solid performance and growth with ongoing new capacity and connections added across the region, in response to the growing demand for district cooling.

Financial highlights – nine months ended 30 September 2017:

• Net profit increased by 8% to AED 290.4 million (Q3 2016: AED 269.3 million)
• Group revenue increased by 9% to AED 1049.1 million (Q3 2016: AED 960.3 million)
• Core chilled water revenue increased by 14% to AED 993.5 million (Q3 2016: AED 870.6 million)
• EBITDA increased by 7% to AED 464.6 million (Q3 2016: AED 434.8 million)
• Share of results of associates and joint ventures increased by 14% to AED 91.0 million (Q3 2016: AED 79.9 million)

Operational highlights – nine months ended 30 September 2017:

• Total Group connected capacity across the GCC reached 1,086,610 RT, with 38,199 RT of new customer connections added in the first nine months of the year as follows:
  • 23,825 RT in the United Arab Emirates
  • 3,000 RT in Bahrain
  • 11,374 RT in other GCC countries
• 1.2 billion kilowatt hours of electricity was saved across the GCC – enough energy to power approximately 39,000 homes every year
• This prevented the release of almost 590,000 tons of carbon dioxide – the equivalent of eliminating the emissions of 118,000 vehicles annually

Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented on the results: “Tabreed’s continuing growth for the third quarter of 2017 reinforces our position as a leading and best in-class district cooling company. It reiterates the confidence of our shareholders in our ability to execute on our strategy and deliver consistent results.”

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “Our ongoing growth reflects our commitment to meet the region’s growing demand for energy-efficient and environmentally-friendly cooling solutions. At the same time, we remain focused on shareholder value and are proud of the recent certification of Tabreed’s stock as Shari’a compliant, which should contribute to an expanded shareholder base. As we look ahead, we will harness our operational knowledge and capabilities towards continued growth with ongoing contribution to the region’s sustainable development.”

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca.

• Board of Directors recommends increasing dividend by 23% to 8 fils per share

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional district cooling utility company, today released its audited 2017 financial results. The Company ended the year with a robust performance, adding 43,900 RT to its cooling capacity across the GCC in 2017. Tabreed posted 9% percent higher net profit, reaching AED 400.1 million. Based on the strong results, Tabreed’s Board of Directors recommended increasing cash dividends for 2017 to 8 fils per share (up from 6.5 fils per share for 2016).

Financial highlights – twelve months ended 31 December 2017:

• Net profit attributable to the parent increased by 9 percent to AED 400.1 million (2016: AED 367.4 million)
• Group revenue increased by 9 percent to AED 1,399.4 million (2016: AED 1,279.9 million)
• Core chilled water profit from operations increased by 10 percent to AED 427.2 million (2016: AED 387.3 million)
• EBITDA increased by 8 percent to AED 628.4 million (2016: AED 583.2 million)
• Share of results of associates and joint ventures increased by 10 percent to AED 128.8 million (2016: AED 0 million)

Operational highlights – twelve months ended 31 December 2017:

Total Group connected capacity across the GCC reached 1,092,300 RT, with 43,900 RT of new customer connections added in the last 12 months as follows:

•  
  • 24,300 RT in the United Arab Emirates
  • 3,000 RT in Bahrain
  • 16,600 RT in other GCC countries

• Over 1.53 billion kilowatt hours of electricity was saved across the GCC – enough energy to power approximately 51,000 homes every year
• This prevented the release of almost 768,000 tons of carbon dioxide – the equivalent of eliminating the emissions of 153,600 vehicles annually

Other developments in 2017 included the successful completion of the investment by ENGIE, the global energy company, which acquired 40% of the shares in Tabreed for approximately AED 2.8 billion. Tabreed also obtained the certification of Tabreed’s stock as Shari’a compliant, which is expected to contribute to an expanded shareholder base.

Commenting on the results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “The strength of Tabreed’s performance in FY 2017 reflects a clear strategic focus, which enabled the company to extend its footprint and regional market leadership. Tabreed achieved another year of healthy sales with net profit growth of 9% to AED 400.1 million. Furthermore, Tabreed welcomed global energy leader ENGIE to the group during the year, which will support the company in further capturing the growing regional district cooling market opportunities, aligned with the rapid urbanization witnessed across the GCC region.”

“In line with our commitment to continue delivering shareholder value and based on our strong performance in 2017, the company’s Board of Directors will recommend increasing cash dividends to 8 fils at the upcoming annual general assembly,” added Al Qubaisi.

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “Tabreed continued on its solid growth path in 2017 with revenues of AED 1,399.4m, driven by new capacity additions. As we look forward to 2018 and beyond, we pursue our commitment to support the region in meeting its growing cooling needs with Tabreed’s reliable and cost-efficient solutions. With two decades of leadership and experience, we are also well poised for continued growth and success in enabling our customers to adopt and optimize energy-efficient cooling systems, while remaining focused on achieving strong returns for our shareholders.”

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions that support the region’s energy sustainability. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

The proposed buyback of 28% of the mandatory convertible bonds held by Mubadala will save Tabreed over AED 30 million annually

National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi–based regional district cooling utility company, today announced its intention to hold an Ordinary General Assembly (‘OGA’) to present to shareholders a proposal to buy back 28% of the mandatory convertible bonds (‘MCB’) currently held by Mubadala.

In the proposal, Tabreed will seek shareholders’ approval to buy back 854 million MCB at a cost of AED 1 billion. The MCB were issued to Mubadala as part of Tabreed’s 2011 recapitalization program.

The buyback will be financed through a new loan which Tabreed secured during its 2014 refinancing, and which has a lower cost of servicing than the MCB.

Jasim Husain Thabet, Chief Executive Officer of Tabreed, said: “Since the 2011 recapitalization program, Tabreed has strengthened its operational and financial performance significantly which has yielded substantial improvements to our credit profile. As a result, we are now in a position to access attractive debt financing to replace bonds issued during the recapitalization. This replacement will result in a saving of over AED 30 million annually. Taken together with the debt refinancing completed at the end of 2014, combined savings will amount to over AED 40 million per year.

“In pursuing this proposal, Tabreed has applied the highest standards of corporate governance and best practices to protect shareholders’ rights.”

Tabreed has engaged HSBC to provide a fairness opinion to the Board of Directors of Tabreed which states that (as at the date of that opinion and subject to its terms) it is HSBC’s view that the proposed purchase price is fair from a financial point of view to Tabreed. Mubadala, as the bondholder, will abstain from voting at the OGA.

Shareholders will have the opportunity to discuss the buyback proposal with the company’s senior executive team and board members at the OGA, and then vote on whether to accept it or not.

The date and time of the OGA will be announced soon. For further details on this proposal, please visit the investor relations page on Tabreed’s website:

Strong regional operations and lower finance costs drive company’s performance

Abu Dhabi – United Arab Emirates: National Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based regional district cooling company, today released its 2015 first quarter consolidated financial results. The company’s performance was driven by its strong regional operations, with over 12,000 refrigerated tons (RT) of new connections made across the GCC, as well as additional savings achieved due to the refinancing completed at the end of 2014.

Financial highlights – Three months ended 31 March 2015:

• Net profit attributable to the parent increased by 5 per cent to AED 61.2 million (Q1 2014: AED 58.2 million)
• Core chilled water revenue increased by 3 per cent to AED 214.4 million (Q1 2014: AED 208.2 million)
• Share of results of associates and joint ventures increased by 35 per cent to AED 17.3 million (Q1 2014: AED 12.8 million)
• Group revenue increased by 5 per cent to AED 239.4 million (Q1 2014: AED 227.2 million)
• EBITDA increased by 1 per cent to AED 119.7 million (Q1 2014: AED 118.6 million)
• Net finance costs decreased by 10 per cent to AED 29.4 million (Q1 2014: AED 32.7 million) as a result of the 2014 refinancing, and which led to a 50 basis points reduction in margin

Operational highlights – Three months ended 31 March 2015:

• Renewed major district cooling agreement with Aldar. The renewed agreement has duration of 30 years, and sets the framework for additional connections to future projects.
• Total Group connected capacity across the GCC totaled 950,000 RT, with over 12,000 RT of new customer connections added, including:
  • 1,000 RT in the United Arab Emirates
  • 1,500 RT in Qatar
  • 4,700 RT in Saudi Arabia
  • 5,000 RT in Oman

Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “Building on our excellent performance in 2014, Tabreed strengthened its position as one of the leading district cooling companies in the GCC in the first three months of 2015, adding over 10,000 RT across Saudi Arabia, Oman and Qatar.  The positive financial performance during the period reflects the strength of Tabreed’s underlying chilled water business and we remain well positioned to capitalize on future growth opportunities, at home and abroad.”

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “We have reached a number of significant milestones in the quarter, including the renewal of a major long-term district cooling agreement with Aldar Properties PJSC. Furthermore, we are already beginning to reap the benefit from the refinancing completed at the end of 2014, which demonstrated the robustness of our business model, greatly strengthening our financial position and providing a clear endorsement of our positive future outlook.”

Tabreed has  69 district cooling plants across the GCC and provides its services to many of the region’s critical projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic and Galleria, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional UAE-based district cooling utility company and the Masdar Institute of Science and Technology, a part of the Khalifa University of Science and Technology, announced today the successful completion of a 3-year research and development (R&D) pilot project to deliver energy efficiency through enhancing operational performance in district cooling plants.

The Tabreed and Masdar Institute joint project, called ‘Optimal Chiller Plant Control’, aimed to develop and operate a proprietary next-generation digital ‘smart controller’ capable of intelligently managing district cooling plants to improve operational performance by decreasing energy consumption.

The pilot project, conducted at Tabreed’s plant in Mohammed bin Zayed City, Abu Dhabi, created a prototype for an optimal control system which was implemented following various testing phases.

Following the completion of the pilot project, Jasim Thabet, Tabreed’s CEO, said: “We are delighted with the results of the pilot project conducted with the Masdar Institute of Science and Technology.  Partnering with such forward-thinking organization reflects our commitment to innovation and to deliver on the country and region’s energy efficiency goals. We believe that breakthrough innovation such as this smart model will set new standards in performance, energy and operational efficiency and deliver the energy reductions required for the region’s sustainable development.”

Tabreed and Masdar Institute successfully developed a prototype digital module that was integrated with the district cooling plants’ control system to measure key external variables that impact the operational efficiencies of the plant, such as flow and temperatures of chilled water supply and return, outside temperature and humidity levels. The system then automatically decides at what capacity major equipment such as chillers, water pumps and cooling towers need to operate to meet customers’ cooling requirements in the most economical and energy efficient way.

Dr. Steve Griffiths, Vice President for Research and Interim Associate Provost, Masdar Institute, and Interim Executive Vice President for Research at Khalifa University of Science and Technology said: “Research and innovation for advanced cooling technologies is a priority for the Masdar Institute.  However, the innovation achieved in this work would not have been possible without strong collaboration from a leading organization such as Tabreed. We are very proud of this demonstration of academic and industry collaboration that provides tangible impact for the UAE’s most pressing demand-side energy challenge.”

Dr. Peter Armstrong, Associate Professor of Mechanical Engineering at Masdar Institute was the principal investigator for the project.

Commenting on the success of the pilot project, Dr. Peter Armstrong said: “The successful demonstration and positive results of the optimized chiller control system is a critical project milestone for cost-effective, energy-efficient and environmentally sustainable district cooling plants across the UAE and region.

“The models embedded in our optimal control system can also help to identify faults, such as refrigerant loss, fouling of heat exchangers, and problems with cooling tower packing or water distribution,” he added.

Projects such as the joint optimal chiller plant control contribute to enhance the benefits of district cooling, which is emerging as an increasingly preferred cooling technology, which will help to deliver significant cost and environmental benefits in the form of reduced CO2 emissions. With energy demand for cooling expected to triple over the next three years, district cooling is also contributing to reduce energy consumption, especially with air conditioning accounting for approximately 50% of all electrical energy consumption in Abu Dhabi and approximately 70% of peak demand on hot summer days.

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional UAE-based district cooling utility company, announced today that its stock has become certified as Shari’a compliant.

The announcement follows the recent meeting of the Islamic Banks’ Unified Committee for Shari’a Screening. As a result, Tabreed has been included on the committee’s List of Shari’a compliant companies for the listed companies on the Dubai Financial Market (DFM), and its stock is now traded by Islamic banks’ brokerage companies.

Commenting on the news, Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said: “We are proud of the certification of Tabreed’s stock as Shari’a compliant for the purposes of investment and trading. This certification enables existing and new shareholders with a preference for Shari’a compliant financial instruments to trade in Tabreed’s shares, further widening the potential investor base for Tabreed. A broader potential investor base can only assist in increasing liquidity for Tabreed’s shares.”

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

Election follows successful completion of ENGIE investment in Tabreed

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional UAE-based district cooling utility company, announced today the election of four new members to the company’s Board of Directors.

The election of the four members to Tabreed’s Board of Directors was made by the company’s shareholders at a General Assembly held yesterday in Abu Dhabi and these elections fill all Board positions that became vacant on 10 August 2017.

The General Assembly, which was chaired by Khaled Abdulla Al Qubaisi, Tabreed’s Chairman and attended by Tabreed’s Board of Directors and shareholders, follows the successful completion of the investment by ENGIE, the global energy company, to acquire 40% of the shares in Tabreed.

The four new Board Members, who are all senior executives at ENGIE, are: Paulo Almirante, Executive Vice President, ENGIE Group; Sébastien Arbola, CEO, ENGIE Middle East, South & Central Asia and Turkey; Frédérique Dufresnoy, Deputy Director Métier Business to Territories and Frederic Claux, Head of Acquisitions, Investments and Financial Advisory

Commenting on the announcement, Mr. Khaled Abdulla Al Qubaisi, Tabreed’s Chairman of the Board of Directors, said: “We are pleased to welcome to Tabreed’s Board four new members who are seasoned senior executives. Their wealth of experience and diversified expertise in both emerging and established markets will add significant value to the Board and support Tabreed in delivering on its ambitious vision.”

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

Connected capacity exceeds a Million Refrigeration Tons

UAE: National Central Cooling Company PJSC (‘Tabreed’), the leading UAE-based district cooling utility infrastructure company, today released its 2016 third quarter consolidated financial results. Tabreed continues its strong performance, connecting more than 30,000 Refrigeration Tons (RT) to customers in key markets across the GCC, including the Dubai Parks and Resorts, which enabled it to surpass 1 million RT.

Financial highlights – nine months ended 30 September 2016:

• Net profit attributable to the parent increased by 6 per cent to AED 269.3 million (Q3 2015: AED 253.8 million)
• Group revenue increased by 6 per cent to AED 960.3 million (Q3 2015: AED 904.3 million)
• Core chilled water revenue increased by 4 per cent to AED 870.6 million (Q3 2015: AED 834.2 million)
• EBITDA increased by 5 per cent to AED 434.8 million (Q3 2015: AED 414 million)
• Share of results of associates and joint ventures increased by 34 per cent to AED 79.9 million (Q3 2015: AED 59.7 million)

Operational highlights – nine months ended 30 September 2016: 

• Total Group connected capacity across the GCC reached 1,011,900 RT, with 37,113 RT of new customer connections added in the first nine months of the year as follows:
  • 34,513 RT in the United Arab Emirates
  • 1,600 RT in Qatar
  • 1,000 RT in Oman
• 1.1 billion kilowatt hours of electricity was saved across the GCC – enough energy to power approximately 35,600 homes every year
• This prevented the release of almost 533,900 tons of carbon dioxide – the equivalent of eliminating the emissions of 106,800 vehicles annually

Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “Tabreed’s ongoing momentum imparts strength and confidence. It demonstrates our ability to consistently deliver stable returns for our shareholders and reinforces our standing as one of the region’s leading district cooling companies. Our strong quarterly performance is accompanied by Tabreed surpassing 1 million Refrigeration Tons, a significant milestone that positions us for continued growth. This is a sound testament to the steady increase in the number of companies across the region that are actively looking to utilize energy-efficient and environmentally-friendly cooling solutions for their projects.”

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “The achievement of our recent milestone with one of the largest multi-themed leisure and entertainment destinations in the Middle East, Dubai Parks & Resorts, showcases our commitment to deliver district cooling services to iconic projects enabling energy savings leading to a positive contribution to the environment.”

“Our strong and consistent performance demonstrates our robust business strategy which is aimed at future growth across the UAE and GCC. We remain intensely focused on shareholder returns and identifying opportunities that increase our presence locally and throughout the region. We will continue to leverage our operational knowledge and capabilities to sustainably grow our business and contribute to the region’s growth.”

Today, Tabreed provides its district cooling services to many of the region’s landmark projects including all of the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all of the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, Pearl Island in Qatar, and Aramco Development Project in Al Dhahran in the Kingdom of Saudi Arabia.

