The National Central Cooling Company, also known as Tabreed, is looking to expand its presence in the Gulf markets, particularly Saudi Arabia, through acquisitions or new projects to boost growth, its chief executive said.
Tabreed, listed on the Dubai Financial Market currently operates in the UAE, Saudi Arabia, Bahrain, Qatar and Oman, providing district cooling to landmark developments including Dubai Metro and Ferrari World in UAE; Bahrain’s financial centre and the Jabal Omar Development in Saudi Arabia.
“We truly believe about Saudi Arabia market and the vision 2030 and all the mega projects that are currently under development whether it is Neom, Red Sea [Project] or Qiddiya. We see a big potential there and we need to be part of that development,” Bader Al Lamki, told reporters in Abu Dhabi. The company is looking at greenfield projects as well as acquisitions in all the geographies of the region, he added.
Saudi Arabia is developing a number of new mega-projects such as the $500 billion (Dh1.84 trillion) futuristic economic free zone, Neom; the Red Sea Project, a mega-tourism attraction, and Qiddiya, a new entertainment destination in Riyadh.
Tabreed recently increased its stake in Saudi Tabreed, its district cooling investment vehicle in the kingdom by acquiring an additional 8 per cent stake, increasing its ownership to 28 per cent. The deal is valued at 129 million Saudi riyals (Dh126.3m).