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