New projects take company’s total connected capacity to 1.3 million RTInternational expansion continues into second half of the year as Tabreed begins commercial operations in IndiaAbu Dhabi, United Arab Emirates – 28 July 2023: The National Central Cooling Company (PJSC) – Tabreed, the world’s leading district cooling company, yesterday released its consolidated financial results for the first six months of 2023, reporting a net profit of AED 386.4 million, compared to AED 240.4 million during the same period in 2022. In the first half of the year, Tabreed’s revenue increased by 9.4% YoY to AED 1.067 billion, from AED 975.7 million in H1 2022. Further new customers and projects were added during H1 2023, including commissioning of 1 new plant in UAE and 2 new plants in KSA, with an addition of 33,483 Refrigeration Tons (RT) in the UAE, Bahrain, Oman and Saudi Arabia increasing Tabreed’s total connected capacity to 1.30 million RT. Tabreed’s international growth has continued into the second half of the year, with the successful acquisition of cooling infrastructure serving Intellion Park, a cutting-edge real estate development by TATA Realty in Gurugram, India with the grant of a long term concession. Earlier this month, Tabreed started operating the cooling infrastructure, officially commencing the company’s first operations in India, securing a key partner and entry into a strategic market for Tabreed as it expands its international portfolio. Tabreed continued its commitment to driving technical innovation and fostering collaboration in the UAE’s utilities sector in first half of the year, resuming its high-level partnership and sponsorship of World Utilities Congress, hosted by TAQA at Abu Dhabi National Exhibition Centre, and participating in the ADNOC Technology Forum, showcasing its pioneering research with geothermal energy. Financial highlights – six months ended 30 June 2023:   Group revenue increased by 9.4% to AED 1.067 billion (H1 2022: AED 975.7 million)Profit from Operation increased by 5% to AED 394.2 million (H1 2022: AED 376.6 million)Tabreed reported healthy EBITDA at AED 590.1 million (H1 2022: AED 589.3 million)Net profit attributable to the parent is AED 386.4 million (H1 2022: AED 240.4 million) Operational highlights – six months ended 30 June 2023:          Total connected capacity reached 1.30 million Refrigeration Tons (RT) 33,483 Refrigeration Tons (RT) of new customer connections added, with load additions of 17,396 RT in the UAE, 14,163 RT in KSA, 1,018 RT in Bahrain and 906 RT in OmanCommissioned 3 new plants (1 in UAE and 2 in KSA)Tabreed achieved a record 18.5 million hours worked without a single lost time incident (LTI), the last incident occurred   in July 2015 Commenting on the results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “Following last year’s strong performance, Tabreed is delighted to report further growth in revenue and profits year-on-year for the first half of 2023. The addition of new capacity across the GCC and the launch of our first cooling services in India is not only supplying our growing international customer base with efficient and reliable cooling, but also having a significant impact on preventing carbon emissions. “With COP28 now fast approaching, Tabreed’s focus on technological innovation and strategic partnerships is enabling us to meet the demands of the communities we serve, unlocking value for all stakeholders and supporting the energy transition through the delivery of efficient and environmentally friendly cooling services. Tabreed’s recently released 2022 ESG report highlighted the investments that we are making in our people through employee well-being, localisation and diversity programmes. A continued focus on achieving operational excellence and attracting the best talent will stand us in good stead for the second half of the year and into 2024.”

