Rising year-on-year consumption volumes driving increased profits and improved EBITDACompany strengthens financial position through prudent capital allocation, including repurchasing of Sukuk and increasing cash dividendsAppointment of Dr. Bakheet Al Katheeri as Chairman, along with new Board member Mansoor Mohamed Al HamedAbu Dhabi, United Arab Emirates – 9 August 2024: Tabreed, the UAE’s leading international district cooling company, has released its consolidated financial results for the first six months of 2024 and announced changes to its Board of Directors.The results demonstrate exceptional financial health driven by business growth, sustained profitability margins and a commitment to sound financial discipline. Tabreed experienced an 8% year-on-year surge in consumption volumes, reflecting rising cooling demand during the summer and continued strategic expansion over the past 12 months. As a result of strong operating performance, the company delivered a normalised net profit before tax of AED 291 million – an increase of 4% compared to the same period last year.H1 2024 also saw Tabreed’s earnings before interest, taxes, depreciation and amortisation (EBITDA) increase to AED 603 million, which compares favourably to the AED 590 million reported for H1 2023. Topline group revenue increased to AED 1.08 billion for H1 2024, compared to AED 1.067 billion during the first half of 2023. Tabreed’s H1 2024 EBITDA margin increased year-over-year to 56%, demonstrating the company’s ability to generate strong financial results while expanding its business.The company generated impressive free cash flows of AED 978 million over the past 12 months, translating to a healthy yield of more than 10%. Demonstrating responsible management and prudent use of surplus cash, Tabreed further reduced its debt by 12% in the first half of the year by repurchasing an additional USD 207 million (AED 759 million) of its outstanding sukuk due in 2025.Including the USD 33 million (AED 12 1 million) Sukuk repurchased in 2023, Tabreed has now repurchased a total of USD 240 million (AED 880 million) of the outstanding Sukuk. The buyback is part of Tabreed’s active management of its debt portfolio to optimise its funding cost and further strengthen its balance sheet. Simultaneously, the company increased cash returns to shareholders, evidenced by an increase of 15% year-on-year in cash dividends paid for the year 2023. During the annual general assembly held in March 2024, a cash dividend of 15.5 fils per share for 2023 was approved by Tabreed’s shareholders, which was subsequently paid in April 2024.Additionally, during H1 2024, Tabreed completed and commissioned its new district cooling plant on Saadiyat Island, Abu Dhabi. With an ultimate capacity of 21,000 RT (refrigeration tons), the facility supplies sustainable cooling to residential and commercial communities. It is currently supplying 9,000 RT with plans to add 6,000 RT over the next two years.Tabreed also kicked off its previously stated plans to increase the company’s international reach by sponsoring the key Big 5 Construct event in Cairo, Egypt. Senior management gave keynote addresses and participated in high-level discussions with planners, developers and government representatives, centred on district cooling being the only viable solution for new, sustainable cities.Changes to Board of DirectorsTabreed is pleased to announce the appointment of Dr. Bakheet Al Katheeri as the new Chairman of its Board of Directors, succeeding Khaled Al Qubaisi, who has served as Tabreed’s Chairman since 2017.Dr. Al Katheeri, who has been a member of the Board since 2022, is well-positioned to lead Tabreed through its next growth phase, with more than two decades of operational and investment expertise in the energy, infrastructure and industrial sectors. Currently, he serves as the Chief Executive Officer of Mubadala’s UAE Investments platform, where he is responsible for guiding the growth and strategic direction of a diverse portfolio of major UAE companies. Also, his previous experience with ADNOC and academic background covering Engineering, Applied Mathematics, and Environmental Science are highly relevant to the business.Tabreed is also pleased to welcome Mansoor Mohamed Al Hamed as a new Board member. For more than 15 years, Mansoor has been instrumental in the strategic growth and development of Mubadala Energy, where he serves as the CEO for almost four years.Financial highlights – six months ended 30 June 2024: Group revenue increased to AED 1.08 billion (H1 2023: AED 1.067 billion)EBITDA increased to AED 603 million (H1 2023: AED 590 million)Normalised net profit before tax increased by 4% to AED 291 million (H1 2023: AED 280 million)Net profit after tax is AED 269 million (H1 2023: AED 386 million, including one-off gains)Operational highlights – six months ended 30 June 2024:      Tabreed’s consumption volumes increased by 8% year-on-yearTotal connected capacity reached 1.308 million Refrigeration Tons (RT)4,646 Refrigeration Tons (RT) of new customer connections added, mostly in the UAECommenting on the company’s H1 2024 results and his appointment, Dr. Bakheet Al Katheeri, Tabreed’s Chairman, said: “In the first half of 2024, Tabreed demonstrated a strong financial performance with increased consumption volumes driving higher profits and improved EBITDA. Our focus on prudent capital allocation has strengthened our financial position, ensuring we are ideally positioned for growth and expansion of our vital role in key infrastructure projects and decarbonisation across the UAE and the broader region.“I am honoured to take over as Chairman from Khaled Al Qubaisi. Under his leadership, Tabreed has positioned itself as an agile and efficient company with a proven, resilient business model and commitment to partnerships and sustainable value creation for all its investors, partners and stakeholders. I look forward to working closely with the company’s executive leadership team to drive our company forward.”