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional district cooling utility company, today released its 2017 first half consolidated financial results. The company continues to deliver solid performance and growth driven by its core chilled water business with new capacity and connections added across the GCC. The company also announced good progress towards completing the transaction to introduce ENGIE as a new major shareholder of Tabreed.

Financial highlights – six months ended 30 June 2017:

· Net profit attributable to the parent increased by 20 per cent to AED 192.7 million (H1 2016: AED 160.5 million)

· Earnings per share increased by 20 per cent to 7.1 fils (H1 2016: 5.9 fils)

· Group revenue increased by 10 per cent to AED 639.2 million (H1 2016: AED 578.6 million)

· Core chilled water revenue increased by 17 per cent to AED 602.3 million (H1 2016: AED 516.0 million)

· EBITDA increased by 12 per cent to AED 308.0 million (H1 2016: AED 275.4 million)

· Share of results of associates and joint ventures increased by 29 per cent to AED 62.4 million (H1 2016: AED 48.2 million)

Operational highlights – six months ended 30 June 2017:

· Total Group connected capacity across the GCC increased to 1,084,451 Refrigeration Tons (RT), with 36,040 RT of new customer connections added in the first half of the year, as follows:

· 22,863 RT in the United Arab Emirates

· 3,000 RT in Bahrain

· 10,177 RT in other regions

· 595 million kilowatt hours of electricity was saved across the GCC – enough energy to power approximately 20,000 homes every year

· This prevented the release of almost 297,500 tons of carbon dioxide – the equivalent of eliminating the emissions of 59,500 vehicles annually

In other developments, the company recently announced that global energy leader ENGIE will purchase 40% of Tabreed from Mubadala through the conversion of Mubadala’s Mandatory Convertible Bonds (MCBs) and transfer of 1.086 billion shares to ENGIE. Further to that announcement, at their meeting on 26 July, Tabreed’s Board of Directors approved the necessary increase in Tabreed’s share capital and conversion of the MCBs to shares.

The transaction is expected to complete in the third quarter of 2017 once required regulatory approvals are obtained.

Khaled Abdulla Al Qubaisi, Chairman, commented: “Tabreed has earned a leading position in district cooling with a clear vision to deliver consistent and sustainable results to investors and shareholders. This is reflected in Tabreed’s robust performance in the first half of 2017 with a net profit increase of 20 percent to AED 192.7 million. Its sound business model and growing customer and partner confidence is also reflected in the recent announcement of a major investment in Tabreed by global energy leader ENGIE, who will harness their long-standing experience to support Tabreed’s growth strategy and reinforce its reputation as a leading regional utility offering best in-class solutions and high quality long-term services.”

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “Tabreed is going from strength to strength with a growing presence across the GCC region, where we are proud to cool landmark projects and critical infrastructure developments. This is essential to driving business results and economic development. Profits from our associates and joint ventures has increased by 29 per cent to AED 62.4 million.”

Thabet continued: “The planned investment in Tabreed by global energy leader ENGIE is further testament to Tabreed’s financial strength and leading market position. Tabreed Board approval of the necessary increase in share capital, and conversion of the MCBs, is a significant step and we look forward to welcoming ENGIE as a major shareholder of Tabreed. This brings us one step closer to the successful completion of the transaction, expected in the third quarter of 2017.

As we look forward, our focus will continue to be on delivering high quality and advanced solutions and services to meet the region’s rising cooling needs, where we are well positioned to capture growth opportunities.”

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca.

National Central Cooling Company PJSC (‘Tabreed’), the leading UAE-based district cooling utility company, today announced that it surpassed 1 million Refrigeration Tons of cooling capacity.

Tabreed recently commenced the supply of chilled water to Dubai Parks and Resorts, the largest integrated theme park destination in the region set to open later this year, which resulted in the company reaching this significant milestone by delivering more than 30,000 Refrigeration Tons of cooling to the destination. Dubai Parks and Resorts will be home to four world-class theme parks: MOTIONGATE™ Dubai, LEGOLAND® Dubai, Bollywood Parks™ Dubai, and Six Flags Dubai which is expected to open in late 2019, as well as LEGOLAND® Water Park. The entire destination will be connected by Riverland™ Dubai, and guests can stay at the Lapita™ Hotel, a Polynesian themed family hotel part of the Marriott Autograph Collection.

Jasim Husain Thabet, Tabreed’s CEO, said: “This is a significant milestone to celebrate for our company and with our customers, and we are proud to deliver our services to such an iconic theme park in the region. Tabreed has an industry leading regional presence providing cooling for large-scale, developments, such as Dubai Parks and Resorts, for which district cooling offers significant environmental benefits and cost savings.”

The announcement is illustrative of Tabreed’s continued commitment to working with public and private partners to ensure the UAE’s sustainable development, and reflects its strong financial performance. For the first half of this year, Tabreed’s net profit reached AED 160.5 million which represents the best first half performance in the company’s 18 years history.

Today, Tabreed provides its district cooling services to many of the region’s landmark projects including all of the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all of the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque,

Dubai Metro, Pearl Island in Qatar, and Aramco Development Project in Al Dhahran in the Kingdom of Saudi Arabia.

Shareholders of National Central Cooling Company PJSC (“Tabreed”), the regional Abu Dhabi-based district cooling utility company, yesterday approved a cash dividend of five fils per share at the company’s Annual General Assembly (AGA).

The AGA was chaired by Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, and attended by Tabreed’s Board of Directors, shareholders, and the company’s senior leadership team.

Tabreed’s approved dividend distribution of five fils per share represents a payout ratio of 53% and a yield of 4.6%.

Commenting on Tabreed’s performance in 2014, Al Muhairi said: “As a utility company, Tabreed distinguishes itself by providing sustainable and stable earnings year-on-year, a trend that we maintained in 2014 by returning a strong set of results that build upon the preceding years’ performance.

“2014 is the third consecutive year that we have distributed cash dividends, which underscores the company’s commitment to enhancing shareholder value and its healthy financial position.”

Addressing Tabreed’s shareholders, Jasim Husain Thabet, Chief Executive Officer, added: “Tabreed continued to benefit from its position as the only district cooling provider with regional operations as we made significant connections in Qatar and Saudi Arabia during the past year.”

“We also have a strong presence in our local market of the UAE, where in addition to operating 62 plants and an extensive network that stretches across the whole nation, we continue to partner with leading entities such as Aldar, Meraas Leisure and Entertainment, Roads and Transport Authority, and the UAE Armed Forces.  We are therefore well positioned to capitalize on the expected growth opportunities that will arise in the UAE over the coming years.”

Shareholders also approved the Board of Directors’ Report, the Independent Auditors’ Report and the Financial Statements for the year ended 31 December 2014.

Robust economic growth and increasing demand for district cooling across the region enabled Tabreed to reach several critical milestones in 2014, including an AED 1.05 billion acquisition of the existing district cooling plant on Al Maryah Island in Abu Dhabi in a consortium with Mubadala Infrastructure Partners. The company also signed a long term concession agreement with Meraas Leisure and Entertainment to provide 45,600 tons of cooling to the new Dubai Parks and Resorts development in Jebel Ali, and has renewed its master services agreement with the UAE Armed Forces in a contract valued at AED 6 billion.

Today, Tabreed has  69 district cooling plants across the GCC and provides its services to many of the region’s critical projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic and Galleria, in addition to all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, as well as other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

Abu Dhabi – United Arab Emirates: National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi -based regional district cooling utility company, today announced the appointment of Steve Ridlington as Chief Financial Officer (CFO), effective February 22. Ridlington will succeed Adrian Kershaw, who will remain with the company until the end of March.

Ridlington, who served as Tabreed’s CFO from 2009 – 2011, and led the restructuring of the company during that period, will make his return to the UAE’s largest district cooling company after spending the last four years in London, England, as CFO for Buried Hill, a private upstream oil and gas exploration company. He has over 34 years of international industry experience, 17 of which were spent in various leadership positions within BP, one of the world’s top oil and gas companies.

Commenting on Ridlington’s appointment, Jasim Husain Thabet, Tabreed’s CEO said: “It is with great pleasure that we welcome Steve to Tabreed, who brings with him a wealth of industry experience spanning the globe. His track record demonstrates an ability to enhance shareholder value while strengthening the company’s financial position. I’m confident that Steve will make an immediate impact on our business, and will continue to drive our organization forward.”

Kershaw will remain with Tabreed for one month and work alongside Ridlington to ensure a smooth leadership transition.

Commenting on Kershaw’s departure, Thabet added: “During his five years at Tabreed, Adrian was a critical component of our growth story. He was instrumental in the recapitalization program, which set in place a stable capital structure and returned the company to sustainable profitability. Most recently, he successfully concluded the AED 2.6 billion refinancing of all our debt facilities, and has worked tirelessly to transform Tabreed into a leading utility infrastructure company.”

“I would like to thank Adrian for his many contributions, and wish him all the best on his next venture.”

Tabreed currently has 69 district cooling plants across the GCC and provides its services to many of the region’s critical projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic and Galleria, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other landmarks such as the Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

118,000 tons of cooling added during the year

Abu Dhabi – United Arab Emirates: National Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based district cooling utility company, today released its 2014 audited full year financial results.  In addition to connecting over 118,000 tons of cooling (RT) to customers, the company’s strong performance was bolstered by major milestones reached in its home market of the UAE and also across the GCC region.

Financial highlights – twelve months ended 31 December 2014:

• Net profit attributable to the parent increased by 20 per cent to AED 325.7 million (2013: AED 272.4 million)
• Core chilled water profit from operations increased by 3 per cent to AED 359.3 million (2013: AED 347.8 million)
• Group revenue increased by 3 per cent to AED 1,130.6 million (2013: AED 1,100.2 million)
• EBITDA increased by 5 per cent to AED 534.9 million (2013: AED 510.1 million)
• Successfully completed the refinancing of AED 2.6 billion debt facilities. The improved conditions, margins, and tenor in the new agreement reflect Tabreed’s established position as a leading utility infrastructure business.

Operational highlights – twelve months ended 31 December 2014:

•  118,273 RT of new customer connections added across the group, including:
  •  69,509 RT of new customer connections in the UAE
  • 31,014 RT of new customer connections in Saudi Arabia
  • 16,270 RT of new customer connections in Qatar
  • 1,480 RT of new customer connections in Bahrain
• Total group connected capacity across the GCC increased by 14 per cent to 957,000 RT
• Renewed master services agreement with the United Arab Emirates Armed Forces, valued at AED 6 billion (Q2 2014)
• Commenced the construction of a fourth district cooling plant in Qatar with a capacity of 40,000 RT (Q2 2014)
• In an AED 1.05 billion transaction, a consortium comprised of Tabreed and Mubadala Infrastructure Partners acquired a 30-year concession to be the exclusive provider of district cooling to the developments on Al Maryah Island in Abu Dhabi (Q3 2014)
• Signed a long term concession agreement with Meraas Leisure and Entertainment to provide 45,600 tons of cooling to the new Dubai Parks and Resorts development in Jebel Ali (Q3 2014)

Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “2014 represented the strongest year in Tabreed’s history, with group net profit increasing by 20 per cent to approximately AED 326 million, the highest level since the company’s inception in 1998. Our core chilled water business continues to perform well and exceed growth forecasts, with total connected capacity across the group now approaching 1 million tons of cooling delivered to many of the region’s most critical landmarks and infrastructure projects.”

Al Muhairi added: “We continue to see a rise in demand for district cooling across the GCC, especially in Saudi Arabia and Qatar, where we connected over 31,000 RT and 16,000 RT, respectively, and solidified our position as the only district cooling company that operates across the whole region.”

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said: “The major contracts we have signed with leading organizations across the UAE, from the agreement with Meraas Leisure and Entertainment to the renewal of our contract with the UAE Armed Forces and the acquisition of the district cooling plant on Al Maryah Island, not only strengthens our footprint across the whole of the UAE, but also underscores the importance of district cooling and the energy savings it enables.”

He further commented: “In the year ahead, we will continue to focus on enhancing operational efficiencies and maximizing the yield on our existing assets by connecting additional customers to our networks across the region.”

Tabreed currently has  69 district cooling plants across the GCC and provides its services to many of the region’s critical projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic and Galleria, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

Abu Dhabi – United Arab Emirates: National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi based regional district cooling utility infrastructure company, today announced the renewal of its district cooling agreement with Aldar Properties PJSC (‘Aldar’).

The renewed agreement has a duration of 30 years, and sets the framework for additional connections to future projects. Tabreed currently has six plants with a total capacity of approximately 160,000 Tons that deliver cooling to some of Aldar’s landmark projects including Yas Island, the World Trade Centre in Abu Dhabi, among others.

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said: “Over the years, Tabreed’s strategy has focused on partnering with the region’s leading developers and organizations to enable the delivery of reliable cooling services to projects that support the region’s socio-economic development.  The strengthening of our partnership with one of the region’s most prominent real estate developers is an endorsement of our commitment to providing a utility service that is environmentally-friendly and helps enable a reduction in  energy consumption, thereby contributing to a decrease in our nation’s carbon footprint.”

“We are excited by the future possibilities and collaboration opportunities this renewed district cooling agreement will present.”

Tabreed has been providing its district cooling services to landmark projects developed by Aldar since 2005.  The company also delivers its services to many critical developments across the UAE and GCC, such as the Sheikh Zayed Grand Mosque, Dubai Metro, Cleveland Clinic Abu Dhabi, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

Abu Dhabi – United Arab Emirates: National Central Cooling Company PJSC (‘Tabreed’), the UAE-based regional district cooling company, today announced the completion of the refinancing of its current AED 2.6 billion debt facilities. The conditions, margins, and tenor in the new agreement reflect Tabreed’s established position as a leading utility infrastructure business.

The AED 2.6 billion refinancing is comprised of an AED 692 million senior term loan facility (Facility A), which matures on 31 December 2018, and an AED 1,450 million senior term loan facility (Facility B), maturing on 31 March 2021, as well as an AED 450 million revolving credit facility (RCF) with a maturity date of 31 March 2021.

The refinancing has been consolidated into a smaller subset from Tabreed’s existing syndicate of banks, with ADCB, FGB and Mashreqbank acting as Mandated Lead Arrangers.

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said: “As a result of Tabreed’s robust utility business model, which is anchored in long-term, stable and recurring revenue streams, we have taken the opportunity to refinance our existing debt and strengthen our balance sheet. The new terms in the agreement are yet another endorsement of our company’s financial strength and positive future outlook.”

“The successful completion of this refinancing owes a great deal to the partnerships we have with all our existing financial institutions, who have been our critical partners 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.”

Thabet added: “2014 has been an excellent year for Tabreed and we have recently signed a number of exciting deals which underline Tabreed’s position as the market leader in the GCC and one of the district cooling industry’s leading companies.”

Driven by robust economic growth and increasing demand for district cooling across the region, Tabreed reached several critical milestones in 2014, including an AED 1.05 billion acquisition in a consortium with Mubadala Infrastructure Partners of the existing district cooling plant on Al Maryah Island in Abu Dhabi. The company also signed a long term concession agreement with Meraas Leisure and Entertainment to provide 45,600 tons of cooling to the new Dubai Parks and Resorts development in Jebel Ali, and has renewed its master services agreement with the UAE Armed Forces in a contract valued at AED 6 billion.

Today, Tabreed owns and operates 67 district cooling plants delivering over 938,800 tons of cooling to critical projects across the region ranging from Abu Dhabi’s Yas Island and Al Maryah Island, home to Ferrari World and Cleveland Clinic, respectively, to the Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based district cooling utility infrastructure company, today released its 2016 first half consolidated financial results. The company continues to deliver a consistent performance driven by its core chilled water business and its strong regional presence.

Financial highlights – six months ended 30 June 2016:

• Net profit attributable to the parent increased by 5 per cent to AED 160.5 million (H1 2015: AED 153.4 million)
• Earnings per share increased by 34 per cent to 5.9 fils (H1 2015: 4.4 fils)
• Group revenue increased by 4 per cent to AED 578.6 million (H1 2015: AED 555.3 million)
• Core chilled water revenue increased by 2 per cent to AED 516 million (H1 2015: AED 507.2 million)
• EBITDA increased by 4 per cent to AED 275.4 million (H1 2015: AED 264.4 million)
• Share of results of associates and joint ventures increased by 45 per cent to AED 48.2 million (H1 2015: AED 33.2 million)

Operational highlights – six months ended 30 June 2016:

• Total Group connected capacity across the GCC increased to 980,200 Refrigerated Tons (RT), with 5,800 RT of new customer connections added in the first half of the year, as follows :
• 4,200 RT in the United Arab Emirates
• 1,600 RT in Qatar

• 523 million kilowatt hours of electricity was saved across the GCC – enough energy to power approximately 17,500 homes every year
• This prevented the release of almost 261,600 tons of carbon dioxide – the equivalent of eliminating the emissions of 52,300 vehicles annually

Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “As a utility company, Tabreed benefits from having long-term contracts with blue-chip entities across the GCC, enabling us to consistently deliver strong results, even in today’s current economic environment. Tabreed’s first half net profit of AED 160.5 million represents the best first half performance in the company’s 18 year history, further underlining our robust business model and stable revenue stream.”

