Tabreed/Supplied
by Kudakwashe MuzoriwaThe National Central Cooling Company (Tabreed) has acquired an additional eight per cent stake in Saudi Tabreed for SAR 129 million, which boosts its stake in the joint venture entity to 28 per cent.
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.”
Jointly owned by Vision Invest and IDB Infrastructure Fund II of the Public Investment Fund, Saudi Tabreed also announced the commissioning of the district cooling plant at the King Khalid International Airport phase 1 in Riyadh with a total capacity of 20,000 RT serving terminals one to four on exclusive basis.
“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,” said Bader Al Lamki, Tabreed’s Chief Executive Officer.
MOST READ
BUSINESS
COVID-19 poses downside risks to Egyptian banksBUSINESS
Fed rate cuts add pressure on Saudi banksBUSINESS
UAE firms launch Covid-19 economic aid packagesBUSINESS
Saudi Arabia plans to boost oil export to 10...BUSINESS
Aldar to invest AED 2 million in Abu Dhabi...
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
