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UAE cooling giant Tabreed to sell stake in Qatar operation in $113.5m deal

Firm has announced 44% sale of share in Qatar District Cooling Company to United Development Company

By Staff writer
Tabreed has announced that it is to sell its 44% share in Qatar Cool to United Development Company.

Tabreed has announced that it is to sell its 44% share in Qatar Cool to United Development Company.

UAE-based district cooling firm Tabreed has agreed to sell its 44 percent stake in Qatar District Cooling Company (Qatar Cool) in a deal worth AED417 million ($113.5m).

In a note to Dubai Financial Market the company announced the sale to United Development Company (UDC), a leading Qatari public shareholding outfit.

Tabreed, which is listed on the Dubai Financial Market, delivers more than 1.4 million refrigeration tons to major residential, commercial, government and private projects.

Formally National Central Cooling Company PJSC, Tabreed owns and operates 86 plants in its portfolio across the GCC, including 73 plants in the United Arab Emirates, three in Saudi Arabia, five in Oman, one in Bahrain and others in the region.

Earlier this month it was reported that the company had recorded a net profit of AED233.5m ($63.4m) in the first half of 2021, a 4 percent increase year-on-year.

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