“Tabreed continues to focus on enhancing shareholder value, with earnings per share increasing by 34 per cent compared to the same period last year.”

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “Tabreed has a sizable presence across several GCC markets, primarily among them the UAE, Saudi Arabia and Qatar.  Across the five countries we operate in, we now deliver over 980,000 RT to many of those nations’ high profile and critical infrastructure projects.”

“Tabreed continues to leverage its regional footprint, with profit from our associates and joint ventures increasing by 45 per cent to AED 48.2 million.”

Today, Tabreed provides its district cooling services to many of the region’s landmark projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl Island in Qatar, and the Aramco Development Project in Al Dhahran in Saudi Arabia.

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional UAE-based district cooling utility company, is pleased to announce that ENGIE is making an investment of approximately AED 2.8 billion to become a significant shareholder in Tabreed. Headquartered in France, ENGIE is a multinational energy leader and expert operator in the business of electricity, natural gas and energy services. As outlined in an announcement made earlier today by Mubadala Investment Company (Mubadala) and ENGIE, Mubadala will convert all of its mandatory convertible bonds into shares, with 1.086 billion shares (equivalent to a 40% shareholding in Tabreed) being transferred to ENGIE at a price of approximately AED 2.62 per share. The remaining shares will be retained by Mubadala, taking its total shareholding in Tabreed to 1.137 billion shares, or approximately 42%.

Jasim Thabet, CEO of Tabreed, said following the signing ceremony: “This is a very positive development for Tabreed which underscores the progress made by Tabreed over the last several years as a leading district cooling company in the region. As Tabreed enters a new phase of growth, we are confident that we will benefit from ENGIE’s global industry-leading experience, especially in the areas of operations and business development which are cornerstones of our expansion strategy across the GCC. This new partnership is a strong endorsement of Tabreed’s financial strength and leading market position. We are very well placed to take advantage of growth opportunities in the region and we expect the presence of a global player like ENGIE to further enable us to reach our long-term objectives. We welcome ENGIE to Tabreed and express our continued appreciation to Mubadala for its support as a major shareholder in Tabreed.”

The transaction is expected to complete in the third quarter of 2017 once the required regulatory approvals are granted.

Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions. With 71 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca.

National Central Cooling Company PJSC (DFM: Tabreed), the Abu Dhabi-based regional district cooling utility company, today released its 2016 first quarter consolidated financial results. The company’s robust financial performance continues to be driven by its strong operations across the Gulf Cooperation Council (GCC).

Financial highlights – three months ended 31 March 2016:

• Net profit attributable to the parent increased by 3.6 per cent to AED 63.4 million (Q1 2015: AED 61.2 million)
• Group revenue increased by 6.7 per cent to AED 255.5 million (Q1 2015: AED 239.5 million)
• Core chilled water revenue increased by 3.7 per cent to AED 222.3 million (Q1 2015: AED 214.4 million)
• EBITDA increased by 4.9 per cent to AED 124.8 million (Q1 2015: AED 119 million)
• Share of results of associates and joint ventures increased by 26.4 per cent to AED 21.9 million (Q1 2015: AED 17.3 million)
• A dividend of 6 fils per share was paid to shareholders for 2015, up from 5 fils per share in 2014

Operational highlights – three months ended 31 March 2016:

• Total Group connected capacity across the GCC increased to 977,037 Refrigerated Tons (RT)
• 168 million kilowatt hours was saved across the GCC – enough energy to power approximately 5,600 homes every year
• This prevented the release into the atmosphere of almost 83,900 tons of carbon dioxide – the equivalent of eliminating the emissions of 16,800 vehicles annually

Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “Over the years, Tabreed has successfully transferred the knowledge and expertise honed in its home market of the UAE to key regional markets, enabling the company to continue to grow its core chilled water business and to deliver stable and consistent results. Today, Tabreed’s regional operations constitute 29% of its total connected capacity, and contribute nearly 25% to profits.”

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “Tabreed has an industry leading regional presence, with 69 district cooling plants located throughout the GCC delivering over 977,000 RT to many of the region’s critical infrastructure projects. As we look ahead to the rest of the year, we expect this regional footprint to continue to underpin our strong performance, and to present us with potential growth opportunities, which Tabreed today has the financial strength and operational know-how to leverage.”

Today, Tabreed provides its district cooling services to many of the region’s critical projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl Island in Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

Khaled Al Qubaisi appointed Chairman of Tabreed’s Board of Directors

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional district cooling utility company, today released its 2017 first quarter (Q1) financial results. The Company’s performance benefited from the new connections made last year, in addition to over 20,000 Refrigerated Tons (RT) added during Q1 2017. These new connections, combined with Tabreed’s existing presence in the GCC, resulted in net profit increasing by 19% to AED 75.4 million.

Financial highlights – three months ended 31 March 2017:

• Net profit attributable to the parent increased by 19 percent to AED 75.4 million (Q1 2016: AED 63.4 million)
• Earnings per share increased by 19 percent to AED 0.03
• Core chilled water revenue increased by 15 percent to AED 255.2 million (Q1 2016: AED 222.3 million)
• Share of results of associates and joint ventures increased by 5 percent to AED 22.9 million (Q1 2016: AED 21.9 million)
• Group revenue increased by 6 percent to AED 270.2 million (Q1 2016: AED 255.5 million)
• EBITDA increased by 13 percent to AED 140.8 million (Q1 2016: AED 124.8 million)
• Increased dividend distributed to shareholders for the fiscal year 2016 by 8 percent, to 6.5 fils per share

Operational highlights – three months ended 31 March 2017:

• Total group connected capacity across the GCC totaled 1,068,438 RT with 20,027 RT added in the first quarter of 2017, including:
• 16,227 RT in the United Arab Emirates
• 3,800 RT in Qatar

Environmental highlights – three months ended 31 March 2017:

• 174 million kilowatt hours was saved across the GCC – enough energy to power approximately 5,800 homes in the UAE every year
• These power savings prevented the release into the atmosphere of 87,200 tons of carbon dioxide – the equivalent of eliminating the emissions of 17,400 vehicles annually

Tabreed’s Board of Directors also appointed Khaled Abdulla Al Qubaisi as Tabreed’s Chairman, succeeding Waleed Al Mokarrab Al Muhairi, who was instrumental in guiding the company through its recapitalization and return to profitability.

Al Qubaisi, said: “The 19 percent increase in our net profit for Q1 2017 highlights the strengths of our core chilled water business, which continues to grow as a result of the new projects coming on line to supplement our strong existing operations across the GCC. Tabreed’s priority going forward continues to be delivering stable returns to shareholders, whilst expanding our operations throughout the GCC to boost the company’s long-term growth and success.”

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “As the leading district cooling company in the GCC, Tabreed is the partner of choice for providing energy-efficient, cost-effective and environmentally-friendly cooling solutions to organizations across the region. We strive to strengthen our presence in the region by building strategic partnerships with leading private and government entities, and delivering innovative district cooling solutions to our customers.”

Thabet continued: “During the first quarter of 2017, Tabreed continued to add to its portfolio of landmark projects it supports with the acquisition of ICT’s district cooling plant, which provides cooling to the Nation Towers in Abu Dhabi.”

The new board now consists of Ahmed Saeed Al Calily as Vice-Chairman, His Excellency Dr. Ahmad bin Abdullah Humaid Belhoul Al Falasi, Minister of State for Higher Education, as well as, Mohamed Jameel Al Ramahi and Saeed Ali Al Dhaheri.

Tabreed provides its district cooling services to many of the region’s landmark projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks & Resorts, Nation Towers development, Pearl Island in Qatar, and Aramco Development Project in Al Dhahran in the Kingdom of Saudi Arabia.

8% higher cash dividend than 2015

Shareholders of National Central Cooling Company PJSC (DFM: Tabreed), the regional UAE-based district cooling utility company, yesterday approved a dividend of 6.5 fils per share for the 2016 financial year.  This represents an 8% increase on the dividend paid out in 2015, driven by the company’s strong performance throughout 2016.

The dividend was approved by the shareholders at the company’s Annual General Assembly (AGA), which was chaired by Khaled Abdulla Al Qubaisi, Tabreed’s board member, and attended by Tabreed’s Board of Directors, shareholders, and the company’s senior leadership team.

Commenting on the announcement, Al Qubaisi said: “As a well-capitalized, stable utility company delivering robust results, we are fully committed to providing profitable returns to our shareholders. The 8% increase in cash dividend per share for 2016 is evidence of Tabreed’s solid performance and continuous growth, which is in line with the UAE’s vision for economic diversification and sustainable development.”

Addressing Tabreed’s shareholders earlier at the meeting, Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said: “Tabreed is a partner of choice for developers when it comes to the cooling of major infrastructure projects. Our position and reputation enabled us to take on new projects and surpass 1 million Refrigeration Tons (RT) of cooling capacity in 2016. Providing high-quality and reliable cooling services to our existing customers and pursuing growth opportunities across the region will be our focus in the coming years.”

Earlier this year, Tabreed released its audited financial results for 2016, which witnessed a robust 6% net profit increase to reach AED 367 million. The increase was mainly due to the addition of 74,034 RT to its existing cooling capacity during the year through the completion of projects such as Dubai Parks and Resorts and the acquisition of a cooling plant from International Capital Trading (ICT) in Abu Dhabi, building on Tabreed’s established presence in the GCC.

Regionally, Tabreed now has several major projects under development, including King Khalid International Airport in Riyadh, Saudi Arabia, and a third district cooling plant in West Bay in Doha, Qatar.

Tabreed provides district cooling services to many of the region’s landmark projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, as well as all developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks & Resorts, Pearl Island in Qatar, and the Aramco Development Project in Dhahran in the Kingdom of Saudi Arabia.

Major agreement signed with Meraas Leisure and Entertainment

October 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 Ali
• 99,700 RT of new customer connections added across the group
• Total group connected capacity across the GCC increased by 12 per cent to 938,800 RT

Commenting 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.

Dividend yield amongst the top 10 companies on the DFM

Shareholders of National Central Cooling Company PJSC (DFM: Tabreed), the regional UAE-based district cooling utility company, yesterday approved a cash dividend of six fils per share for 2015 at the company’s Annual General Assembly (AGA). The approved dividend is 20% higher than the dividend distributed the previous year.

Tabreed’s dividend of six fils per share represents a yield of 6%, placing the company’s dividend yield in the top 10 among listed companies on the Dubai Financial Market.

The AGA was chaired by Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, and attended by Tabreed’s Board of Directors, shareholders, and the company’s senior leadership team.

Commenting on Tabreed’s performance in 2015, Al Muhairi said: “Tabreed’s performance continues to steadily grow year-on-year, and the company today has a robust capital structure underpinned by a stable and recurring revenue stream.”

“The decision by Tabreed’s Board of Directors to increase dividends for 2015 is driven by the company’s solid performance during the year and its positive future outlook, in addition to our commitment to provide sustainable returns to shareholders.”

Addressing Tabreed’s shareholders, Jasim Husain Thabet, Chief Executive Officer, added: “Tabreed’s position as the only district cooling provider that operates across the GCC, has enabled us to benefit from the continued growth opportunities in markets such as Qatar and Saudi Arabia, in addition to the UAE. We expect this pattern to continue in the years ahead, and for the company to leverage on its existing network and strong presence across these key regional markets.”

Shareholders also approved amendments to Tabreed’s Articles of Association in-line with the requirements of the new UAE Commercial Companies Law.

Thabet concluded: “In the ever-changing macro-economic environment, we have witnessed an increased interest by local and foreign institutional investors in Tabreed over the past year as the company continues to provide stable and attractive returns to shareholders.”

Additionally, shareholders approved the Board of Directors’ Report, the Independent Auditors’ Report, the appointment of a new auditor for the next three years, and the Financial Statements for the year ending 31 December 2015.

Tabreed delivered solid financial and operational results in 2015, with net profit increasing by 6% to reach AED 345 million. The company’s net income has been growing at a rate of 13% since 2012.

Operationally, Tabreed now has several major projects under development across the region, including the 45,000 refrigerated tons (RT) district cooling plant for Dubai Parks and Resorts and a 40,000 RT plant in Doha’s West Bay.

The company has a total of 69 plants across the GCC and provides its services to many of the region’s critical projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

The Board of Directors of National Central Cooling Company PJSC (Tabreed or the Company) is pleased to invite its shareholders to attend the General Annual General Assembly Meeting, which is to be held on Wednesday, 2 March, 2016 at 5.00 P.M. (17:00 hrs) at the Beach Rotana Hotel, Al Thuraya  ballroom – Abu Dhabi, to discuss and resolve the items detailed hereunder:

1) Special Resolution:

Consider and approve amending the Company’s articles of association in line with Federal Law No 2 of 2015 concerning the Commercial Companies.

2) Consider and approve the report of the Board of Directors on the Company’s activities and its financial position for the fiscal year ending 31 December 2015.

3) Consider and approve the auditor’s report on the Company’s financial position for the fiscal year ending 31 December 2015.

4) Consider and approve the Company’s financial statements and profit and loss statement for the fiscal year ending 31 December 2015.

5) Consider and approve the proposal of the Board of Directors regarding the distribution of cash dividends at 6 fils per share or 6% of the Company capital for the fiscal year ending 31 December 2015.

6) Discharge the members of the Board of Directors from their liabilities for the fiscal year ending 31 December 2015.

7) Discharge the auditors from their liabilities for the fiscal year ending 31 December 2015.

8) Approve the Board of Directors remuneration for the fiscal year ending 31 December 2015.

9) Appoint the Company’s auditors for the fiscal year ending 31 December 2016 and determine their remuneration.

Remarks:

1.) Each shareholder is entitled to attend the Company’s Annual General Assembly Meeting and may authorize another person (other than a member of the Company’s Board of Directors) to attend the above mentioned meeting on behalf of the shareholder pursuant to a proxy provided that the representative does not hold in such capacity more than 5% of the Company’s share capital (persons of incomplete capacity or incapable shall be represented by their legal representatives and minors shall be represented by their parent or guardian). A corporate person may delegate a representative or those in charge of its management pursuant to a resolution of its board of directors or its equivalent to represent such corporate person in a general assembly. The delegated person shall have the powers as determined in the delegating resolution. The proxy form must be submitted and delivered to the Securities Services Department at National Bank of Abu Dhabi, P.O. Box 6865, Abu Dhabi not less than two days prior to the date of the meeting. Only original proxies will be accepted.

2.) Shareholders who are registered in the Company’s share book on Sunday 13 March 2016 shall be deemed to be entitled to receive the dividends if the Annual General Assembly Meeting convened on its first meeting on 2 March 2016. Shareholders who are registered on Sunday 20 March 2016 shall be deemed to be entitled to receive the dividends if the Annual General Assembly Meeting convened on its second meeting on 9 March 2016.

3.) The Annual General Assembly Meeting will be quorate if shareholders representing not less than 50% of the Company’s share capital attend. Each shareholder who is registered in the Company’s share book on Tuesday 1 March 2016 is entitled to attend the first meeting on 2 March 2016. In the event a quorum for the first meeting is not achieved, the Annual General Assembly Meeting will be adjourned until Wednesday, 9 March, 2016 at the same time and place and will be considered duly convened if attended by one or more shareholders. Shareholders whom are registered in the Company’s share book on 8 March, 2016 shall then be entitled to attend the second meeting.

4.) Where the necessary quorum is not achieved in the first meeting, all duly completed proxy forms shall continue to be valid and in full force for any adjourned meeting unless revoked by the relevant shareholder by notice to the Securities Services Department at the National Bank of Abu Dhabi at least two days prior to the relevant adjourned meeting.

5.) Shareholders are required to update their contact details at the Dubai Financial Market to ensure that dividends are delivered properly. Dividends will be distributed through the Dubai Financial Market.

6.) Copies of the Company’s articles of association together with the proposed amendments, financial report and Corporate Governance Report for the year ended 31 December 2015 are available on the Company’s website http://www.tabreed.ae and will be available at the meeting venue upon registration on the day of meeting.

The Board of Directors 

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.

Board of Directors recommends increasing dividend to 6.5 fils per share

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional district cooling utility company, today released its audited 2016 financial results. The Company added 74,034 RT to its cooling capacity during the year through completion of projects such as Dubai Parks and Resorts in Dubai and the acquisition of a plant from International Capital Trading (‘ICT’) in Abu Dhabi. These additions combined with Tabreed’s existing presence in the GCC drove the company’s strong performance in 2016 with 6 percent higher net profit, reaching AED 367 million. As a result of this robust performance, Tabreed’s Board of Directors will recommend increasing cash dividends for 2016 to 6.5 fils per share (up from 6 fils per share for 2015).