Company ready to offer world-leading experience to legislators and developers in combating climate change through energy efficiency and economies of scaleAbu Dhabi, United Arab Emirates – 9 July 2024: Tabreed, the world’s leading district cooling company, has wrapped its sponsorship and participation at the third edition of Asia Urban Energy Assembly in Bangkok, Thailand. Strategically an extremely promising market for sustainable cooling, Tabreed is seeking new opportunities across Southeast Asia, where the effects of global temperature rises are posing ever greater risks to society.Directly addressing, and engaging with, developers, architects, planners, engineers, consultants and government officials, members of Tabreed’s senior management made a clear and compelling case for district cooling to be considered an essential part of sustainable infrastructure. As new smart cities are being planned, responsible governments and developers must build into them future-proof technology that reduces energy consumption with reliable, sustainable services that allow communities and industries to flourish.“Cooling can no longer be considered a luxury,” commented Tabreed’s Chief Executive Officer, Khalid Al Marzooqi. “It’s now essential for life and the demand for cooling is soaring as climate change impacts more countries and territories. It’s essential for economic development, for health, comfort and social harmony, and Tabreed has been an enabler of these vital aspects for more than a quarter of a century.”District cooling supplies industrial, business and residential developments with chilled water from centralised plants via underground networks of insulated pipes, which is then used in buildings’ air conditioning systems before being returned to the plant for further cooling in a continuous cycle. The benefits are well documented and include 50% lower electricity consumption than conventional cooling, as well as reduced noise and visual pollution. Developers, too, can benefit from zero initial capital investment and increased real estate values.“Even more importantly,” concluded Al Marzooqi, “each year, by virtue of its high efficiency and lower energy consumption, Tabreed’s operations prevent the release of millions of tons of carbon emissions. That’s good for everyone, everywhere, and we’re playing a vital role in helping multiple countries reach their individual net-zero ambitions.”

Engaging with the region’s premier developers and legislators, Tabreed champions the virtues of District Cooling as the only viable option for Sustainable CitiesAbu Dhabi, United Arab Emirates – 30 June 2024: Tabreed, the world’s leading district cooling company, has completed its participation at this year’s Big 5 Construct Egypt, where members of its executive management team led the discussion on the vital topics of decarbonisation through planning efficiency and the role of district cooling in sustainable cities.This was the sixth edition of the most influential construction event in Egypt, with technology and sustainability both high on its agenda. For Tabreed, this presented an unmissable opportunity to engage with developers, architects, planners, engineers, consultants and government officials, to openly discuss the opportunities available to them through the uptake of district cooling. The industry has already proved itself over many decades to enormously benefit governments, customers, communities and investors across the GCC, enabling societal progress and rapid, sustainable growth.“District cooling is universally acknowledged as a vital player in the mitigation of climate change,” commented Tabreed’s Chief Executive Officer, Khalid Al Marzooqi. “As global populations and temperatures rise, so is the demand for cooling. Meeting that demand should not cost the earth and district cooling has shown itself to be indispensable, using 50% less energy than conventional air conditioning.“Every year our operations prevent the release of millions of tons of carbon emissions and Egypt already benefits from Tabreed’s presence – we provide cooling for the prestigious Downtown Katameya in New Cairo. We see enormous potential for further expansion across the country, which is undergoing a significant construction boom with many new cities planned or under development. Big 5 Construct, then, has provided us with an excellent platform from which to address vitally important and influential decision makers about incorporating district cooling in their plans at the earliest possible stages, so it forms an integral part of a sustainable and intelligent infrastructure.”