Multi-million-dirham investment opens door to enormous potential in IndiaDemand for cooling set to surge by 800% across country over next 15 years Abu Dhabi, United Arab Emirates – 30 May 2023: Tabreed, the world’s leading District Cooling provider, today announces it has achieved its first district cooling transaction in India through a strategic alliance with TATA Realty and Infrastructure Limited (TRIL). The deal includes an investment of INR100 Cr (AED 44.34 million) in TATA Realty’s Intellion Park special economic zone (SEZ) development in Gurugram, northern India. Through the investment, Tabreed will acquire the existing cooling infrastructure at the Intellion Park development, which covers a total area of 3.5 million square feet, and develop additional capacity to meet the development’s rising demand for cooling services. Moving away from the standard market practice in India where real estate developers own and operate cooling assets through facility management contracts, Tabreed will provide cost-effective and efficient cooling solutions for tenants of Intellion Park. Khaled Abdulla Al Qubaisi, Chairman of Tabreed, said: “As the world’s most populous country and one of the fastest growing economies, India will be a key strategic market and important partner for Tabreed as we expand our international presence. “We expect to see large-scale adoption of District Cooling in India as demand for real estate and cooling grows at a rapid pace. Tabreed is delighted to partner with Tata Realty to develop leading, innovative District Cooling services, which will support sustainable urban development across India. This will unlock value for our stakeholders, while benefitting communities and reducing carbon emissions.” India’s Ministry of Environment, Forest and Climate Change forecasts that aggregated cooling demand will rise eightfold by 2037-38, with cooling expected to account for 45% of peak energy demand across the country by 2050. In 2019, the ministry established the India Cooling Action Plan (ICAP) to support the growth of a sustainable District Cooling sector across the country. Developers in India are currently allocating significant sums of capital on HVAC systems for new buildings, as well as highly-inefficient existing buildings, to achieve their net zero goals, while competing with and balancing other demands on their capex. Through demonstrating the value of cooling services at Intellion Park, Tabreed intends to pave the way for more rapid adoption of District Cooling in India, easing the burden of upfront costs for developers to inspire more sustainable cooling solutions for the Indian real estate sector, which is set to witness its fastest global increase in cooling-related energy demand in the coming decades. Sanjay Dutt, Managing Director and Chief Executive Officer of Tata Realty said: “Tata Realty has been at the forefront of promoting sustainable real estate development in India. With numerous achievements, including the country’s first net-zero certified commercial real estate campus, the company has set a high bar for the rest of the industry. In continuation of this trend, Tata Realty’s engagement with Tabreed to launch the Cooling as a Service (CaaS) market in India is expected to be a pivotal event, enabling the delivery of superior value to occupants, while promoting higher standards of ESG and wellness in commercial and mixed-use real estate developments.”

Partnership with Saudi Arabia’s Public Investment Fund results in 30% stake Group well positioned for further growth during 2023 Abu Dhabi, United Arab Emirates – 12 May 2023: Tabreed, the UAE headquartered leading international district cooling developer, today released its consolidated financial results for the first quarter of 2023, reporting a net profit of AED 236.4 million, compared to AED 88 million during the same period in 2022. In the three months ended on 31 March 2023, Tabreed’s revenue increased by 10% YoY to AED 464 million, from AED 420 million in Q1 2022. This was mainly driven by increases in new connections during the past 12 months and higher consumption volumes. Further new customers and projects were added during the first quarter, with an addition of 12,000 Refrigerated Tons (RT) across the UAE and Oman, increasing Tabreed’s total connected capacity to 1.276 million RT. Additionally, in February, Saudi Tabreed entered a partnership with the Saudi Public Investment Fund (PIF) as a new shareholder with a 30% stake, reflecting the Group’s continual focus on high potential growth markets. Financial highlights – three months ended 31 March 2023:   Group revenue increased by 10% to AED 464 million (Q1 2022: AED 420 million)Profit from Operation increased by 12% to AED 172 million (Q1 2022: AED 154 million)EBITDA increased by 1.5% to AED 268 million (Q1 2022: AED 264 million)Net profit attributable to the parent is AED 236 million(Q1 2022: AED 88 million) Operational highlights – three months ended 31 March 2023:          Total connected capacity reached 1.276 million Refrigeration Tons (RT)12,000 Refrigeration Tons (RT) of new customer connections added, with load additions of 11,000 RT in the UAE and 1,000 RT in OmanTabreed achieved a record 17.7 million hours worked without a single lost time incident (LTI), the most recent occurring in July 2015 Commenting on the results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “As we mark our 25th year of operation, Tabreed has closed a solid first quarter, backed by robust financialperformance and the achievement of operational milestones that have set the company up for a successful 2023. “For the remainder of the year, we will continue to focus on our sustainable and strategic growth plans which will see Tabreed grow its regional and international reach in close alignment with governments and legislators, and deliver strong results that benefit our shareholders, employees, partners, and the communities in which we operate. “And as the UAE prepares to host COP28 later this year, we are proud that are our focus on innovation and efficiency is reducing carbon dioxide emissions and supporting the development of sustainable cities across the region.”