Financial highlights – twelve months ended 31 December 2016:

* Net profit attributable to the parent increased by 6 percent to AED 367.4 million (2015: AED 345.3million)

* Group revenue increased by 6 percent to AED 1,279.9 million (2015: AED 1,204.0 million)

* Core chilled water profit from operations increased by 5 percent to AED 387.3 million (2015: AED 370.4 million)

* EBITDA increased by 7 percent to AED 583.2 million (2015: AED 544.7 million)

* Share of results of associates and joint ventures increased by 19 percent to AED 117.0million (2015: AED 98.7 million)

Operational highlights – twelve months ended 31 December 2016:

* Total group connected capacity crossed the 1m RT milestone during the year. Tabreed provides 1,048,411 RT to customer across the GCC with 74,034 RT added in 2016.

o 62,496 RT of new customer connections made to major regional projects, including Dubai Parks and Resorts in Dubai and Jabal Omar Development Project in the Holy City of Mecca

o 11,538RT added following acquisition of ICT’s district cooling plant in Abu Dhabi, financed by a non-recourse project finance loan from FGB

* New concession signed for 35,000 RT to supply cooling to King Khalid International Airport in Riyadh, Saudi Arabia

* Over 1.4 billion kilowatt hours of electricity was saved across the GCC – enough energy to power approximately 48,000 homes every year

* This prevented the release of almost 713,000 tons of carbon dioxide – the equivalent of eliminating the emissions of 143,000 vehicles annually

* Emiratization reached nearly 40% throughout the company’s management

Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “We continue to demonstrate our ability to provide shareholder value by delivering consistent results, increasing our 2016 net profit by 6 percent to AED 367 million. Our operations throughout the GCC are the foundation of our business and play a key role in positioning the company for long-term growth and success. Our strength in the GCC is underscored by our growing list of projects, including King Khalid International Airport and the Jabal Omar project in the Kingdom of Saudi Arabia, among others.”

“Our top priority continues to be delivering stable returns to our shareholders. Based on our strong performance in 2016, the company’s Board of Directors will recommend increasing cash dividends to 6.5 fils at the upcoming annual general assembly,” said Al Muhairi.

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “The development of new district cooling plants such as the one developed for Dubai Parks and Resorts, the largest integrated theme park destination in the region; and the acquisition of ICT’s district cooling plant which provides cooling to Nation Towers development, played a large role in our success and emphasizes the growing importance district cooling provides to our customers in terms of energy savings and environmental benefits. These projects have helped strengthen and expand our presence across the UAE, and enabled us to surpass the significant milestone of 1 million RT of cooling capacity.”

“Over the coming years we plan to continue to provide high-quality and reliable cooling services to our customers as we have done for the past 19 years. This provides the foundation for further growth in our presence in the UAE and throughout the region,” said Thabet.

Tabreed provides its district cooling services to many of the region’s landmark projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks & Resorts, Pearl Island in Qatar, and Aramco Development Project in Al Dhahran in the Kingdom of Saudi Arabia.

Board of Directors recommends increasing dividend to 6 fils per share

National Central Cooling Company PJSC (DFM: Tabreed), the regional district cooling utility company, today released its audited 2015 financial results.  The company’s robust performance was driven by its sizable presence across the GCC region and by the optimization of its capital structure, which led to a 19 percent increase in earnings per share. Based on this strong performance, Tabreed’s Board of Directors will recommend increasing cash dividends for 2015 to 6 fils per share (up from 5 fils per share for 2014).

Financial highlights – twelve months ended 31 December 2015:

• Net profit attributable to the parent increased by 6 percent to AED 345.3 million (2014: AED 325.7million)
• Earnings per share increased by 19 percent to AED 0.11 largely as a result of the successful completion of the buyback of the mandatory convertible bonds
• The share of results of associates and joint ventures increased by 16 percent to AED 98.6 million (2014: AED 85.4 million)
• Core chilled water profit from operations increased by 3 percent to AED 370.4 million (2014: AED 359.3 million)
• Group revenue increased by 4 percent to AED 1,171.9 million (2014: AED 1,130.6 million)
• EBITDA increased by 2 percent to AED 544.7 million (2014: AED 534.9 million)

Operational highlights – twelve months ended 31 December 2015:

• Total group connected capacity across the GCC reached 974,377 RT, with 35,563 RT of new customer connections made to major regional projects including:
  • The Pearl Island and West Bay in Qatar
  • Jabal Omar Development Project in the Holy City of Mecca
  • Avenues Mall in Oman
• A major district cooling agreement with Aldar was renewed for a duration of 30 years. The new agreement d sets the framework for additional connections to Tabreed’s existing plants (Q1 2015)
• Chilled water supply to Al Hilal Bank Tower on Al Maryah Island in Abu Dhabi commenced (Q2 2015)
• A new plant was inaugurated in Muscat, Oman (Q2 2015)
• An AED 192.5 million long term limited recourse project finance facility with Emirates NBD was finalized for the Dubai Parks and Resorts district cooling plant (Q4 2015)
• The amount of energy utilized for cooling in the GCC was reduced by 1.3 billion kilowatt hours during 2015 (enough electricity to power approximately 44,000 homes in the UAE every year). This reduction in energy consumption, achieved by employing district cooling instead of conventional air conditioning, has prevented the release into the atmosphere of over 650,000 tons of carbon dioxide emissions, the equivalent of eliminating the emissions of 130,000 vehicles annually

Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “As a utility infrastructure company, Tabreed is able to deliver consistent and stable results year-on-year, with 2015 net profit increasing by 6% compared to the previous year to reach AED 345 million. Our operations across the GCC region have been instrumental in driving bottom-line growth, while our commitment to achieving an optimal capital structure has increased earnings per share by 19%.”

“Tabreed has maintained its commitment to providing a sustainable return to shareholders, and on the back of the strong performance in 2015, the company’s Board of Directors will recommend increasing cash dividends to 6 fils at the upcoming annual general assembly.”

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “Government and private entities across the GCC continue to see the energy and environmental benefits of deploying district cooling technologies for their major infrastructure projects.  This increased appreciation of the advantages of district cooling over conventional air conditioning is creating new growth opportunities, and has helped our Qatari affiliate, Qatar Cool, win the contract to provide district cooling services to the upcoming Qatar Rail project in Doha.”

“In the year ahead, Tabreed will aim to grow the business in a sustainable and consistent manner, and deliver on the existing projects under development.”

Tabreed currently has 69 district cooling plants across the GCC and provides its services to many of the region’s critical projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and the Galleria, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

Renewed agreement with the United Arab Emirates Armed Forces valued at AED 6 billion

National 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 billion
• Customer connections increased by 87,700 RT
• Expanded affiliate company S&T Cool’s Reem Island plant by 17,000 RT to just over 30,000 RT
• Group connected capacity in the GCC increased by 10 per cent to 926,100 RT

Waleed 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.

Prevention of over 650,000 tons of carbon dioxide emissions

National Central Cooling Company PJSC (DFM: Tabreed), the regional district cooling utility infrastructure company, has reduced the amount of energy utilized for cooling in the Gulf Cooperation Council (GCC) by 1.3 billion kilowatt hours during 2015. This is enough electricity to power approximately 44,000 homes in the UAE every year.

This reduction in energy consumption, achieved by employing district cooling instead of conventional air conditioning, has prevented the release into the atmosphere of over 650,000 tons of carbon dioxide (CO2) emissions, the equivalent of eliminating the emissions of 130,000 vehicles annually.

According to the United Nations Environment Programme, district cooling benefits from significant energy efficiencies compared to conventional air conditioning, including approximately a 50% reduction in energy consumption.

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said: “As a nation, the UAE places a high priority on safeguarding the environment and on playing a constructive role in reducing CO2 emissions.  Cooling has historically been a major consumer of energy in the region, representing more than 50% of annual energy demand. Forward-looking organizations have become increasingly aware that by utilizing district cooling technologies instead of conventional air conditioning, they are able to cut the amount of energy utilized for cooling by half, and therefore make a significant contribution to our region’s efforts to lower our carbon footprint.”

“Tabreed is proud to support many of the GCC’s most high-profile projects, and to work alongside our government and private partners to collectively contribute to the sustainable development of our region.”

Tabreed currently provides its district cooling services to many of the region’s iconic developments including all the projects on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the projects on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, as well as other national and regional landmarks such as Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.

New acquisition increases Tabreed’s portfolio to 71 plants

National Central Cooling Company PJSC (‘Tabreed’), the leading UAE-based district cooling utility company, today announced the acquisition of a district cooling plant from International Capital Trading (‘ICT’). The acquisition will strengthen Tabreed’s portfolio to 71 district cooling plants throughout the GCC, and add more than 11,500 Refrigeration Tons (‘RT’) of cooling to its existing connected capacity.

The district cooling plant provides cooling to ICT’s Nation Towers development, located on the Abu Dhabi Corniche which is considered one of the most prominent landmarks on Abu Dhabi’s skyline. The development includes Nation Galleria Mall, Nation Towers Offices, Nation Towers Residences, Nation Riviera Beach Club and the St. Regis Abu Dhabi Hotel.

The district cooling plant will be owned by Prime District Cooling LLC (‘Prime’), a special purpose vehicle set up by Tabreed and ICT as JV partners to acquire the plant. Tabreed will own a 75% share in Prime with ICT holding the remaining 25% share of the JV. The acquisition has been mainly funded by an AED 80 million, 15 year non-recourse project finance loan from First Gulf Bank, Abu Dhabi.

Jasim Husain Thabet, Tabreed’s CEO, said: “This acquisition expands our presence in Abu Dhabi by supplying cooling to one of the most exciting retail properties on the Abu Dhabi Corniche, increasing our current number of plants across the GCC to 71 plants. The acquisition underscores our commitment to support and fulfill current and future infrastructure needs of large scale developments. Our partnership with ICT, a leader in Abu Dhabi’s business environment, enables the landmark development to benefit from Tabreed’s 18 years of experience in operating and maintaining district cooling plants which in turn contributes to the sustainable and economic development of the UAE. We look forward to working with ICT on this venture and growing our portfolio of customers that we support across the region.”

Hamad Abdullah Al Shamsi, ICT’s CEO, said: “Tabreed has a longstanding track record of providing quality services to its clients and partners in the UAE and across the GCC. Our partnership enhances our ability to provide Tabreed’s high quality and efficient district cooling services to the guests, residents and businesses of Nation Towers.”   

Tabreed provides its district cooling services to many of the region’s landmark projects including all the developments on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the developments on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, in addition to other national and regional landmarks including Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks & Resorts, Pearl Island in Qatar, and Aramco Development Project in Al Dhahran in the Kingdom of Saudi Arabia.

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.

Successfully completes 11 new district cooling plants in Q3 2011

National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based district cooling utility company, released its unaudited consolidated third quarter financial results today.  The company registered a robust operational performance driven by its chilled water business.  New customer connections and continued cost discipline drove the growth in profit during the period.

Financial Highlights – Nine months ended 30 September 2011

• Group revenue Year to Date (YTD) increased by 10 per cent to AED 842.0 million, compared to AED 763.3 million for the same YTD period in 2010
• Net profit YTD increased by 12 per cent to AED 129.8 million, compared to AED 115.7 million for the same YTD period in 2010
• Economies of scale and cost discipline improved gross profit margins to 41 per cent
• Chilled water revenue YTD was AED 712 million, a 26 per cent increase over the same YTD period in 2010
• Whilst earnings compared to 2010 have increased, as expected, with the increase in share capital from 243,380,000 to 659,063,000 (from the settlement of the 2008 Sukuk) and the inclusion of the AED 1.7 billion Mandatory Convertible Bond and the AED 825 million from the Subordinated Bridge Loan, Earnings per Share reduced from AED 0.31 to AED 0.07 over the same period in 2010
• Debt to equity ratio now stands at 0.97, as compared to 3.11 as at the same period last year
• EBITDA of AED 323.7 million, a 23 per cent increase over the same YTD period in 2010

Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said:
“As these results demonstrate, Tabreed continues to improve its performance, with revenue and net profit increasing throughout the year.  The Company is well positioned to deliver consistent value.

Operationally, Tabreed has delivered a number of vital projects during this period and will continue to benefit from improved operational efficiencies and economies of scale.  Tabreed’s track record and experience of successfully delivering pioneering projects makes it a vital partner in developing our region’s infrastructure and supporting our economic growth.”

Sujit S. Parhar, Tabreed’s CEO, said:
“Tabreed’s business model is anchored in long-term, profitable contracts, many of which are with UAE government entities, thus ensuring strong cash generation well into the future. Today’s results demonstrate the underlying strength of our business, and Tabreed’s ability to deliver shareholder value from its projects. With our stronger balance sheet, we have cash available to fund the completion of our existing projects and continue to focus on growing our core chilled water business.”

Q3 2011 Highlights:

Chilled Water
Tabreed’s chilled water division remained the key driver for the business, delivering further growth in revenues and profits – revenues increased 26 per cent to AED 712 million while gross profit increased 34 per cent to AED 305 million, as compared to the same period in 2010.  Profits from operations registered a 54 per cent increase to AED 212 million and gross margins increased to 43 per cent, compared to 40 per cent in the same YTD period last year.  EBITDA, an indicator of cash flow generation, increased to AED 299 million against AED 206 million in the same YTD period last year.

This performance was driven by new customer connections as well as 11 new plants  which have come online during the quarter. Progress on the capacity build-out program continued with 36,200 RT (gross) of capacity coming online in Q3 2011, of which the Dubai Metro Green Line accounted for 8 plants and a capacity of 20,400 RT.

Value Chain Business
In line with the company’s strategy to reduce the contribution of its value chain business and to focus on the core chilled water business, revenues stood at AED 130 million and gross profits at AED 40 million for the period as Tabreed’s current capital spending program draws to a close. 0-03

Waleed Al Mokarrab Al Muhairi appointed new Chairman and Khaled Al Qubaisi reappointed Managing Director

The shareholders of National Central Cooling Company PJSC (‘Tabreed’), the world’s leading district cooling company, today approved the appointment of the Company’s Board of Directors at its Annual General Assembly (AGA). New Board Members Ahmed Yahia Al Idrissi and Khaled Saleh Al Rashedi join Waleed Al Mokarrab al Muhairi, Khaled Abdulla Al Qubaisi, Ibrahim Al Ansaari, Abdul Raouf Al Bitar and Ali Saeed Al Badi Al Dhaheri who retained their Directorships. The new Board has been approved to represent the Company for the next three years.

H.E. Khadem Al Qubaisi steps down as Chairman having successfully guided the Company through its recapitalization program, while H.E. Khalifa Mohamed Al Mazrouei, H.E. Abdulla Khouri, and Sujit S. Parhar also step down.

At the first meeting of the new Board of Directors immediately following the AGA, Waleed Al Mokarrab al Muhairi was elected by the members of the Board as the Company’s new Chairman and Khaled Al Qubaisi was reappointed as Managing Director.

Waleed Al Mokarrab al Muhairi, Tabreed’s new Chairman commented: “I would personally like to thank Khadem and the other departing Board Members for their immense contribution and guidance in overseeing the successful completion of our recapitalization program and the significant improvement in our operational performance. Tabreed is now positioned to capitalize on future growth opportunities and I am confident that our new Board has the right blend of skills and experience to help the Company achieve its full potential in the years ahead.”

Other resolutions approved by shareholders included the Board of Directors’ report, the Auditor’s report, the Company’s balance sheet and profit and loss accounts, the absolution of the Directors’ and Auditor’s liability for 2010 and the appointment of the Auditor for the year.

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.

Q2 net profits up 37% from Q1 as chilled water business drives strong growth

Q2 net profits up 37% from Q1 as chilled water business drives strong growth
National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based utility company, released its consolidated second quarter financial results today. The company has registered robust performance from operations demonstrating the strength of its core chilled water business. Compared to the first quarter of 2011, group revenues grew 17 per cent to AED 286.6 million, while gross profits increased 15 per cent to AED 117.3 million. A reduction of AED 25m in finance costs as a result of the closure of the recapitalization program contributed to net profits increasing 37 per cent to AED 43.8m.

