National Central Cooling Co. plans to acquire assets in markets like Saudi Arabia and Egypt starting this year as the Abu Dhabi-based company seeks to expand.
“We’re always keen on acquisitions, and Saudi Arabia is also a potential market we’re looking at,” Chief Executive Officer Jasim Hussain Thabet said in a Bloomberg TV interview. “We’d potentially be looking at markets in North Africa and India.”
The company, also known as Tabreed, would seek to use project financing to fund the acquisitions while contributing about 20 percent to 25 percent of the deal value from its own cash, he said. Tabreed has about 1.1 billion dirhams ($299 million) in cash and credit lines available, Thabat said, meaning it could target assets valued at about $1 billion.