Nadia Bardawil becomes first female member of Executive Management TeamPhilippe Coquelle named Chief Development Officer, succeeding Francois-Xavier Boul Abu Dhabi, United Arab Emirates – 25 April 2023: Tabreed, the UAE’s leading district cooling provider, today announced that its Board of Directors has appointed Nadia Bardawil as the company’s new Chief Legal Counsel and Philippe Coquelle as Chief Development Officer, both with effect from 1 May 2023. Bardawil succeeds Hamish Joost, Tabreed’s previous Chief Legal Counsel, and her appointment means she is the first female member of Tabreed’s Executive Management Team, while Coquelle takes over from Francois-Xavier Boul, who joined as the company’s Chief Development Officer in September 2017. Tabreed’s Chief Executive Officer, Khalid Abdullah Al Marzooqi, said the appointments were extremely important for the company, as it forges ahead in a new era of diversity and sustainability. “This is a company built on operational excellence and, as such, it is vital that our Executive Management Team is diverse, like the rest of our people who make Tabreed such a success. So, it is a privilege to be able to welcome Nadia Bardawil as our first female C-Level Officer – her breadth of experience will benefit us enormously and this appointment proves that gender is no barrier to success within progressive and inclusive companies such as this. “Philippe Coquelle will also be a huge asset to Tabreed as we establish the company’s presence in new, international markets while growing the portfolio in existing territories. His predecessor, Francois-Xavier Boul, was highly instrumental in the exceptional growth Tabreed has seen in the past six years, so while Philippe has big shoes to fill, he is also joining us at a time when we’re really getting into our stride, with new opportunities constantly opening up. I speak for everyone in the company when I wish Nadia and Philippe all the very best in their new roles and thank their predecessors for their tireless dedication, without which Tabreed would not be the company it is today.” Bardawil is a senior lawyer who has spent more than fifteen years working on the development and financing of energy and infrastructure projects in MENA and Europe. She spent 12 years at global law firm Shearman & Sterling LLP before joining Masdar as General Counsel, where she won numerous awards for leadership and promotion of diversity and inclusion and was named as a Chambers GC Influencer on their 2019 UAE list. Her most recent role was Senior Legal Advisor to Mubadala, where she was responsible for managing some of the group’s largest global assets. Coquelle joins Tabreed from ENGIE, where he has performed numerous roles in Project Management, Business Development, Project Finance and Mergers and Acquisitions (M&A) worldwide since joining in 2001, most recently as Corporate M&A Director at the Group’s Paris headquarters. For more than 20 years he has operated within the international energy sector, having worked in Paris, London, Brussels, Panama and Dubai. He spent four years in the UAE between 2014 and 2018, focusing on the development and project financing of power and water infrastructure across the Middle East, is fluent in French, Spanish and English, and has a Master in Energy and Environment from University of Brussels (Brussels, Belgium), and a Master in Finance from the London Business School (London, UK).

Annual General Assembly also elects Board of Directors with one new appointment Abu Dhabi, United Arab Emirates – 21 March 2023: The shareholders of Tabreed, the UAE’s leading district cooling company, have approved a cash dividend payment of 13.5 fils per share for 2022. This represents the highest dividend payment to Tabreed shareholders in the company’s 25-year history and marks an increase of 1.5 fils per share on the 12 fils per share equivalent paid to shareholders in 2022. The record dividend was formally approved at Tabreed’s Annual General Assembly (AGA), chaired by Chairman Khaled Abdullah Al Qubaisi, on 20 March 2023. Tabreed also used the AGA to elect its board of directors in accordance with the three-year requirement set out in SCA regulations. Eight of the existing board members have been re-elected and shareholders confirmed the appointment of one new board member, Dr Alyazia Ali Al Kuwaiti, to the Board of Directors. Reflecting on an exceptional year for the company, Al Qubaisi said: “As the UAE prepares to host COP28, Tabreed continues to build on its successful track record of delivering energy efficient and environmentally friendly district cooling solutions for customers, supporting their energy sustainability goals. We are proud of our ongoing partnership with customers to reduce energy consumption and carbon dioxide emissions and advance the growth of sustainable smart cities in the region. “On the back of an exceptional year, we are delighted to issue a record dividend payment, unlocking further value for our shareholders while we continue to benefit people, societies and the environment with our pioneering, reliable and sustainable solutions.” Khalid Abdulla Al Marzooqi, Tabreed’s Chief Executive Officer, added: “Last year, group revenue increased by 13% to AED 2.22 billion and we reported an EBITDA of AED 1.23 billion, which was an increase of 19% over 2021 – results everyone in the company can be proud of. As impressive as our financial performance undoubtedly is, at Tabreed we are equally proud of the fact that our operations prevent millions of tons of carbon emissions. Cooling is the biggest consumer of electrical energy in this region, and district cooling uses approximately half the energy required by conventional methods, so the positive impact of our business benefits everybody, everywhere. “Tabreed is a most resilient company and 2023 will be a landmark year for us, as we celebrate being in business for a quarter of a century. It is an exciting time for everyone at Tabreed, as we look ahead to the next 25 years as the world’s leading provider of sustainable cooling.” In 2022, Tabreed added nearly 55,000 refrigeration tons of new connections in the UAE and across the region, as the company invested in its robust network of assets in the UAE and Oman, and expanded into new markets.