• Company made significant strides in decarbonisation of cooling throughout 2023• Enrolled in DFM’s Carbon Credits Pilot and purchased Clean Energy CertificatesAbu Dhabi, United Arab Emirates – 6 June 2024: Tabreed, the world’s leading district cooling company, today publishes its fourth annual Environmental, Social and Governance (ESG) Report, covering the year 2023.The comprehensive report details Tabreed’s overwhelmingly positive environmental impact during 2023, showing that its operations reduced overall energy consumption by 2.52 billion kWh – equivalent to powering more than 143,000 homes – which, in turn, prevented 1.5 million metric tons of CO2 emissions, which equates to removing 330,000 vehicles from our roads.Renewable energy became a permanent fixture in the company’s operations last year. In partnership with ADNOC, Tabreed designed, built and commissioned G2COOL, the region’s first district cooling plant to be powered using renewable geothermal energy from deep underground. The plant plays an important new role in decarbonising the way buildings are cooled in Abu Dhabi’s Masdar City, while diversifying the country’s energy mix in support of the UAE National Energy Strategy 2050.In a further renewable energy initiative, during 2023 Tabreed purchased 116,000 MWh of solar-sourced Clean Energy Certificates (CECs) from the Emirates Water and Electricity Company (EWEC), demonstrating its commitment to a diverse energy mix. These CECs are equivalent to the amount of energy required to cool prominent locations such as Masdar City, Raha Beach, and key attractions on Yas Island.Also during 2023, Tabreed joined a highly anticipated carbon credits trading pilot by Dubai Financial Market (DFM), which saw 24 of the UAE’s most esteemed companies and developers taking part, including Dubai Electricity and Water Authority (DEWA), DP World, Dubai Municipality, Dubai International Financial Centre (DIFC), Emirates NBD and Majid Al Futtaim. The carbon credits traded on DFM were supplied by DEWA, First Abu Dhabi Bank and MyCarbon, coming from internationally certified carbon projects around the world.Tabreed spent 2023 being increasingly active in the community, through a range of Corporate Social Responsibility (CSR) initiatives. For instance, assisting startups and young entrepreneurs working on climate solutions, the company sponsored and partnered with HUB71+ climateTECH and, during the Holy Month of Ramadan, Tabreed partnered with Emirates Red Crescent to provide many thousands of meals to underprivileged members of the community. Closer to home, in a move designed to improve the work/life balance for Tabreed’s staff, remote workday allowances were increased by 50% and a ‘personal hours’ policy was introduced.“In short,” said Khalid Al Marzooqi, Tabreed’s CEO, “this incredible, visionary company spent 2023 reaffirming its reputation as an undeniable force for good. Good for our customers, our investors, our staff, our communities and our environment. I am immensely proud to lead Tabreed and look forward to even greater achievements in the years to come.”View Tabreed’s 2023 ESG report in its entirety here.