Financial Highlights – First half 2011 ended 30 June 2011

• Total revenue increased by 14 per cent to AED 532.2 million, compared to AED 465.1
• million in the same period in 2010
• Gross profit increased by 22 per cent to AED 219.3 million, compared to AED 180.1 million in the same period in 2010
• Chilled water revenue for the period was AED 425.6 million, a 29 per cent increase over the same period in 2010
• Utility efficiency gains and growth in scale have led to gross profit margin of 45 per cent and 102 per cent growth in profit from operations over H1 2010; EBITDA of AED 187 million – a 63 per cent increase over the same period in 2010
• US$ 200m Sukuk 06 repaid on maturity on 20th July 2011
• Whilst earnings remained comparable to the same period in 2010, as expected, with the increase in share capital from 243,380,000 to 659,063,000 (from the settlement of the 2008 Sukuk) and the inclusion of the AED 1.7 billion Mandatory Convertible Bond, EPS reduced from AED 0.21 to AED 0.06 over the same period in 2010

Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman said:
“An increased contribution from the company’s core chilled water business, a strong balance sheet, and full repayment, on maturity, of the US$ 200 million Sukuk all demonstrate that we continue to make good progress in the current year. Our focus remains on delivering financial and operational growth across the company, while maintaining a conservative balance sheet, creating sustainable value for shareholders.”

Sujit S. Parhar, Tabreed’s CEO, said:
“Our strong results prove Tabreed’s cash-generating capabilities. Our strategy of developing the business for the longer term by focusing on the core business of chilled water is paying off – this business segment has contributed over 90 per cent of the total EBITDA in H1 2011. Our diversified
customer base, long-term contracts, stable cost structure and strengthened corporate governance ensure that we are well positioned to deliver on our stated business plan.”

First Half 2011 Highlights: Chilled Water
Tabreed’s chilled water division delivered robust revenues and profits – revenues increased 29 per cent to AED 425.6 million, while gross profit increased 54 per cent to AED 190.6 million. Profits from operations registered a 102 per cent increase to AED 129.8 million and operating margins increased 31 per cent, compared to 19 per cent in the same period last year. This is largely driven by the inclusion of five new plants which have come online since H1 2010 and new customer connections. Progress on the capacity build-out program continued with 10,000 RT coming online in Q2 11, following the completion of two plant expansions. Total installed cooling capacity increased to 551,525 TR across 49 plants. 13
plants currently remain under construction, including eight plants for the Dubai Metro Green Line.

Value Chain Business
In line with the company’s strategy to focus on its core chilled water business, the contribution from the value chain businesses continued to decline as a result of Tabreed’s current capital spending program drawing to a close. Revenues stood at AED 106.7 million and gross profits at AED 28.7 million.

Will also provide cooling to additional projects currently under construction

Abu 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.

Company pursuing long-term growth opportunities

Abu Dhabi, 1 April 2011 – National Central Cooling Company PJSC (‘Tabreed’), the world’s leading district cooling company, today announced that it has successfully completed its recapitalization program by refinancing AED 2.63 billion of bank debt and securing up to AED 3.1 billion of committed long-term capital from Mubadala. Tabreed is now focusing its efforts on future growth and expansion.

Khadem Al Qubaisi, Tabreed’s Board Chairman commented: “We are pleased that Tabreed has successfully completed its recapitalization program. We now have the foundations in place for future growth and look forward to benefiting from the strong demand for district cooling in the region to deliver shareholder value. The Company’s performance over the last four quarters demonstrates both the management team’s determination in building the business and the Company’s future prospects.”

Khaled Al Qubaisi, Tabreed’s Managing Director remarked: “Despite the difficult environment last year, our focus on organisational and operational efficiency has enabled us to maintain profitability.

Complete terms of the recapitalization program elements can be found in the ‘Investor Presentation’ dated 1 April 2011 at www.tabreed.com/InvestorsReport.aspx

Settlement of AED 735m Follows Successful Completion of Recapitalization Program

National Central Cooling Company PJSC (‘Tabreed’), the world’s leading district cooling company, announced today that it has repaid in full its 06 Sukuk.  The repayment follows the completion of the Company’s recapitalization program on 1 April 2011.

The total amount paid today to certificate holders of the 06 Sukuk is AED 735 million.

Waleed Al Mokarrab Al Muhairi, Chairman of Tabreed said:
“The strong capital structure that was put in place with the recapitalization program underpins Tabreed’s long-term growth potential.  The repayment of the 06 Sukuk today was contemplated in our structuring of the recapitalisation program and improves the Company’s overall financial position.”

The Sukuk 06 was launched in July 2006 and matured today, 20th July 2011.

Two silver awards from leading global association based in USA

Abu 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.

National Central Cooling Company PJSC (‘Tabreed’),  the Abu Dhabi-based utility company, today announced that it has completed the tender offer in relation to its 08 Sukuk by way of delivery of the relevant shares. This announcement follows the regulatory approval given by the UAE Ministry of Economy on 17th May 2011 approving its planned capital increase in relation to its 08 Sukuk, and the earlier approval by 08 Sukuk holders for Tabreed’s tender offer as disclosed by Tabreed on 28th  March 2011.

The Company’s tender offer for the 08 Sukuk formed a part of Tabreed’s recapitalization program – approved by Tabreed shareholders on 30th May 2010 and which completed on 1st April 2011.  The completed recapitalization program provides the Company with a stable capital structure and long-term funding for future growth

National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based utility company, today announced that it has received a Ministerial Resolution from the UAE Ministry of the Economy approving its planned capital increase in relation to its 08 Sukuk. The announcement today follows the approval by 08 Sukuk holders for Tabreed’s tender offer as disclosed by Tabreed on 28th March 2011.

The Company’s tender offer for the 08 Sukuk formed a part of Tabreed’s recapitalization program – approved by Tabreed shareholders on 30th May 2010 and which completed in its entirety on 1st April 2011. The completed recapitalization program provides the Company with a stable capital structure and long-term funding for future growth.

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.

National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based utility company, released its first quarter consolidated financial results today.  These results, the first to be announced since the successful completion of Tabreed’s recapitalization program on 1st April 2011, demonstrate the Company’s strong operating performance driven by continued growth in its core business of chilled water.  For the three months ended 31st March 2011, total revenue increased by 23 per cent to AED 245.6 million and operating profit increased by 55 per cent to AED 64.4 million over the same period in 2010.  Net profit fell by 25 per cent to AED 32.8 million due to higher finance costs.

Financial Highlights – Three months ended 31 March 2011

• Total revenue increased by 23 per cent to AED 245.6 million, compared to AED 199.7 million in the same period in 2010
• Gross profit increased by 21 per cent to AED 101.9 million, compared to AED 84.4 million in the same period in 2010
• Net profit decreased by 25 per cent to AED 32.8 million, compared to AED 43.8 million in the same period in 2010
• Chilled water revenue for the period was AED 183.6 million, a 32 per cent increase over the same period in 2010
• Basic and diluted earnings per share of AED 0.08 per share

Khaled Al Qubaisi, Tabreed’s Managing Director said:

“With the completion of the recapitalization program, Tabreed has established the foundations of a strong utility business.  Tabreed delivers value, efficiency and dependability to its institutional customers and is positioned to build long-term returns for its stakeholders.  These results demonstrate the continuing improvements made by the management team and we look forward to a successful year ahead as Tabreed meets the strong demand for cooling infrastructure in the region.”

Sujit S. Parhar, Tabreed’s CEO, said:

“The first three months of 2011 have been extremely positive for Tabreed.   Our efforts have remained focused on strengthening our core business of chilled water, which is reflected in the sustained growth of our revenues.  We continue to improve operational efficiencies and reduce our costs by applying discipline in everything we do.  I am pleased to report that we remain profitable, continue to improve margins and look forward to delivering successfully on our business plan in the year ahead.”

First Quarter 2011 Highlights:

Chilled Water

Tabreed’s core business of chilled water produced revenues of AED 183.6 million, compared to AED  139.1 million in the same period in 2010.  This performance was driven by additional connections.  Gross profit increased to AED 86.7 million from AED 50.9 million in the same period the year before.

No additional plants were added in Q1 2011 but work continues on 13 plants under construction, including 8 plants for the Dubai Metro Green Line.  Tabreed’s total installed cooling capacity remained to 541,525 (gross) TR across 49 plants.

Contracting

The Company’s contracting segment recorded revenues of AED 64.1 million, compared to AED 32 million over the same period in 2010, with gross profit of AED 2.8 million compared to AED 11.5 million in the same three months of the previous year.  The results reflecting completion of the IKEA – Yas Island project and further progress with the Sowwah Island project in Tabreed’s wholly owned subsidiary, Gulf Energy Systems.

Manufacturing

Tabreed’s manufacturing segment reported revenues of AED 17.5 million compared to AED 22.7 million in the same period in 2010, while gross profit fell to AED 4.7 million compared to AED 7.6 million in the same period of 2010.  This decline was due to weak market conditions and reduced order books due to an increase in competition at Tabreed’s 60 per cent owned subsidiary, Emirates Pre-insulated Pipes Industries.

Services

Tabreed’s services segment, which is involved in the design and supervision of building electrical and mechanical works, reported revenues of AED 13.3 million compared to AED 17.4 million in the same period in 2010, while gross profit decreased to AED 7.8 million compared to AED 15 million in the same period in 2010.  The change reflects the regional real estate slowdown that affected the services division, which includes Ian Banham & Associates, l2l and Cooltech.

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.

Abu Dhabi – United Arab Emirates: National Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based district cooling utility company, today released its consolidated third quarter (Q3) 2013 financial results.  New customer connections, improved operating efficiencies and lower finance costs continue to drive the company’s strong financial performance.

Financial highlights – nine months ended 30 September 2013:

• Net profit attributable to the parent increased by 21 per cent to AED 202.3 million (2012 YTD: AED 167.6 million)
• Core chilled water revenue increased by 4 per cent to AED 775.9 million (2012 YTD: AED 747.6 million)
• Core chilled water profit from operations increased by 4 per cent to AED 266.4 million (2012 YTD: AED 255.9 million)
• In line with expectations as the company continued to phase out the non-core businesses, Group revenue declined by 2 per cent to AED 826.5 million (2012 YTD: AED 842.0 million)
• EBITDA increased by 5 per cent to AED 379.7 million (2012 YTD: AED 362.2  million)
• Net finance costs decreased by 14 per cent to AED 111.0 million (2012 YTD: AED 128.6 million)

Operational highlights – nine months ended 30 September 2013:

• 16,150 RT of customer connections added in the third quarter
• Group connected capacity across the GCC increased by 8.1 per cent to reach 829,403 RT
• Connected capacity in the UAE increased by 5.4 per cent to reach 635,224 RT
• Affiliate company Saudi Tabreed began providing operation and maintenance (O&M) support to the district cooling plant servicing the King Abdulla Financial District  in Saudi Arabia

Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “Tabreed’s strategy to drive growth through our core chilled water business continues to deliver strong results.  Looking ahead, we remain optimistic that chilled water demand will continue to increase across the region, and look forward to working closely with our clients to implement energy-efficient cooling solutions that enable our region’s sustainable development.”

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “The combination of revenue growth in our chilled water business and lower financing costs resulted in a strong improvement in profit for the period. The commencement of O&M support to the King Abdullah Financial District in Saudi Arabia was a major operational milestone. Today, we deliver approximately 830,000 RT of critical district cooling services in five countries throughout the GCC, making us the region’s preeminent district cooling provider.”

Tabreed currently has 66 plants across the GCC and provides its district cooling services to many of the region’s landmark projects including the Sheikh Zayed Grand Mosque, Dubai Metro, World Trade Center Abu Dhabi, Ferrari World Abu Dhabi, Yas Marina Circuit, the Pearl – Qatar, Bahrain Financial Harbour and the Jebal Omar Development Project in Mecca.

Recapitalization program scheduled to close by 31 March

Abu Dhabi, 2 March 2011 – National Central Cooling Company PJSC (‘Tabreed’ or ‘the Company’), the world’s leading district cooling company, today announced that it has reached an agreement-in-principle with Mubadala Development Company PJSC (‘Mubadala’) to provide up to AED 3.1 billion in new long-term capital commitments. Upon closing the recapitalization program, Tabreed will have the long-term capital structure required to transform its business and realize disciplined growth.

Long-term Capital
Under the agreement, Mubadala will commit up to AED 3.1 billion in new long-term capital
comprised of:

• AED1.7 billion Subordinated Mandatory Convertible Notes (the ‘Subordinated Notes’) to refinance the Company’s existing AED 1.7 billion Bridge Financing. The Notes mature in 2019, have a conversion price of approximately AED1.13 and are convertible by the Holders on certain dates.
• Up to AED1.4 billion Subordinated Convertible Loan Facility, which may be drawn by the Company to satisfy certain liquidity needs, complete its build-out program and pursue near-term growth opportunities. The facility matures on 31 December 2012, and to the extent not repaid, the drawn amount will convert into additional Subordinated Notes.

The Company may repurchase a portion of the Subordinated Notes in the future. The Subordinated Notes will be transferable to shareholders and other investors interested in participating in the new instruments.

Khadem Al Qubaisi, Tabreed’s Board Chairman commented: “The Board of Directors is pleased that Tabreed has successfully entered the final stages of its recapitalization program. Tabreed has reached an AED 2.63 billion refinancing agreement with its banks and secured up to AED 3.1 billion in long-term capital commitments from its strategic investor.

This program provides the foundation for future growth and we look forward to closing this program by 31 March. The Company’s potential has been underscored by its performance over the last four quarters, which demonstrates the management team’s determination in building the business. By delivering value and dependability to our institutional clients, Tabreed will meet future demand for cooling infrastructure in the region.”

Khaled Al Qubaisi, Tabreed’s Managing Director commented: “Following the successful completion of the recapitalization program, Tabreed will be in a stronger position to deliver on its business plan and achieve its full earnings potential. Management’s focus will be on completing Tabreed’s build-out program, developing the Company’s core chilled water business, and increasing profitability by enhancing value from existing plants while maximizing organizational and operational efficiencies.’’

08 Sukuk
The Company has also today launched an amendment process to settle the AED246.5 million annual distribution amounts under its convertible 08 Sukuk. The amendment process comprises a tender offer and proposal that on completion will result in the annual distribution amounts being settled in ordinary shares. The amendment process is also scheduled for completion by 31 March.

The issuance of the Notes and the completion of the amendment process are subject to regulatory approval. Complete terms of the recapitalization program elements can be foundin the 2 March 2011 Analyst Presentation at www.tabreed.com/InvestorsReport.aspx

National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based utility company, today announced that it has received regulatory approval from the Ministry of the Economy and the Emirates Securities and Commodities Authority to reduce the Company’s share capital through the cancellation of 970,000,000 shares.  The cancellation of shares will be on a pro-rata basis at a ratio of 5:1 – in effect a ‘reverse share-split’ – and applies to all Tabreed shareholders. Each shareholder will retain one share for every five original shares it holds. The remaining shares will be cancelled.

After the share cancellation this evening, Thursday 9th December 2010, the percentage share of Tabreed held by each shareholder will be the same as before – subject only to minor adjustments as fractional shares will not been issued. The new shares will start trading on Sunday 12th December 2010 on the Dubai Financial Market.

The cancellation of shares through a capital reduction is a key component of Tabreed’s recapitalization program that was approved by shareholders at the Company’s EGA on 30th May 2010.  The capital reduction is intended to raise Tabreed’s share price above 1 AED and will enable Tabreed to raise new equity capital, when agreed, in the future.

National Central Cooling Company PJSC announces tender offer and proposal to the holders of the outstanding…

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Sukuk Process Announcement 

Steady Improvement Continues As Chilled Water Business Generates Strong Revenues and Profit

National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based utility company, today released its third quarter consolidated financial results.  For the nine months ended 30 September 2010, total revenue increased by 25 per cent to AED 710.9 million and net profit increased by 74 per cent to AED 123.2 million over the same period in 2009.  Excluding minority interests, Tabreed’s share of profits was AED 115.7 million compared to AED 53.7 million in the previous year.  These results build upon Tabreed’s strong growth in the first half of 2010 as the Company makes progress towards achieving its strategic goals, particularly refocusing the business on its core business of chilled water.

Financial Highlights – Nine months ended 30 September 2010

• Total revenue increased by 25 per cent to AED 710.9 million, compared to AED 570.7 million in the same period in 2009
• Gross profit increased by 28 per cent to AED 332.7 million, compared to AED 260.1 million in the same period in 2009
• Net profit increased by 74 per cent to AED 123.2 million, compared to AED 70.9 million in the same period in 2009
• Chilled water revenue for the period was AED 496.5 million, a 92 per cent increase over the same period in 2009.
• Basic and diluted earnings per share doubled to AED 0.06 per share compared to the same period in 2009.

Khaled Al Qubaisi, Tabreed’s Managing Director said:
“We are pleased to see continued improvements in the Company’s performance as demonstrated in the results announced today and in prior quarterly results for the year. The changes we put in place in 2009 to improve performance, increase profitability and maximize returns are being demonstrated this year and enabling us to generate stronger returns.”