World’s leading district cooling provider is key player in drive for carbon neutralityCompany built on operational excellence, aligned with UAE’s Year of Sustainability Abu Dhabi, United Arab Emirates – 7 March 2023: In line with its own commitment to achieving Net-Zero, the UAE’s original district cooling company, Tabreed, announces it has signed the UAE Ministry of Climate Change and Environment’s (MOCCAE) Climate-Responsible Companies Pledge. On 17 May 2022, the MOCCAE launched the National Dialogue for Climate Ambition (NDCA) as a platform “to define and raise sectoral climate ambition and advance all-inclusive participation in the ‘UAE Net Zero by 2050 Strategic Initiative’ to meet the country’s international climate commitments, particularly the Paris Agreement.” Stakeholders include many sectors, such as manufacturing, construction, waste, transport, finance, energy and utilities providers. The ninth session of the NDCA – and associated pledge signing – was held under the theme of ‘Decarbonising the Buildings Sector’ and featured keynote addresses by Her Excellency Mariam AlMheiri, the UAE’s Minister of Climate Change and Environment, and Talal Al Dhiyebi, Group CEO of Aldar Properties. Following the speeches, signatories of the pledge, including Tabreed’s Chief Executive Officer, Khalid Al Marzooqi, assembled together on stage to mark this historic undertaking. Sustainability is one of the key pillars Tabreed is built upon, its relentless pursuit of energy efficiency resulting in the prevention of huge amounts of greenhouse gas (GHG) emissions. An environmentally conscious driver of progress, the company, which this year celebrates its 25th anniversary, is a world authority on district energy, and a key player in the UAE’s inspirational journey to carbon neutrality. Al Marzooqi said that signing the pledge is an obvious fit for the company, which has long been known as a champion of sustainability. “It is widely acknowledged,” he remarked, “that cooling buildings in this region is responsible for the majority of electricity consumption. And while we are making enormous strides in generating power using renewable sources, it remains responsible for significant greenhouse gas emissions, so any way of reducing energy consumption has to be a positive. “And that’s where district cooling makes perfect sense because it’s approximately 50 percent more energy efficient than conventional methods. Last year alone, Tabreed’s efficiencies prevented the release of nearly 1.4 million tons of CO2 into the atmosphere – that’s like removing 300,000 vehicles from the roads and we do this year in, year out.” He added that demand for cooling will increase as the UAE’s population and infrastructure continue to grow, making the case for district cooling stronger than ever. “Without district cooling we simply could not progress as a society,” Al Marzooqi said. “But we need to approach this with sustainability in mind, which is why our business aligns so closely with the country’s wider Net-Zero targets and we have our own roadmap to become completely carbon neutral ourselves by 2050. We wholeheartedly thank and support the UAE’s Ministry of Climate Change and Environment, and signing this pledge is an outward demonstration of our commitment to do everything in our power to ensure a sustainable future for everyone, everywhere.” In a further show of its commitment to Net-Zero, following the signing of the Climate-Responsible Companies Pledge, Tabreed participated in a landmark event hosted by low-carbon energy giant, ENGIE, at Louvre Abu Dhabi: ‘E4 – Defining the Pathway to a Carbon Neutral Economy’. Hosted for ENGIE’s key stakeholders to engage in dialogue on decarbonisation and the solutions that will help governments, companies and industries to achieve Net-Zero, the E4 event – a first for the Middle East – was attended by industry leaders from the UAE, GCC and overseas. It helped showcase the well-documented benefits of district cooling in dramatically reducing emissions related to power generation, and as one of Tabreed’s majority shareholders, ENGIE continues to add exceptional value to the company through its unrivalled expertise in global energy and sustainability matters. During the E4 event, Tabreed’s Chief Asset Management Officer, Dr Yousif Al Hammadi, delivered a presentation introducing the company to a diverse audience of dignitaries, government ministers and high-ranking officials, highlighting the company’s environmental credentials with results recently posted in its record Q4 2022 results.