Emirati artist, Saggaf Alhashmi, designed the stunning artwork bringing beauty of Emirati natural world to the capital’s new central business districtAbu Dhabi, United Arab Emirates – 28 May 2024: Tabreed, the world’s leading district cooling company, has transformed one of its major UAE facilities into a masterpiece of street art. The company’s Al Maryah Island plant supplies an impressive roster of clients, such as Cleveland Clinic, Rosewood Abu Dhabi, Four Seasons, Galleria Mall and Abu Dhabi Global Market, with essential district cooling services.Tabreed’s executive management team suggested the plant would make an ideal ‘canvas’ for a new artwork, the likes of which Abu Dhabi has been building an enviable global reputation for in recent years, and the company’s Strategic Communications department quickly engaged with several local artists. Design proposals were sought, resulting in the renowned, self-taught Emirati artist, Saggaf Alhashmi, being chosen for his stunning ‘3D’concept featuring two of the UAE’s most famous residents: the Arabian Oryx and Arabian Sand Gazelle.“The result is, I’m sure everyone will agree, extraordinary,” said Tabreed’s Chairman, Khaled Al Qubaisi. “We have transformed what was previously an unremarkable, utilitarian building into a thing of profound beauty, which will bring joy to residents and visitors for many years to come. Saggaf’s concept has been faithfully transferred to surfaces that are functional and designed to aid in the district cooling process, which was a Herculean challenge for everyone involved but the efforts have been well worth it.”Describing his creative process, Alhashmi said he was inspired by the island itself: “Al Maryah is named after a famous oasis region in Abu Dhabi, Al Mariyah, which in turn is named after the species of Arabian deer which live there. It struck me that we could use the mural to bring the Al Mariyah deer to Al Maryah Island, celebrating the link between the life-giving oasis and the way that Tabreed uses air and water to cool the island today.”Work was completed ahead of schedule on 20 April, carried out by six different artists using three boom cranes at a height of 35 metres above ground for access to the 7,140 louvred panels being painted. By the time the area had been cleaned, prepared and painted, a total 7.2 sq. km had been worked on. Fifty-two different colours were used to recreate Alhashmi’s vision, with more than 4,800 litres of paint applied over a period of 47 working days.“Tabreed,” concluded Al Qubaisi, “has a well-deserved reputation for environmental protection through its sustainability-led energy efficiencies, preventing millions of tons of carbon emissions. Yet there is more to environmentalism than mitigating climate change and improving air quality – architecture and urban design is important to our quality of life, too. And, as Tabreed’s Chairman, I am proud to see the company setting itself apart from its competitors, embracing change, accepting challenges and overcoming them to retain its position as the world’s leader in district cooling.”

Consumption volumes for Tabreed’s cooling services growing organically by 9% year-on-yearAbu Dhabi, United Arab Emirates – 14 May 2024: Tabreed, the UAE’s leading international district cooling company, today released its consolidated financial results for the first three months of 2024, recording consumption volume increases year-on-year of 9%, driven by new connections attributing to organic growth recorded during the past year. The company reported a net profit before tax of AED 122 million, representing an increase of 4% compared to AED 117 million (adjusted for one-off gains and losses) reported during the same period last year.During Q1 2024, Tabreed’s topline and earnings before interest, taxes, depreciation and amortisation (EBITDA) continued to climb, with a healthy rate compared to Q1 2023. Reaffirming the company’s solid financial management and profit generation capability, Tabreed’s EBITDA margin was 58%, compared to 57% in the first quarter of 2023, with topline group revenue of AED 468m for the first quarter of 2024.Tabreed’s adept management of working capital has enabled it to achieve a cash conversion rate of 90%, demonstrating efficiency in the running of its operations. A clear demonstration of this relentless pursuit for operational excellence was the successful completion of the third phase of the ‘Tasheel’ initiative, an extensive programme to retrofit chillers with Variable Frequency Drives (VFDs), significantly enhancing energy efficiency while playing a pivotal role in efforts to decarbonise cooling provided to clients.The company’s commitment to sound financial practice is also evident in its reduced debt levels – leading to healthier leverage ratios – showcasing a net debt to EBITDA ratio of 3.97x as at the end of the first quarter of 2024. Following the first quarter end, Tabreed successfully concluded a tender offer for the repurchase of certain of its outstanding USD 500 million sukuk due in 2025. Including sukuk purchased prior to the tender offer, Tabreed has now repurchased a total of USD 240 million (AED 880 million) of its outstanding sukuk due in 2025. The buyback is part of Tabreed’s active management of its debt profile to optimise its cost of funding and further strengthen its balance sheet.Financial highlights – three months ended 31 March 2024: Group revenue increased to AED 468 million (Q1 2023: AED 464 million)EBITDA increased to AED 272 million (Q1 2023: AED 268 million)Normalised net profit before tax increased by 4% to AED 122 million (Q1 2023: AED 117 million)Net profit after tax is AED 112 million (Q1 2023: AED 236 million including one-off gains)Operational highlights – three months ended 31 March 2024:      Tabreed’s consumption volumes increased by 9% year-on-yearTotal connected capacity reached 1.305 million Refrigeration Tons (RT)1,710 Refrigeration Tons (RT) of new customer connections added, mostly in the UAECommenting on the Q1 2024 results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said:“I am particularly pleased to share details of the growth delivered by Tabreed across key financial and operational metrics, showcasing our commitment to delivering value to our investors. This upward trajectory is a testament to our strategic initiatives and highlights the company’s resilient performance.“Our strategic initiatives, both locally and internationally, are geared towards ensuring we maintain our positive momentum in the medium term. We are confident in our ability to continue leading the way in sustainable cooling, creating value for our shareholders and positively contributing to the communities, businesses and industries we serve.”