Sujit S. Parhar, Tabreed’s CEO, said:
“Our focus over the past 18 months has been on our core business of chilled water, and today’s results demonstrate improved operational efficiencies and performance.  Tabreed now operates 49 district cooling plants, and has a further 11 plant construction projects. ”

Third Quarter 2010 Highlights:
Following the completion of five new plants and two plant expansions in the third quarter of 2010, 101,275 TR of gross capacity came online this quarter.  This brings Tabreed’s total gross installed cooling capacity to 541,525 TR across 49 plants.  The five plants and two plant expansions added in the third quarter were:

• Zayed Military City  – 10,000 TR
• Shams  – 10,000 TR
• Raha Beach – 45,000 TR
• Fujairah Naval Base – 4,400 TR
• New Souk, Abu Dhabi – 15,000 TR
• Dubai plant expansion – 9,375 TR
• Ras Al Kaimah plant expansion – 7,500 TR

Following completion of these plants, Tabreed has just three plants and two expansions under construction, though contracts are now being awarded by Tabreed to build eight new plants for the Dubai Metro Green Line.

Chilled Water
Tabreed’s core business of chilled water produced revenues of AED 496.5 million, compared to AED 258.5 million in the same period in 2009.  This performance was driven by new plants and plant expansion coming online.  Gross profit increased to AED 236.3 million from AED 126.1 in the same period the year before.

Contracting
The Company’s contracting segment recorded revenues of AED 134.4 million, compared to AED 137.8 million over the same period in 2009, with gross profit of AED 28.2 million compared to AED 32.9 million in the first nine months of the previous year.  Tabreed’s wholly owned subsidiary, Gulf Energy Systems, was the biggest contributor to the results reflecting further progress with the Sowwah Island and Shams projects.

Manufacturing
Tabreed’s manufacturing segment reported revenues of AED 64.9 million compared to AED 129.9 million in the same period in 2009, while gross profit fell to AED 18.7 million compared to AED 45.3 million in the same period of 2009.  This decline was due to reducing order books and an increase in competition at Tabreed’s 60 per cent owned subsidiary, Emirates Pre-insulated Pipes Industries.

Services
Tabreed’s services segment, which is involved in the design and supervision of building electrical and mechanical works, reported revenues of AED 58.2 million compared to AED 65.2 million in the same period in 2009, while gross profit fell to AED 49 million compared to AED 58.7 million in the same period in 2009.  The change reflects the regional real estate slowdown that affected the services division, which includes Ian Banham & Associates, l2l and Cooltech.

Initiative aims to prepare UAE national university students to excel in the private sector

Abu Dhabi, United Arab Emirates – National Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based district cooling utility company, today launched a new training programme aimed at UAE national university students.  The programme will commence in the upcoming academic year 2013/2014 and is a long-term commitment by the company to develop the skills of Emirati university students and prepare them to enter the private sector workforce.

The programme is comprised of three distinct parts including tailored training as well as theoretical and practical components.  In addition to internships, students will have the opportunity to participate in a series of engineering lectures by the company’s senior management team, while visits to Tabreed’s plants aim to give students first-hand industry experience through on-site practical instruction.

The programme will run in partnership with a number of prestigious academic institutions in the UAE, including UAE University, Higher Colleges of Technology, Zayed University, Abu Dhabi University and Khalifa University.

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said: “We are delighted to launch this important initiative and create new career paths for our students. The programme’s objective is to make national students aware of the exciting and diverse career opportunities available to them in the private sector, while also fostering a greater understanding of the technology and engineering underpinning our industry and its crucial role in enabling the sustainable development of the UAE.  We also want to mentor students and give them real, hands-on experience as they embark on their professional careers.”

The internship programme, available to Emirati students in their third or final year of study, will cover a variety of functions including engineering, finance and accounting, communications, human resources, and business development. The programme’s lectures and plant visits will be conducted by the company’s senior management, and are open to all university students specializing in engineering.

Tabreed currently has 66 plants across the GCC and provides its district cooling services to many of the region’s landmark projects including the Sheikh Zayed Grand Mosque, Dubai Metro, World Trade Center Abu Dhabi, Ferrari World Abu Dhabi, Yas Marina Circuit, the Pearl – Qatar, and Bahrain Financial Harbour.

National Central Cooling Company PJSC ‘Tabreed’, the Abu Dhabi-based utility company released its third quarter 2009 consolidated financial results today. For the nine months ending 30 September  2009, total revenue increased by 15 per cent compared to the same period in 2008. Before certain non-cash finance costs associated with the Company’s 2011 Mandatory Convertible Sukuk, consolidated profit increased by 14 per cent over the same period.

The increase in total revenues and profits largely reflected additional chilled water billed capacity coming on stream and strong growth in contracting revenues associated with piping networks under construction. After non-cash finance costs associated with the Mandatory Convertible Sukuk, reported consolidated profit for the nine months ending 30 September 2009 fell by 4 per cent over the same period in 2008.

Financial Highlights – Nine-months ending 30 September 2009:

• Total revenue increased by 15 per cent to AED 570.7 million, compared to AED 498.3 million  in the same period in 2008
• Gross profit increased by 9 per cent to AED 260.1 million compared to AED 238.0 million in 2008
• Due to non-cash finance costs (marked to market) associated with the 2011 Convertible Sukuk, reported net profit fell by 4 per cent to AED 70.9 million compared to AED 74 million in the corresponding period of 2008
• Chilled water revenue for the period was AED 258.5 million, a 27 per cent increase over the same period in 2008.
• Basic and diluted earnings per share were stable at AED 0.03 per share

 Sujit S. Parhar, Tabreed CEO commented:

“The strong results today demonstrate the integral role that Tabreed plays with the growth of Abu Dhabi. We have been extremely busy this quarter building new plants to add to our portfolio of assets, and brought two new plants on-stream in the third quarter including Yas Island in time for the November Abu Dhabi Formula One Grand Prix. We have also been making progress on improving our operational efficiencies for existing operations. Our priority continues to be reducing our costs and corporate overheads and improving our operational efficiencies so that we can continue to meet the region’s infrastructure needs.”

Steve Ridlington, Tabreed CFO added:

“We are pleased that despite the continuing difficult economic climate, Tabreed has been able to improve its year-on-year results. The additional capacity added this quarter from two new district cooling plants and the 16 plants currently under construction will deliver long term and stable revenues for Tabreed’s future. 2009 has been a difficult year for Tabreed, but our focus will remain on delivering better returns for our shareholders.”

Corporate Highlights:

Following a number of appointments to its senior management team during the second quarter 2009, Tabreed appointed a Chief Audit and Risk Officer during the third quarter 2009. This appointment is based on the Board of Directors’ mandate for best-practice in governance, internal audit and risk management.

During the third quarter 2009 Tabreed had 16 plants under construction, and expects 9 due for completion by the end of 2009. Two new district cooling plants (Yas Island Plant 1 and T-7, serving the military) commenced commissioning during the third quarter 2009, which will add  43,000 tons of cooling capacity to Tabreed’s business.

As of 30 September 2009, Tabreed’s total installed cooling capacity is 395,100 tons across 36 district cooling plants.

Tabreed issues second quarter 2010 consolidated financial results chilled water business drives strong profit growth.

National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based utility company, today released its second quarter consolidated financial results.  For the six months ended 30 June 2010, total revenue increased by 16 per cent to AED 432.3 million and net profit increased by 83 per cent to AED 86.8 million over the same period in 2009.  Excluding minority interests, Tabreed’s share of profits was AED 80.7 million compared to AED 30.1 million in the previous year.  The results were driven by strong growth in the Company’s core business of chilled water as new plants and customers came online.
Financial Highlights – Six months ended 30 June 2010

• Total revenue increased by 16 per cent to AED 432.3 million, compared to AED 373.8 million in the same period in 2009
• Gross profit increased by 16 per cent to AED 197.5 million, compared to AED 170.9 million in the same period in 2009
• Net profit increased by 83 per cent to AED 86.8 million, compared to AED 47.4 million in the same period in 2009 reflecting certain non-cash finance gains associated with the Company’s 2008 Convertible Sukuk
• Excluding these non-cash finance gains net profits increased by 3%
• Chilled water revenue for the period was AED 285.3 million, a 94 per cent increase over the same period in 2009.  This is attributable to an increase in chilled water sales as new plants and customers came online
• Basic and diluted earnings per share doubled to AED 0.04 per share

Sujit S. Parhar, Tabreed’s CEO, said:
“Tabreed’s focus on business fundamentals and the ongoing recapitalization program is repositioning the Company for growth.  Our strategy has been to focus on the core business of chilled water, and these robust first half results reflect growth in the Company’s chilled water business and improved operational efficiencies. Going forward, these factors, combined with a diversified customer base, long-term contracts, a stable cost structure and strengthened corporate governance, will provide the foundation for continued growth.”

Khaled Al Qubaisi, Tabreed’s Managing Director said:
“The results of the first six months of 2010 demonstrate the hard work of everyone at Tabreed, and the improvements made by the management team under the direction and supervision of the Board.  We will continue to build the platform to achieve the Company’s objectives of improving performance, increasing profitability and maximizing returns.  Completing our recapitalization program will give Tabreed the right balance sheet for growth, and today’s announcement towards the capital reduction is an important step in this process.  Tabreed remains a pioneer within the district cooling industry, able to offer bespoke solutions to the often complex cooling requirements of our customers.”

Second Quarter 2010 Highlights:
Following the addition of four new plants in the first quarter of 2010, a further four plants with a combined capacity of 27,525 TR were added in the second quarter 2010. This brings Tabreed’s total installed cooling capacity to 449,625 (gross) TR across 44 plants, compared with 34 plants and a cooling capacity of 352,100 TR a year ago.  The four plants added in the second quarter were:

• Al Kifaf – 10,000 TR
• Rashidiya – 7,500 TR
• Jebel Ali – Jumeirah – 5,626 TR
• Jebel Ali Industrial – 4,000 TR

A further 8 plants are under construction along with 2 planned expansions, of which 5 plants and 1 expansion are expected to come online in 2010. The capacity addition for 2010 is estimated at 148,300 (gross) TR.

Chilled Water
Tabreed’s core business of chilled water produced revenues of AED 285.3 million, compared to AED 147.2 million in the same period in 2009.  This performance was driven by new plants and new customers coming online.  Gross profit increased to AED 130.1 million from AED 75.6 in the same period the year before.

Contracting
The Company’s contracting segment recorded revenues of AED 104.7 million, compared to AED 93.7 million over the same period in 2009, with gross profit of AED 22.7 million compared to AED 14.6 million in the first six months of the previous year.  Tabreed’s wholly owned subsidiary, Gulf Energy Systems, was the biggest contributor to the results reflecting further progress with the Sowwah Island and Shams projects.

Manufacturing
Tabreed’s manufacturing segment reported revenues of AED 41.5 million compared to AED 116.7 million in the same period in 2009, while gross profit fell to AED 13.2 million compared to AED 41.9 million in H1 2009.  This decline was due to reducing order books at Tabreed’s 60 per cent owned subsidiary, Emirates Pre-insulated Pipes Industries.

Services
Tabreed’s services segment, which is involved in the design and supervision of building electrical and mechanical works, reported revenues of AED 38.5 million compared to AED 45.4 million in the same period in 2009, while gross profit fell to AED 32.6 million compared to AED 40.1 million in the first half of 2009.  The change reflects the regional real estate slowdown that affected the services division, which includes Ian Banham & Associates, l2l and Cooltech.

Update on Recapitalization Program:
Since Tabreed’s shareholders approved a recapitalization program for Tabreed on 30th May 2010, the Company has continued to make progress on the program. Tabreed announced today its intention, subject to regulatory approval, to reduce the Company’s share capital through the cancellation of approximately 970,000,000 shares.  The cancellation of shares will be on a pro-rata basis at a ratio of 5:1.  Each shareholder will retain one share for every five shares it holds, and the remaining shares will be cancelled.  The percentage holding in the Company of each shareholder will be the same after the capital reduction as before, subject only to minor adjustments as fractional shares will not be issued.

The proposed cancellation of shares through a capital reduction is a key component of Tabreed’s recapitalization program. Tabreed has submitted the capital reduction proposal to the Emirates Securities and Commodities Authority for approval and will provide further updates to shareholders in due course.

National Central Cooling Company PJSC, ‘Tabreed’ the Abu Dhabi-based utility company released its second quarter 2009 consolidated financial results today. For the six months ending 30 June 2009, total revenue increased by 22 per cent and gross income increased by 12 per cent. Before certain non-cash finance costs associated with the company’s 2011 Convertible Sukuk, consolidated net income increased by 12 per cent over the same period in line with gross income.

The increase in gross income was largely due to an increase in billing capacity while delivering improvements in plant efficiency. After the mark-to-market non-cash finance costs, reported consolidated net income fell by 4 per cent over the same period in 2008.

Financial Highlights – Six-months ending 30 June 2009:

• Total revenue increased by 22 per cent to AED 373.8 million, compared to AED 307.6 million  in the same period in 2008
• Gross income increased by 12 per cent to AED 170.9 million compared to AED 152.5 million in 2008
• Net income increased by 12 per cent to AED 57.6 million compared to AED 51.4 million in the same period in 2008
• Due to a non-cash finance costs (mark-to-market) associated with the 2011 Convertible Sukuk, reported net income fell by 4 per cent to AED 47.4 million compared to AED 49.5 million in the corresponding period of 2008
• Chilled water revenue for the period was AED 148.2 million, a 21 per cent increase over the same period in 2008. This is attributable to an increase in chilled water sales as new plants came on stream and as seasonal demand increased. Total sales increased by 21,725 tons (10.3 per cent) compared to the first half of 2008
• Basic and diluted earnings per share were stable at AED 0.02 per share

Sujit S. Parhar, Tabreed CEO commented:

“During the first six months of 2009 there have been a number of significant management, operational and process changes at Tabreed.  In particular, a strong emphasis is being placed on increasing operational efficiencies to enhance the yield that we derive from the assets we’ve invested in over the last 11 years.  These changes reflect the mandate of the Board of Directors to better align Tabreed’s business strategy with the infrastructure demands of Abu Dhabi. However it is important that the business continues to deliver solid results through this transitionary period.

I believe the results we have just announced demonstrate the strong fundamentals of our business and the commitment of all of our employees to improve performance. The changes that we are implementing are not yet fully in place but I am confident that once complete, they will position the company to continue to improve performance and deliver on the expectations of our shareholders.”

Steve Ridlington, Tabreed CFO added:

“Given the difficult economic climate of 2009, Tabreed’s first half results, which show a 22 per cent increase in revenues and a 12 per cent increase in underlying net income compared to last year, represent a significant achievement. We are particularly pleased about the improving results from our chilled water business as new capacity comes on stream. This will deliver long term and stable revenues for the company’s future.

However, the remainder of 2009 will be challenging for Tabreed reflecting the continuing difficult trading conditions. Our focus must continue to be on the fundamentals – safeguarding our customer base, delivering the pipeline of new projects, and securing long-term financing to enable us to meet the region’s infrastructure demands.”

Finance:
During the first half of 2009 Tabreed was successful in securing an AED 368 million Ijara financing from Abu Dhabi Commercial Bank and renewing an AED 147 million facility with BNP. In early July 2009 the company secured a new AED 750 million facility with First Gulf Bank. The first tranche of this loan was drawn in July.

Corporate Highlights:
During the second quarter 2009 Tabreed made a number of changes to its senior management team including the appointment of Sujit S. Parhar as CEO in May 2009, Steve Ridlington as CFO in April 2009 and the appointment of a new Projects Director, HR Director, Corporate Communications Director, and IT Director.

Three new district cooling plants online came online during the period, adding 16,595 tons of new cooling capacity from the following projects:

• UAE University, Al Ain, 2,877 TR
• Al Khoor Towers, Abu Dhabi, 7,418 TR
• Aldar, Abu Dhabi, 6,300 TR

Tabreed had 17 district cooling plants under construction during the second quarter of 2009 including six in Abu Dhabi, 10 in Dubai, and one in Fujairah. Highlights of construction progress the company made during the period include:

• Yas Island Plant 1, commissioned in July 2009
• Tabreed 7, serving the military, to be commissioned in August 2009
• Tabreed 8, serving the military, to be commissioned in October 2009
• Dubai Metro, six plants to come online later this year

As of 30 June 2009, Tabreed’s total installed cooling capacity is 353,000 tons across 34 district cooling plants.

The company expects nine further plants to come on stream in the remainder of 2009.

National Central Cooling Company secures AED 1100 million in regional financing for 2009.

National Central Cooling Company PJSC, ‘Tabreed’ the Abu-Dhabi based utility company announced today that it has secured a two-year AED 750 million loan facility from First Gulf Bank (FGB). Today’s announcement follows the signing of an AED 368 million ijara financing for Tabreed from Abu Dhabi Commercial Bank (ADCB) in March of this year.