Pioneering UAE district cooling company accelerates international expansionBoard approves record dividend payment of 13.5 fils per share Abu Dhabi, United Arab Emirates – 15 February 2023: Tabreed, the UAE’s longest-established district cooling company, today released its consolidated financial results for the year 2022, reporting an EBITDA of AED 1.23 billion – a 19% increase over 2021 and a net profit of AED 600.2 million, representing an increase of 3%. Additionally, Tabreed’s Board of Directors announces it is recommending a dividend of 13.5 fils per share, to be paid fully in cash – an increase over last year, acknowledging growth of the business while retaining availability of capital for further expansion. It was an exceptional year for Tabreed, as the company spent 2022 building on its already robust network of assets, spearheading expansion into existing and all-new markets, while investing heavily in its existing UAE infrastructure. In January, Tabreed practically doubled its concession capacity in Oman with the acquisition of a seventh district cooling plant, which services Al Mouj, the Sultanate’s most prestigious new real estate development. This was swiftly followed, in February, by the announcement of Tabreed’s partnership with Gascool and Marakez for Real Estate Investment Company, to provide district cooling services to the new D5M mall in New Katameya, east Cairo. Just seven months later, Tabreed signed an agreement with Egyptians for Healthcare Services Company (EHCS), to build, own and operate on a long-term basis, an expansive district energy plant to supply cooling and heating to CapitalMed, an all-new healthcare city project by EHCS in Cairo. In May, Tabreed sponsored and exhibited at the inaugural World Utilities Congress in Abu Dhabi’s National Exhibition Centre (ADNEC). And in June, Tabreed received valuable recognition on the international stage, being presented with the Silver Award for the Number of Buildings Committed in 2021 Beyond North America, by the International District Energy Association (IDEA), with respect to the connection of 56 new buildings to its networks. Tabreed plays a vital role in the region’s sustainability targets and, during 2022, the company was privileged to be part of the UAE’s delegation which represented the country at COP27, the global environmental summit held in Egypt. Such high-profile activities have helped Tabreed to position itself at the forefront of this nation’s sustainability agenda, gearing up for further involvement during 2023 and the UAE’s hosting of COP28. The year also began and ended with two senior appointments to Tabreed’s Executive Management Team. In January, Antonio Di Cecca was named Chief Operating Officer (replacing Jean-François Chartrain) and, in November, the all-new position of Chief Asset Management Officer was announced, with Dr Yousif Al Hammadi assuming the role. During 2022, Tabreed added 34,454 Refrigeration Tons (RT) of new connections in the UAE, 19,202 RT in Oman and 500 RT in Bahrain, increasing the company’s total connected capacity to 1,264,252 RT. Financial highlights – 12 months ended 31 December 2022:   Group revenue increased by 13% to AED 2.22 billion (2021: AED 1.95 billion)Core chilled water revenue increased by 14% to AED 2.14 billion (2021: AED 1.88 billion)EBITDA increased by 19% to AED 1.23 billion (2021: AED 1.03 billion)Net profit attributable to the parent increased by 3% to AED 600.2 million (2021: AED 585.2 million) Operational highlights – 12 months ended 31 December 2022:          Total connected capacity increased to 1,264,252 Refrigeration Tons (RT)54,156 RT of new customer connections addedTabreed achieved a record 17,039,729 hours worked without a single lost time incident (LTI), the most recent occurring in July 2015 Environmental impact highlights – 12 months ended 31 December 2022: 2.31 billion kilowatt hours saved across the GCC – enough to power approximately 132,000 homes every yearPrevented the release of 1.38 million metric tons of CO2 into the atmosphere, which is equivalent to the removal of approximately 300,000 vehicles from the roads annually Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said of the results: “With each passing year, Tabreed fortifies its already iron-clad reputation as one of this country’s most resilient companies. Targeted, strategic, carefully planned growth continues to manifest meaningful results that benefit shareholders, employees, clients, and the districts and communities in which we operate. As we take our globally renowned expertise into new markets, we further our positive impact by helping to negate climate change through optimum efficiencies. And we do this, always with sustainability as a cornerstone of our continuous success.” Adding to these remarks, Khalid Abdulla Al Marzooqi, Tabreed’s Chief Executive Officer, said: “During 2022, Tabreed’s objectives and intentions became crystal clear. Our medium- and long-term strategy is being rolled out, with the company entering additional territories and increasing awareness through close alignment with governments, legislators, and developers, who understand how vital our services are in the drive to Net-Zero. This company is built on excellence and the pursuit of maximum efficiency, and these results prove that Tabreed’s reputation as the world’s leading district cooling company is entirely justified.”

