Arabian Business
Summary
UAE’s leading district cooling provider Tabreed has decided to allow 100 percent foreign ownership in the company.
Previously the limit had been set at 49 percent, in line with the then prevailing law regarding foreign ownership applicable to local companies.
UAE has subsequently changed the law to allow full foreign ownership in companies, as part of its efforts to attract foreign direct investment into the country.
Chairman Khaled Abdulla Al Qubaisi said the move would enable the company to benefit from foreign investment as it continues on its path of sustainable growth.
“Tabreed is renowned the world over for its expertise and unrivalled experience in the district cooling industry. So, it makes perfect sense to adapt and modernise in line with developments in UAE company laws,” Al Qubaisi said.
“Tabreed is a hugely valuable company to Mubadala – its 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,” he said.
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