The AED 750 million loan from FGB will be used to fund the Company’s 2009 capital expenditure. The March AED 368 million ijara financing from ADCB was used for the full-repayment of Tabreed’s five-year USD $100 million Sukuk, launched in 2005.

Commenting on both loan facilities, Sujit S. Parhar, Tabreed CEO said, “Since financing is the cornerstone of a utility company’s business plan, we are pleased to have the support from the region’s financial markets. Such support is important as Tabreed moves to the next stage of its growth.”

“We have a significant capital expenditure programme plan for 2009 with major projects such as the Dubai Metro, Yas Island, and our joint ventures with Aldar and Sorouh, underway, and these financing agreements are important to the delivery of these projects.”

Tabreed CFO Steve Ridlington added, “Given the current condition of the financial markets, it is significant that Tabreed has demonstrated its ability to secure regional financing, which is testament to our robust expansion plans and the increasing importance of district cooling for regional growth and infrastructure investment ambitions.”

“Whilst our business model requires significant upfront expenditure it also offers long-term, stable and sustainable returns. Tabreed has proven its ability to access the capital markets in even the most challenged conditions in a timely and sizeable manner.”

Over the past 12 months Tabreed has completed 10 district cooling plants, with 9 expected to come on-stream in the next three months adding an additional 229,000 tons of capacity. Tabreed operates 34 plants with total installed capacity of more than 400,000 tons.

National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi based utility company, today announced that the Company’s shareholders voted in favor of a series of resolutions presented by the Board of Directors that will lay the foundations for Tabreed’s recapitalization. The approval by shareholders at Tabreed’s Extraordinary General Assembly (EGA) held on May 30th gives the Board of Directors the authority to proceed with the recapitalization program. The Company will announce further details once the Board of Directors approves the details of the program within the parameters approved by the shareholders. 

Tabreed Board Chairman, Khadem Al Qubaisi commented:
“The resolutions approved by our shareholders at the EGA provide a strong vote of confidence and will enable the Board of Directors to structure a recapitalization program that will transform Tabreed and provide for its long-term success. The Company’s viability and potential have been underscored by its strong 2010 first quarter results. With today’s positive vote, the Board strongly believes that the elements of success are aligning, permitting Tabreed to deliver long-term competitive returns for investors, play a key role in meeting the infrastructure needs of Abu Dhabi and continue to lead the region’s district cooling industry.” 

Tabreed CEO, Sujit S. Parhar commented:
“Yesterday’s positive vote by the shareholders in favor of the continuation of the Company and the recapitalization program enables us to progress the positive dialogue we have had with our various stakeholders. We are confident that we can successfully implement the recapitalization program.”

Strong business fundamentals drive company’s consistent performance

Abu Dhabi, United Arab Emirates – National Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based district cooling utility company, today released its consolidated first half (H1) 2013 financial results. The company’s strong performance was driven by new customer connections as well as improved operating efficiencies and lower finance costs.

Financial highlights – six months ended 30 June 2013:

• Net profit attributable to the parent increased by 34 per cent to  AED 127.2 million (H1 2012: AED 94.7 million)
• Core chilled water revenue increased by 4.4 per cent to AED 464.8 million (H1 2012: AED 444.9 million)
• Core chilled water profit from operations increased by 7 per cent to AED 166.4 million (H1 2012: AED 155.5 million)
• In line with expectations as the company continued to phase out the non-core businesses, group revenue declined by 3.6 percent to AED 497.2 million (H1 2012: AED 515.7 million)
• EBITDA increased by 7.8 per cent to AED 240.5 million (H1 2012: AED 223 million)
• Net finance costs decreased by 13.6 per cent to AED 75.3 million (H1 2012: AED 87.2 million)

Operational highlights – six months ended 30 June 2013:

• Company continues to capitalize on cost reductions and efficiencies
• 46,000 RT of new customer connections were added across the region
• Group’s connected capacity across the region reached 813,000 RT
• Connected capacity in the UAE reached 608,000 RT

Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “These robust results demonstrate the benefits of the company’s steadfast focus on growing our core chilled water business while improving operational efficiency and cost discipline. Our energy-efficient, cost-effective and environmentally-friendlier cooling delivers sustainable solutions that help to address the region’s energy challenges and contribute to its world-class infrastructure development.”

Jasim Thabet, Tabreed’s CEO, added: “Our strong financial and operational performance underpins the strength of Tabreed and positions us well on the way to meeting our objectives for the year. With connected capacity now reaching a record high of 813,000 RT, we are proud to continue to be the world’s largest district cooling provider and a partner of choice for leading government and private organizations in the region.”

Tabreed currently has 66 plants across the GCC and provides its district cooling services to many of the region’s landmark projects including the Sheikh Zayed Grand Mosque, Dubai Metro, World Trade Center Abu Dhabi, Ferrari World Abu Dhabi, Yas Marina Circuit, the Pearl – Qatar, and Bahrain Financial Harbour.

National Central Cooling Company’s Q1 consolidated financial results indicate a 29 per cent increase in consolidated net income

National Central Cooling Company PJSC (ticker symbol: Tabreed), ‘Tabreed’ the Abu-Dhabi based utility company released its unaudited first quarter 2009 consolidated financial results today. The results showed a 29 per cent rise in consolidated net income compared to the same period in 2008. This increase reflected a strong rise in gross revenues particularly within Tabreed’s manufacturing business, in part offset by higher costs associated with higher sales volumes.

Other highlights from the first quarter include:

• 16 district cooling plants are under construction
• 4 New district cooling contracts signed that will supply a combined total of 9,905 tonnes of new cooling capacity per year
• New Chief Executive Officer appointed: Sujit S. Parhar
• New Chief Financial Officer appointed: Steve Ridlington

Commenting on the results, Khadem Al Qubaisi, Tabreed Chairman said:
“Over the past 10 years Tabreed has become an integral part of the Abu Dhabi growth engine. The fact that we have 33 operating district cooling plants generating revenue for the company and a further seven expected to come online in Abu Dhabi this year demonstrate the long-term sustainable growth of Tabreed.”

Sujit S. Parhar, Tabreed CEO added:
“Despite the current economic climate and the cautious outlook for 2009, we are pleased that our first-quarter results demonstrate year-on-year growth for Tabreed. Our focus on delivering long-term returns for our shareholders is evident by the strong results announced today.”

Energy efficient cooling system to reduce Abu Dhabi’s tallest residential tower’s carbon dioxide emissions by 3,500 tons per year

National Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based district cooling utility company, recently began the supply of chilled water to The Residences at World Trade Center Abu Dhabi (WTCAD), delivering over 5,000 refrigeration tons (RT) to the 382-meter tower, the tallest in the capital.

Tabreed is helping The Residences at WTCAD reduce its expected energy consumption by approximately 8 million KwH per year compared to conventional cooling. This will drive an estimated reduction in CO2 emissions of 3,500 tons per year.

Jasim Husain Thabet, Tabreed’s CEO, said: “We are delighted to contribute to the success of this landmark development that is reshaping our capital’s skyline.  In particular, we are pleased to support The Residences at WTCAD’s efforts to reduce its carbon footprint that mirror our nation’s ambitious plans for an environmentally friendlier future.”

Thabet added: “District cooling is the ideal solution for large scale, high density developments as it consumes approximately half of the energy required compared to conventional cooling, creating significant benefits in terms of energy efficiencies, lower costs and reduced carbon emissions.  We continue to partner with the region’s leading organizations and are proud our cooling infrastructure underpins the region’s economic development.”

The Residences is part of the WTCAD development, located in the heart of Abu Dhabi. The project occupies 5 hectares of prime city space, and upon full completion will comprise 474 luxurious apartments and penthouses, premium Grade A office space, international restaurants, a world class hotel, a mall and a traditional Arabian souq.

Tabreed currently has 66 plants across the GCC and provides district cooling services 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, Bahrain Financial Harbour, and the Jebal Omar Development Project in Mecca.

Chilled water revenue more than doubles and recapitalization program progresses

National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based utility company, released its first quarter 2010 consolidated financial results today.  For the three months ending 31st March 2010, total revenue was AED 184.6 million – broadly similar to the corresponding period in 2009. However, net profits more than doubled over the same period in 2009, from AED 21.7 million in 2009 to AED 43.8 million in 2010. Excluding minority interests, Tabreed’s share of profits was AED 40.4 million compared to AED 10.8 million in the previous year.

Financial Highlights – First Quarter Ending 31 March 2010:

• Total revenue was AED 184.6 million compared to AED 189.7 million in the same period in 2009
• Gross profit increased 11 per cent to AED 88.9 million compared to AED 80.2 million in 2009
• Net profit doubled for the first quarter to AED 43.8 million compared to AED 21.7 million in the same period in 2009, in part reflecting certain non-cash finance gains associated with the Company’s 2008 Convertible Sukuk
• However, excluding these non-cash finance gains, underlying net profits increased 15 per cent off the back of strong growth in the Company’s core chilled water business
• Chilled water revenue for the period was AED 117.1 million, a 91 per cent increase over the same period in 2009, as new plants and customers came on line. Profits more than doubled to AED 22.8 million and margins improved from 18 per cent to 20 per cent.
• Basic and diluted earnings per share attributable to ordinary equity holders of the parent increased from AED 0.01 in 2009 to AED 0.02 in 2010

Sujit S. Parhar, Tabreed CEO said:
“The first quarter 2010 results demonstrate the significant progress we have achieved to date in reengineering the business and implementing corporate governance and process controls.   We have a strong core business of chilled water and a steady pipeline of new plants coming on stream. We will continue to focus on improving operations and actively managing facilities.  We acknowledge the challenges facing the business in the year ahead and those associated with our recapitalization process, but we are confident in the long-term prospects for the Company.”

Steve Ridlington, Tabreed CFO added:
“In addition to operational improvements, we have also taken steps to implement a more rigorous financial discipline and focus on efficiency for our business, both of which are evident in the results announced today.  Our efforts have translated into the best first quarter results in the Company’s history.”

First Quarter 2010 Highlights:
During the first quarter 2010, Tabreed added four new plants to its portfolio, adding 27,000 TR of capacity and bringing Tabreed’s total installed cooling capacity to 422,100 TR across 40 plants.

Chilled Water
Tabreed’s core business of chilled water recorded sales of AED 117.1 million, an increase of 91 per cent over the same period last year as a result of three new plants coming online in 2009 and four new plants coming online in the first quarter of 2010. Profits more than doubled – up 109 per cent to AED 22.8 million. Margins for the chilled water business improved from 18 per cent to 20 per cent reflecting efficiency improvements during the first quarter.

Contracting
The Company’s contracting segment recorded sales of AED 36.1 million, an increase of 37 per cent over the same period last year. Profits for the segment were AED 15.6 million. Tabreed’s wholly owned subsidiary, Gulf Energy Systems (GES), was the biggest contributor to the strong results, particularly reflecting GES commissioning the chilled water network on Al Reem Island and signing AED 60 million of new orders for the Sowwah Island network project.

Manufacturing
Tabreed’s manufacturing segment reported sales of AED 15.6 million, a significant decline from AED 81.4 million for the first quarter 2009, due to a significantly reduced order book. During the quarter Emirates Pre-insulated Piping Industries was awarded three new projects, valued at approximately AED 25 million, which are expected to be completed by the second quarter of 2010. Profits for the manufacturing segment were AED 0.7 million

Services
Tabreed’s services segment, which is involved in the design and supervision of building electrical and mechanical works, reported sales of AED 15.9 million – down 23 per cent over the same period in 2009, reflecting reduced order books from the slowdown in the economy. Profits for the segment were AED 5.5 million – unchanged over the same quarter in 2009.

As of 31st March 2010, Tabreed’s total installed cooling capacity is 422,100 tons across 40 district cooling plants. The Company expects nine  further plants to come on stream in the remainder of 2010.

Update on Recapitalization Program:
On 8th March 2010 Tabreed announced its unaudited full-year 2009 results and its intention to submit for Tabreed shareholders’ approval a recapitalization program designed to allow the Company to achieve a stable long-term financial profile and capital structure.  Since that announcement there have been positive discussions with Tabreed’s main stakeholders.  Shareholders will decide on providing the Board the authority to move forward with a recapitalization program at the April 28th EGA.  If no quorum is present on April 28th, the EGA will be convened on May 30th.

Following a review of alternatives with respect to the annual distribution on its convertible Ijara 08 Sukuk, Tabreed intends to defer making this payment on May 19th.  Deferring the annual distribution is consistent with the objectives of the recapitalization proposal that will be decided upon by Tabreed’s shareholders and reflects the subordinated and equity-like nature of the 08 Sukuk.  Mubadala Development Company and ACWA Holdings, who together represent a majority of 08 Sukuk holders, have expressed their support for Tabreed’s decision.  Tabreed intends to propose amendments to the terms of the 08 Sukuk in due course in connection with its broader recapitalization program that Tabreed is targeting for completion in Q4 2010.

Khaled Al Qubaisi, Tabreed’s Managing Director, said:
“While we are very pleased with the first quarter results, which reflect the hard work of the management team under the direction and supervision of the Board, we recognize that there are challenges that face the business in the year ahead.  We are confident, however, that the improvements in the Company and the way its business activities are conducted provide a strong platform to achieve the Company’s objectives of improving performance, increasing profitability and maximizing returns.   The initial discussions we have had with key stakeholders in respect of the recapitalization of the Company is positive and encouraging. The support from major 08 Sukuk holders for the Company’s decision to defer the May 19th payment is a strong endorsement of the steps being taken to complete the recapitalization process.”

National Central Cooling Company PJSC (ticker symbol: Tabreed) ‘Tabreed’, the Abu-Dhabi based utility company announced today that it has appointed Sujit S. Parhar to the position of Chief Executive Officer.

Commenting on the appointment, Tabreed Chairman Khadem Abdulla Al Qubaisi says: “As a key infrastructure partner to the growth of Abu Dhabi, Tabreed faces a tremendous opportunity for continued growth in the region. This appointment marks the Board of Directors’ commitment to building a strong management team towards growing a stable and long-term regional utility business.

“Sujit” brings extensive experience from the utilities and infrastructure sectors in Singapore, and a track-record of delivering best-practice management for listed companies. We are delighted to have appointed Sujit to the role of CEO and the experience he brings to the company.”

Prior to joining Tabreed Sujit worked for SembCorp Industries – a Singapore-based utilities company where he was Senior Vice President and Head of Regional Business Development.Commenting on his appointment, Sujit S. Parhar says: “This is an exciting time to be joining Tabreed. District cooling is an essential utility for the delivery of the Abu Dhabi 2030 Plan and Tabreed is committed to playing a vital role in the Emirate’s growth. This year we expect to deliver an additional seven new plants in Abu Dhabi alone.”
The appointment is effective immediately. Karl Marietta will assume a new role with Tabreed as a consultant to the executive management team.

Tabreed currently has 19 district cooling plants under construction across the Middle East, with 16 new plants expected to come online in 2009.

National Central Cooling Company Adds New CFO To Executive Management Team

National Central Cooling Company PJSC (ticker symbol: Tabreed)‘Tabreed’, the Abu-Dhabi based utility company announced today that it has appointed Steve Ridlington to the position of Chief Financial Officer. Steve brings more than twenty years experience with BP in fundraising and global finance to Tabreed.

Commenting on the appointment, Tabreed Managing Director Khaled Al Qubaisi says:
“Steve brings best-in-class managerial expertise to Tabreed and will complement the company’s already strong finance function. His global finance experience will be an asset to Tabreed’s management and the company’s growth in the region. ”
Steve joins Tabreed from TNK-BP in Moscow where he was VP Treasury and Deputy CFO.

The appointment is effective immediately, and follows the release of Tabreed’s 2008 consolidated financial statements that reported strong performance across all four business sectors of Services, Chilled Water, Contracting and Manufacturing. For 2008, Tabreed reported a 30 per cent increase in revenues and a 26 per cent increase in gross profit over 2007.

Tabreed currently has 19 district cooling plants under construction across the Middle East, with 16 new plants expected to come online in 2009.

Tabreed receives global recognition with first and second prize in two categories from over 1,700 members

Abu Dhabi – United Arab Emirates: National Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based district cooling utility company, yesterday received two awards at the 104th annual International District Energy Association (IDEA) conference held in Miami, USA.

Tabreed are pleased to announce the following awards:

• Gold award, the IDEA’s top prize, for ‘Total Building Area Committed’ outside of North America, reflecting Tabreed’s connection of a significant area of real estate to district cooling in 2012.
• Silver Award, for number of buildings connected to district cooling outside of North America last year.