All-new role for Executive Management Team, meeting demands of company expansionTabreed’s Human Capital department also in spotlight following impressive award wins Abu Dhabi, United Arab Emirates – 28 November 2022: Tabreed, the UAE’s leading district cooling provider, today announced that its Board of Directors has appointed Dr Yousif Al Hammadi as Chief Asset Management Officer – an all-new role for the company – with effect from 1 December 2022. Having closely analysed its future business requirements, Tabreed’s Executive Management Team and Board of Directors agreed to create a new, dedicated function, to manage the company’s assets, accounts, and customer relationships, led by a Chief Asset Management Officer. Khalid Abdullah Al Marzooqi, Tabreed’s Chief Executive Officer, said of the appointment: “In recent years, Tabreed’s business portfolio and client base have dramatically increased in size and scope. Any company that grows needs to adapt, if it is to maintain healthy and productive relationships with its clients and business partners, and Tabreed is no exception.” He added: “This is a resilient and dynamic company that stays ‘ahead of the curve’ by being ready and quick to meet constantly shifting business demands. Tabreed’s vision and long-term strategic business plan includes regional and international expansion, and Dr Yousif’s appointment means we have a highly experienced industry veteran overseeing the vitally important relationships we have with our clients. Everyone in the company congratulates him on this new position.” Dr Yousif Al Hammadi joined Tabreed in 2014 and has held various positions, including Executive Vice President – Key Stakeholders, Asset Management and Government Relations, Head of Business Development, and Senior Vice President – Projects, in which he proved to be a crucial part of Tabreed’s success across the region. Since 2020, Dr Yousif Al Hammadi has served as Managing Director of Downtown DCP LLC (DDCP), which is a partnership between Tabreed and Emaar, leading operations and facilitating growth in key areas of Dubai. Before joining Tabreed, he was Vice President of Mubadala’s Construction Management Unit, where he helped deliver key projects in Abu Dhabi, including Zayed University, Paris Sorbonne University, Rosewood Hotel and New York University. Earlier in his career, Dr Yousif Al Hammadi also worked for esteemed organisations such as ADNOC and Ministry of Interior in the UAE.Tabreed’s Human Capital department has also been in the headlines, having been the recipients two prestigious industry accolades: the GCC GOV HR Award for ‘HR Team of the Year 2022’ and The Future Workplace Awards’ ‘HR Team of the Year’. Al Marzooqi, commenting on these wins, said: “These awards are hotly contested, with stiff competition from other highly regarded organisations, and are received on merit after lengthy and detailed deliberations of comprehensive submissions. Everyone at Tabreed benefits from the tireless work of our HC colleagues, and we could not be prouder of their achievements with these prestigious awards. This company has a well-deserved reputation for putting its people first and, being recognised and rewarded for accomplishments in Human Capital, by our peers, is particularly humbling.”

Connected Capacity and profits increase, while Tabreed expands its international presenceThird quarter saw changes to Foreign Ownership Limits and major new deal signing in Egypt Abu Dhabi, United Arab Emirates – 15 November 2022: Tabreed, the UAE’s leading district cooling provider, yesterday released its consolidated financial results for the first nine months of 2022, reporting an EBITDA of AED 912 million – an 18% increase over the same period last year – and a net profit of AED 400 million, representing a 3% increase. During the past three months, Tabreed made two significant announcements. On 13 September, it was confirmed that shareholders voted to harmonise with recent UAE changes to commercial law by increasing its Foreign Ownership Limit (FOL) to 100% – a strategically important move that increases flexibility and ensures the best possible share marketability. The following day, on 14 September, Tabreed signed an agreement with EHCS (Egyptians for Healthcare Services Company), to design, build and operate an expansive district energy plant to supply cooling and heating to CapitalMed, an all-new healthcare city project by EHCS in Cairo. This is the second major deal announcement in Egypt by Tabreed since the company entered this new market in February 2022. Additionally, and consistent with Tabreed’s progress throughout 2022, the third quarter saw new connections added in the UAE, Oman and Bahrain, increasing the company’s total connected capacity to 1,258,201 Refrigeration Tons (RT). Financial highlights – nine months ended 30 September 2022:   Group revenue increased by 13% to AED 1.66 billion (Q3 2021: AED 1.46 billion)EBITDA increased by 18% to AED 912 million (Q3 2021: AED 776 million)Net profit attributable to the parent increased by 3% to AED 400 million (Q3 2021: AED 388 million) Operational highlights – nine months ended 30 September 2022:          Total connected capacity reached 1,258,201 Refrigeration Tons (RT)48,106 Refrigeration Tons (RT) of new customer connections added, with load additions of 28,403 RT in the UAE, 19,203 RT in Oman and in Bahrain were increased by 500 RTTabreed achieved a record 16,382,176 hours worked without a single lost time incident (LTI), the most recent occurring in July 2015 Commenting on the company’s Q3 results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said it had been a strong nine months for the company. “Throughout 2022, Tabreed has achieved important international growth, elevated public awareness, and accomplishment of long-term strategic goals. These third quarter results show not only Tabreed’s resilience but also the wisdom of its organic and sustainable approach to growth – it is truly an exceptional UAE company.” He continued: “Tabreed continues to post record profits and has a consistently strong balance sheet, evidenced by Fitch’s updated rating outlook of “stable” and affirmed at BBB. Building on this momentum, both regionally and internationally, we will continue to establish new client relationships, engage in long term alliances and expand our portfolio, further solidifying our already stellar reputation for operational excellence.” Khalid Abdulla Al Marzooqi, Tabreed’s Chief Executive Officer, added: “With these impressive third quarter results, Tabreed continues to demonstrate its impeccable credentials as a business that is secure for its stakeholders, investors, employees, and the environment. We are constantly seeking new collaboration opportunities with other progressive businesses that share our core principles, and we have exciting plans for the future, with an increasingly diverse array of services that will bolster our position as the industry leader.”

