UAE-based National Central Cooling Company PJSC (Tabreed) has revealed a AED311.5 million ($84.8m) deal to acquire an additional 50 percent stake in operations at Al Maryah Island in Abu Dhabi.
The 80,000 refrigeration ton district cooling scheme, which supplies the island, includes its major entertainment, hospitality, retail, commercial and residential developments.
The acquisition is from joint venture partner, Mubadala Infrastructure Partners (MIP), bringing Tabreed’s ownership to 100 percent.
Tabreed CEO, Khalid Abdullah al Marzooqi, said: “Since the start of our operations at Al Maryah Island’s district cooling scheme in 2014, with the collaboration of our partners MIP, we have developed the scheme into an industry-leading model of efficiency and reliability, and we view our recent move to acquire the entire operation as the next logical step for our growth plans in Abu Dhabi.”
Tabreed will continue to operate the Al Maryah scheme under a 30-year exclusive concession granted in 2014 by Al Sowwah Square Properties LLC, a wholly owned subsidiary of MIP.
Al Maryah Island is home to Abu Dhabi Global Market, Cleveland Clinic Abu Dhabi, The Galleria Mall, Rosewood Abu Dhabi and the Four Seasons Hotel.
The deal is the fourth major acquisition for Tabreed in less than two years, following the securing of an 80 percent stake in Emaar’s Downtown Dubai network and acquiring Aldar’s Saadiyat Island plant and the Masdar City district cooling scheme in Abu Dhabi.
Earlier this month, Tabreed announced a deal on the Dubai Financial Market (DFM) to sell its 44 percent stake in Qatar District Cooling Company (Qatar Cool) to United Development Company (UDC) in a deal worth AED417m ($113.5m).
Tabreed recorded a net profit of AED233.5m ($63.4m) in the first half of 2021, indicating a 4 percent increase from the year-earlier period.
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