Jasim Thabet, Tabreed’s Chief Executive Officer, said: “Based on our strong performance in 2012, Tabreed are honored to be recognized by the world’s leading district energy association.  These awards, achieved against over 1,700 global members,are a testament to our delivery of vital cooling infrastructure that is enabling regional economic development and diversification across the GCC, and our commitment to our clients to remain their partner of choice.”

“Over the years, our top priority at Tabreed has always been to utilize state-of-the-art technology to deliver tailored cooling solutions for our clients that facilitate significant reductions in energy consumption, costs and CO2 emissions.”

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 800,000 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, Jabal Omer Development Project in Mecca, and Bahrain Financial Harbour.

National Central Cooling Company’s 2008 Un-audited Preliminary Financial Results are its Strongest to Date

National Central Cooling Company PJSC (ticker symbol: Tabreed), ‘Tabreed’ the Abu-Dhabi based utility company released its un-audited preliminary financial results for 2008 today. The results revealed the district cooling company’s strongest revenues and gross profit since the company was started in 1998.

Financial Highlights:

• Results were driven by strong performance across all four core businesses of Services, Chilled Water, Contracting and Manufacturing
• 2008 Revenues:  AED 734 million, an increase of 30% over 2007
• 2008 Gross Profit:  AED 319 million, an increase of 26% over 2007

Operational Highlights:

• 16 new cooling plants came online in 2008, adding 348,000 tonnes of cooling capacity, bringing the total district cooling plants in operation to 31
• 21 cooling plants were under construction in 2008, with 19 expected to come online in 2009 adding a further 161,300 tonnes of cooling capacity

Since releasing its first financial results in 1999, Tabreed has consistently increased revenues and gross profit every year. For 2008, annual revenues were AED 734 million, an increase of 30% over 2007. Gross profit for 2008 was AED 319 million, an increase of 26% over 2007. The company’s net profit was unfavourably affected by a non-cash finance cost of AED 12.2 million attributed to a derivative liability arising from a convertible bond. Without this non-cash finance cost, net profit for 2008 would have increased by 19% over the previous year.

Commenting on the results, Khadem Al Qubaisi, Tabreed Chairman said, “In our ten years of operation, we have built our district cooling business on delivering a stable and consistent return to our shareholders within an environmentally-sustainable approach. In the current financial environment, we are pleased with today’s results and the long-term stability of our utility company business model. ”

Khaled Al Qubaisi, Tabreed Managing Director added, “With the increasing demand for cooling in the Middle East, Tabreed is committed to the growth of Abu Dhabi and the region. Our strong performance in 2008 combined with the operational milestones expected for 2009 mean that Tabreed will continue to be a key player in the region’s long-term sustainable infrastructure growth.”
The above results are the un-audited preliminary results, thus are subject to changes that may be caused from the final determination of certain accounting estimates

Chilled water revenue reaches AED 203 million
Abu Dhabi – United Arab Emirates: National Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based district cooling utility company, today released its 2013 first quarter consolidated financial results. The company continued to benefit from the consistent performance of its core chilled water business and its cost discipline.

Financial highlights – three months ended 31 March 2013:

• Net profit attributable to the parent increased by 30 per cent to AED 47.8 million (Q1 2012: AED 36.8 million)
• Group revenue remained consistent with last year at AED 219 million and in line with expectations as the phase-out of the non-core businesses continued
• Chilled water revenue increased by 5 per cent to AED 202.7 million (Q1 2012: AED 193.2 million)
• Chilled water profit from operations increased by 1 per cent to AED 74.3 million (Q1 2012: AED 73.2 million)
• EBITDA increased by 5 per cent to AED 110.4 million (Q1 2012: AED 105.5 million)
• Net finance costs decreased by 14 per cent to AED 38.7 million (Q1 2012: AED 45.0 million)

Operational highlights – three months ended 31 March 2013:

• 1 new plant with a capacity of 27,000 RT came online in Saudi Arabia
• Group’s connected capacity across the region increased by almost 2 per cent to reach 800,000 RT
• Connected capacity in the UAE remained unchanged at 602,000 RT

Waleed Al Mokarrab Al Muhairi, Tabreed’s Chairman, said: “Our strategy to grow our core chilled water business while further improving cost control and efficiency continues to deliver positive results. As an organization, we remain committed to pioneering creative solutions for some of the key challenges facing the region, namely the need for world-class cooling infrastructure that enables lower energy consumption and the sustainable management of resources.”

Jasim Thabet, Tabreed’s CEO, said: “We have begun 2013 well, recording strong profitability during the period driven by improved operational efficiencies and lower finance costs.  We were involved in a number of exciting new projects at home and in key markets abroad, including the landmark Jabal Omar development in the Holy City of Mecca as well as the opening of Yas Waterworld Abu Dhabi, for which Tabreed is the exclusive supplier of cooling services.”

Tabreed currently has 66 plants across the GCC and provides its district cooling services 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 Bahrain Financial Harbour.

Abu Dhabi – United Arab Emirates: The Annual General Assembly of National Central Cooling Company PJSC (‘Tabreed’), the leading Abu Dhabi-based district cooling utility company, yesterday approved all resolutions presented to shareholders including a dividend distribution of 5 fils per share.

The assembly, chaired by Waleed Al Mokarrab Al Muhairi, Chairman of Tabreed’s Board of Directors, reviewed and approved the Board of Directors’ report, the auditor’s report and the financial statements for the year ended 31 December 2012, and the appointment of the company’s auditor for 2013.  The assembly also approved the Board of Directors’ remuneration and discharged them and the auditor of the company from liability for 2012.

In 2012, Tabreed’s net profit increased by 29% from the previous year to reach just over AED 236 million, with overall group revenues reaching AED 1,129 million.

Un-audited full-year results for 2009 announced

Highlights:

• Total revenues for 2009: AED 742 million (2008: AED 735 million)
• Gross profit was AED 291 million; after impairments, net loss (Tabreed’s share) was AED 1,118 million for 2009
• Revenue from the core chilled water business rose 29 % and gross profit 31 % over 2008

National Central Cooling Company PJSC (‘Tabreed’), the Abu Dhabi-based utility company, released its un-audited 2009 year-end financial results today. The results revealed that for the twelve months ended 31 December 2009, total revenues were AED 742 million – a slight increase over 2008 figures. Tabreed’s gross profit was AED 291 million in 2009. However, after finance costs, results from associated companies, a non-cash impairment charge and other items, Tabreed recorded a loss of AED 1,118 million for the year. This compares with a profit of AED 73 million in 2008.

Due to the challenges facing Tabreed, the Board of Directors appointed a new management team in mid-2009 which comprised of seasoned utility sector experts. The team undertook a comprehensive review of Tabreed’s project portfolio, contracts, business plan, financial performance, liquidity position and overall capital structure. Based on this review, the management team recommended, and the Board of Directors approved:

• Declaring a non-cash impairment charge of AED 1,161 million for 2009 to reflect the longterm value of projects in light of the current difficult economic climate; and
• A short-term financing facility from Mubadala Development Company PJSC (‘Mubadala’) of AED 1.3 billion to provide funding while Tabreed completes the recapitalization program. As part of the recapitalization program, this senior-debt financing will be available until the end of 2010 and may be converted to long-term capital.

The Board also approved submitting to the shareholders a recapitalization plan to achieve a stable longterm financial profile and capital structure, the elements of which include:

• Entering into discussions with strategic investors to provide long-term capital necessary to support the development of the business. Options for new capital include a private placement and/or public offering; and
• Proactively engaging with creditors to support the recapitalization.

By mid-April 2010 the Board intends to call for an Extraordinary General Assembly (EGA) of the shareholders to vote on resolutions authorizing the Board to conclude a recapitalization of the company through one or more of: a capital reduction, issuance of new capital raising instruments and arrangements with creditors, banks and Sukuk holders.

Tabreed will continue to liaise closely with SCA throughout the recapitalization program.

Tabreed Board Chairman, Khadem Al Qubaisi commented: “Tabreed’s Board of Directors requested a strategic review in order to understand the challenges facing the company’s finances and business model. Such a review was essential in the wake of the economic downturn, which hit Tabreed at the peak of an unprecedented growth program. In parallel with the review, the Board tasked the new management team with the immediate implementation of corporate governance and process controls with a priority of achieving efficiencies both in the business model and cost structure. The recommendations of the Board announced today will help ensure that Tabreed can continue to support infrastructure needs as well as provide long term competitive returns for investors.”

Tabreed CEO, Sujit S. Parhar commented: “Over the course of 2009, we initiated a process of reviewing the business model and cost structure which has led to re-engineering of the company so we could take decisive action to address the challenges facing the business.”

“In addition to today’s announcement, the review has led us to focus on value-engineering future plants and networks. Our priority is to work according to strict needs-assessments, best-in-class design, delivery and operations and ensure firm commitments from customers in advance of construction as well as to secure a long-term financing structure for the business. The changes we have made in these difficult times are designed to better position Tabreed to deliver consistent returns for its shareholders over time. Completion of the recapitalization of Tabreed will allow us to focus on growing our core business and safeguarding our quality assets. The short-term financing from Mubadala will allow us to continue to operate through the recapitalization program.”

Un-audited 2009 Results and Corporate Highlights:

• Revenues from the company’s core business of chilled water increased 29 per cent in 2009 as three new plants (UAE University at Al Ain, Yas Island and T-7) came online during the year and several new customers were connected. Total billed capacity for chilled water in 2009 was 339,572 tonnes, an increase of 65,371 tonnes over 2008.
• Three new cooling plants came online in 2009, bringing Tabreed’s total installed cooling capacity to 395,100 tonnes across 36 plants. In addition, 16 cooling plants and two plant expansions were under construction as of 31 December 2009, of which 13 plants and one plant expansion are expected to come online in 2010 adding a further 148,300 tonnes of cooling capacity.
• Contracting revenues in 2009 derived from Tabreed’s 100 per cent owned contracting subsidiary Gulf Energy Systems, increased by 38 per cent over 2008, due to major piping network contracts including Sowah Island and Reem Island.
• Revenues from the company’s building services division which includes Ian Banham & Associates, I2I and Cooltech declined by 46 per cent in 2009 over 2008 largely due to the regional real estate slowdown.

The results announced today are un-audited and as such are subject to change until the audit is completed.

Tabreed announced today that its Board of Directors has appointed Khaled Al Qubaisi to the role of Tabreed Managing Director. Mr. Al Qubaisi will be based in Tabreed’s Abu Dhabi offices, with the appointment taking effect immediately.

Mr. Al Qubaisi joined the Tabreed Board of Directors in March 2008, and as Managing Director will focus on strengthening and supporting Tabreed’s executive management team.

Karl Marietta remains as Tabreed CEO to continue to focus on the day to day management of Tabreed.

The Board of Directors of National Central Cooling Company PJSC “Tabreed” is pleased to invite its shareholders to attend the Annual General Assembly meeting, which is to be held on Tuesday, April 9th,2013 at 5.30 P.M. (17:30 hrs) at Al Thuraya Ballroom, Beach Rotana – Abu Dhabi,to discuss and resolve the items detailed
hereunder:
1) Consider and approve the
report of the Board of Directors on the Company’s activities and its financial
position for the fiscal year ending 31 December 2012.
2) Consider and approve the auditor’s report on the Company’s financial position for the fiscal year ending 31 December 2012.
3) Consider and approve the Company’s financial statements and profit and loss statement for the fiscal year ending 31 December 2012.
4) Consider and approve the proposal of the Board of Directors regarding the distribution of cash dividends at 5 fils per share or 5% of the company capital for the fiscal year ending 31
December 2012.
5) Discharge the members of Board of Directors and the auditors from their liabilities for the fiscal year ending 31 December 2012.
6) Approve the Board of Directors remuneration for the fiscal year ending 31 December 2012.
7) Appoint the Company’s auditors for the fiscal year ending 31 December 2013 and determine their remuneration.

Remarks:

1. Each shareholder who is registered in the Company’s share book on Monday, April 8th, 2013 is entitled to attend the Company’s Annual General Assembly Meeting and may authorize another person (other than a member of the Company’s Board of Directors) to attend the above mentioned meeting on behalf of the shareholder pursuant to a proxy (as per the approved format) provided that the representative does not hold in such capacity more than 5% of the Company’s share capital The proxy form must be submitted and delivered to the Securities Services Department at National Bank of Abu Dhabi, P.O. Box 6865, Abu Dhabi or delivered to the Company’s headquarters not less than two days prior to the
   date of the meeting.  Only originalproxies will be accepted.
2. Shareholders that are registered in the Company’s share book 10 days after the convened Ordinary Annual General Meeting shall be deemed to be entitled to receive the dividends.
3. In the event a quorum for the meeting is not achieved, the Annual General Assembly meeting will be adjourned until Tuesday, April 16th, 2013 at the same time and place. And shareholder who is registered in the company’s share book on 15 April 2013 is entitled to attend the meeting.
4. Where the necessary quorum is not achieved, all duly completed proxy forms shall continue to be valid and in full force for any adjourned meeting unless revoked by the relevant shareholder by notice to the Securities Services Department at the National Bank of Abu Dhabi at least two days prior to the relevant adjourned meeting.
5. Copies of the Company’s financial report for the year ended 31 December 2012 are available at the main office of the Company during regular office hours, on the Company’s website http://www.tabreed.ae  and at the meeting venue upon registration.

The Chairman

Project to develop ‘smart module’ capable of automatically controlling equipment to reduce energy consumption

Abu Dhabi: 3 March 2013 – National Central Cooling Company PJSC “Tabreed”, the Abu Dhabi based district cooling utility company, and the Masdar Institute of Science and Technology, an independent, research-driven, graduate-level university focused on advanced energy and sustainable technologies, are collaborating on a research and development (R&D) project that aims to enhance operational performance and reduce energy consumption in district cooling plants.

The current research project – optimal chiller plant control, phase-I – aims to create a ‘smart controller’ capable of intelligently and independently managing district cooling plants to improve operational performance and decrease energy consumption, with minimal human interference.

Under the terms of the collaboration, the two entities are developing a software module that can be integrated with the district cooling plants’ control system to measure all external variables that impact the operational efficiencies of the plant, such as chilled water supply, return flow, outside temperature and humidity levels. The system will then automatically decide at what capacity major equipment such as chillers, water pumps and cooling towers need to operate at in order to meet customers’ cooling requirements in the most economical and energy efficient way.

Jasim Thabet, Tabreed’s CEO, said: “We are delighted to be partnering with the Masdar Institute in this important area and hope to utilize this project to gain some critical insights. Although we are in the data gathering stage at this point, this system offers interesting possibilities for the future as it can potentially lead to significant energy reductions.”

Dr Fred Moavenzadeh, President, Masdar Institute, said: “Our research initiatives aim to bring operational benefits to organizations while contributing to mitigating carbon emissions. At present, Masdar Institute’s Building Technology Research Center is conducting a total of 12 projects in the general area of demand-side energy efficiency and smart buildings/grid. Among them, six projects, sponsored by the Executive Affairs Authority of Abu-Dhabi (EAA), specifically investigate ways of making cooling equipment more efficient and assessing the impact of energy efficiency measures on cooling demand.

“The project with Tabreed illustrates Masdar Institute’s capability to contribute sustainable technology expertise to utilities and organizations in the UAE. Supported by the country’s leadership, our projects firmly remain relevant to sustainable development in Abu Dhabi and the UAE.”

Dr. Peter Armstrong, Associate Professor – Mechanical Engineering, and Dr. Afshin Afshari, Professor of Practice – Engineering Systems & Management, are the principal investigators for the project.

Dr Peter Armstrong said: “For the Tabreed project we will model and monitor a typical chiller plant in order to find cost-effective ways to reduce peak-demand, energy and carbon impacts.  Actions may include variable-speed drives and multi-stage compressors as well as optimal control to coordinate operation of compressors, pumps and cooling towers.  Phase 2 will consider cool storage and advanced controls to shift chiller load (and thus also electric utility load) to morning hours when cooler temperatures result in more efficient operation.”

Air conditioning accounts for 40-50% of all electrical energy consumption in Abu Dhabi and approximately 70% on hot summer days. Well-designed district cooling however consumes less energy than traditional cooling, which translates into significant cost and environmental benefits in the form of reduced C02 emissions.

Thabet added: “It is great to see two of Abu Dhabi’s leading institutions working together to create innovative solutions to one of the region’s biggest challenges.”

One of Tabreed’s plants in Mohammed bin Zayed City, Abu Dhabi, was selected for the pilot project. Any successful patents brought forth by this project, which is expected to be completed in one year, will be registered under both the Masdar Institute and Tabreed names.

Established as an on-going collaboration with the Massachusetts Institute of Technology (MIT), Masdar Institute integrates theory and practice to incubate a culture of innovation and entrepreneurship, working to develop the critical thinkers and leaders of tomorrow.  With its world-class faculty and top-tier students, the Institute is committed to finding solutions to the challenges of clean energy and climate change through education and research.