Deal will see Tabreed build and run bespoke new plant to supply essential, sustainable district energy services to CapitalMed, Cairo’s prestigious new healthcare city Abu Dhabi, United Arab Emirates – 14 September 2022: Tabreed, the UAE’s leading district cooling provider, yesterday officially signed an agreement with developer, Egyptians for Healthcare Services (EHCS), to provide essential district energy services to CapitalMed, its all-new healthcare city megaproject. Strategically located in Badr City, CapitalMed is near to Central Cairo, New Cairo and Egypt’s New Administrative Capital City, which is planned to be constructed over four phases. Once completed, CapitalMed will be a state-of-the-art, smart medical city, hosting patients not only from Egypt but also from across the Middle East, Africa and the rest of the world. It will include 700 ICUs, 70 Operating Rooms and more than 15,000 multi-disciplinary health care providers offering nearly 100 specialities. The scale of the CapitalMed project is impressive but wholly necessary, with a population of five million-plus within a 20-minute radius, and 20 million-plus within a 90-minute radius. The new city will also benefit from direct, unrestricted access to- and from major national highway networks, as well as convenient access from Cairo International Airport, just 20 minutes away. Tabreed is to fund, construct and operate a bespoke district energy plant, designed in conjunction with Shaker Consultancy, to meet the cooling and heating demands for this prestigious project, with 19,500 Refrigeration Tons (RT) of cooling required for Phase 1 and a concession of between 28- and 30,000 RT for the entire development. Phase 1A will see 7,500 RT installed, 12 MW of space heating to be provided by hot water boilers, and associated energy services supplied to all buildings providing a full, end-to-end long-term solution. The signing ceremony, held in Cairo’s Badr University, was attended by senior members of Tabreed’s Executive Management Team and Tabreed’s new Egypt office, including recently appointed Country Manager, Heba Kamal, with Dr. Hassan El Kalla, EHCS’s Chairman and Managing Director, and other senior figures from the company and CapitalMed. Following the ceremony, Eng. Khalid Abdulla Al Marzooqi, Tabreed’s Chief Executive Officer, said: “Tabreed only entered the Egypt market in February this year, following the announcement of our project at Cairo’s new D5M mall. I said then that commencing operations in Egypt was an important strategic move that’s part of our long-term plans for sustainable growth beyond our traditional geographic borders, and this new signing with EHCS shows how committed Tabreed is when it comes to expansion. “We are always seeking new opportunities with other forward-thinking organisations aligned with our key values, and this new development is no exception. EHCS and Tabreed will work extremely well together, sharing common goals of maximum efficiency and a relentless pursuit of operational excellence. Our operations prevent the release of millions of tons of greenhouse gas emissions and we are a force for good in communities all over the Middle East and beyond. I know I speak on behalf of everyone at Tabreed when I say that we look forward to a very long and fruitful presence in Egypt, as we bring our unrivaled expertise to such an exciting, dynamic and promising market.” Also commenting after the signing, EHCS’s Chairman and Managing Director, Dr. Hassan El Kalla, said that Tabreed was the ideal district energy company for a project such as CapitalMed. “From the very beginning,” he remarked, “we have ensured that every aspect of this incredible project is future-proof, with efficiency and sustainability at its core. Tabreed’s experience and expertise in district energy is renowned the world over, and we are thrilled to have a company of its stature providing us with reliable and technologically advanced services.” “CapitalMed is truly state-of-the-art – a smart, green development like no other – and will include a University Hospital Centre, a Doctors’ Plaza, Simulation Centre and Virtual Hospital. It will be home to Institutes of Precision Medicine, Transplant, Rehab, Cosmetics and Wellness, Trauma and Emergency, as well as Research and Development of Advanced Health & Medicine. This will be a world-class centre for medical education, too, offering highly specialised services guided by the most advanced technology, all of which will require district cooling and heating services that meet the most stringent standards. I am pleased to say we have found that in Tabreed and we eagerly anticipate a most rewarding collaboration between our organisations.”

The UAE’s original district cooling company aligns with recent UAE reforms to commercial lawMove will potentially encourage more overseas investment and assist future growth Abu Dhabi, United Arab Emirates – 13 September 2022: Tabreed, the UAE’s leading district cooling provider, held a General Assembly on 12 September 2022, chaired by Tabreed’s Chairman, Khaled Abdulla Al Qubaisi, during which shareholders voted to amend Article (7) of the company’s Articles of Association to allow 100 per cent foreign ownership. Previously the limit had been set at 49 per cent, in line with UAE law stipulating that foreign companies could operate onshore in the UAE only with a UAE national or wholly owned UAE company owning 51 per cent of the share capital. Following the conclusion of the General Assembly, Al Qubaisi said this was a landmark development for Tabreed. “This company is renowned the world over for its expertise and unrivalled experience in the district cooling industry,” he remarked, “so, it makes perfect sense to adapt and modernise in line with developments in UAE company laws. This will provide greater opportunities to benefit from foreign investment as Tabreed continues on its path of sustainable growth.” “Tabreed is a hugely valuable company to Mubadala, which has been the 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.” Also commenting on this development, Tabreed’s Chief Executive Officer, Eng. Khalid Abdulla Al Marzooqi, said: “At Tabreed we pride ourselves on our agility as an organisation, always seeking ways to streamline operations, improve efficiency and apply the highest standards in everything we do. As a result, we provide our shareholders with exceptional stability and high returns and being able to increase foreign ownership of Tabreed’s shares is an important step in unleashing the company’s full potential. “We have a robust and healthy balance sheet and continue to post record profits, while growing the company’s portfolio of assets and services, ably demonstrated by Fitch’s revised rating outlook to ‘Stable’ and affirmed at BBB. Tabreed’s unwavering commitment to its investor relations can only benefit by today’s announcement, which further solidifies our reputation as a truly progressive UAE company.”

UAE’s original district cooling and energy services provider goes from strength-to-strengthRevenue and profits boosted by portfolio expansion during 2021Abu Dhabi, United Arab Emirates – 27 July 2022: Tabreed, the UAE’s leading district cooling provider, yesterday released its consolidated financial results for the first six months of 2022, reporting a net profit of AED 240.4 million – an increase of 3% compared to its H1 2021 performance. Starting the year as it means to go on, Tabreed practically doubled the size of its concession capacity in Oman with the acquisition of the district cooling plant that services Al Mouj, the Sultanate’s most prestigious new real estate development. Tabreed’s portfolio in Oman now includes seven plants and Al Mouj represents the company’s biggest project there, evidence of its desire to drive further investment in this important territory. Building on the expansion earlier in the year in the UAE, Bahrain and Oman, new connections were added in the emirates during the second quarter of 2022, increasing Tabreed’s total connected capacity to 1,241,331 Refrigeration Tons (RT). Other notable developments during the first six months of 2022 were the company’s high-profile presence, participation and partnership with the inaugural World Utilities Congress at Abu Dhabi’s National Exhibition Centre and the commencement of operations in Egypt, heralding an exciting new phase for Tabreed as it enters markets and territories beyond its historical boundaries. Financial highlights – six months ended 30 June 2022:   Group revenue increased by 12.3% to AED 975.7 million (H1 2021: AED 869.0 million)EBITDA increased by 13.9% to AED 589.3 million (H1 2021: AED 517.6 million)Net profit attributable to the parent increased by 3.0% to AED 240.4 million (H1 2021: AED 233.5 million) Operational highlights – six months ended 30 June 2022:          Total connected capacity reached 1,241,331 Refrigeration Tons (RT)31,235 Refrigeration Tons (RT) of new customer connections added, with load additions of 12,435 RT in the UAE, 18,300 RT in Oman and in Bahrain were increased by RT 500 to reach RT 33980Tabreed achieved a record 15,784,821 hours worked without a single lost time incident (LTI), the most recent occurring in July 2015 Commenting on the company’s H1 results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “It’s another remarkable result for Tabreed but not at all surprising, as the carefully considered and planned trajectory for this incredible pillar of UAE industry is coming together precisely as we envisaged. It has been a remarkable six months of geographical expansion, increased public awareness and making good on long-term objectives. These excellent financial results follow hot on the heels of Tabreed publishing its highly anticipated 2021 ESG Report, which demonstrates the company’s continuous, laser-like focus on benefiting stakeholders, staff and communities alike. As Tabreed’s Chairman I am proud of its relentless commitment to quality and know it will go from strength-to-strength over the coming months and years.” Eng. Khalid Abdulla Al Marzooqi, Tabreed’s Chief Executive Officer, added: “We are now seeing the benefits and reaping the rewards of Tabreed’s portfolio expansion during 2021, particularly with our 100 percent acquisition of the hugely important plant exclusively servicing Al Maryah Island in Abu Dhabi. The first half of 2022 is an accurate indication of where this remarkable company is heading and, in the near future, we will see other long-term strategic plans and investments come to fruition. Tabreed is the UAE’s original district cooling company and its expertise is simply unrivalled anywhere in the world. We play a very positive role in this country’s drive for sustainability and that’s the best possible news for our investors, our people and our ever-expanding client base.”