Annual General Assembly also confirms new appointment to Board of DirectorsAbu Dhabi, United Arab Emirates – 20 March 2024: Tabreed, the UAE’s leading international district cooling company, yesterday held its Annual General Assembly (AGA), during which shareholders approved a record high dividend payment of 15.5 fils per share, paid fully in cash. As disclosed in the company’s recent full-year results for 2023, this represents an increase of 15% over the previous year and recognises Tabreed’s strong financial performance. During 2023, Tabreed reported a growth of 9% in revenue and an increase of 25% in net profit before tax to parent.Tabreed’s AGA was chaired by the company’s Chairman, Khaled Abdullah Al Qubaisi, and during the meeting shareholders confirmed the appointment of two new board members: Geert Bunkens and Marion Deridder Blondel.Commenting on Tabreed’s record-setting 2023, Al Qubaisi said that the confirmed dividend payments demonstrate the company’s approach to growth is the right one. “Our shareholders are a top priority for Tabreed and the business has a stellar reputation for delivering consistently excellent returns for our investors. We have just enjoyed another remarkable year and our name as a torchbearer for sustainability is growing, with Tabreed playing a decisive role in steering the conversation about global cooling during COP28.“The simple fact is, that Tabreed’s steady growth is not just good for business but good for the planet. Our experience, stretching back more than quarter of a century, is unrivalled. As more countries turn their attention to ever increasing demands for cooling, realising too that they must act to mitigate climate change, district cooling is an obvious and well-established solution. And nobody does it better than Tabreed, which is why we are now gearing up for further international expansion.”Last year Tabreed added 53,000 refrigeration tons [RT] of new connections across its portfolio, which also grew with the addition of six new plants. The company now operates in six different countries, including India, and sees enormous potential to increase market share over the coming months and years. Also investing heavily in renewable energy and setting new standards in decarbonisation, Tabreed undoubtedly remains the world’s leader in district cooling.

Abu Dhabi, United Arab Emirates – 14 February 2024: Tabreed, the UAE’s leading international district cooling company, today released its consolidated financial results for the year 2023, reporting a revenue of AED 2.4 billion – a 9% increase over 2022 – and a net profit attributable to parent, before deferred tax, of AED 751 million.Tabreed’s balance sheet strengthened further, underscored by an improved net debt/EBITDA ratio of 4.11x (4.49x as end of FY 2022). Tabreed’s net debt decreased in 2023 thanks to strong cash generation and a decline in gross debt due to a proactive debt management exercise carried out during the year. As a result of prudent financial management, the company achieved reductions in its net finance costs by 24%, despite a high interest rate environment. Throughout the year, Tabreed continued to maintain its strong cash flow profile, underpinned by long-term contracts, resilient margins and efficient working capital management. Net cash from operating activities totalled AED 1.31 billion in 2023 (AED 1.35 billion in 2022), while free cash flows increased by 8% to AED 1.21 billion, driven by strong operating income, continued investment in growth and streamlining of existing asset portfolio. Tabreed’s Board of Directors, in recognition of the company’s strong financial performance throughout the year, robust cash generation and positive outlook, hasrecommended a record high dividend payment of 15.5 fils per share in cash. This represents an increase of 15% over 2022 and reinforces Tabreed’s commitment to maximising value for its shareholders. During 2023, with the enactment of UAE corporate tax law, there was a one-off, non-cash accounting impact due to recognising a deferred tax liability amounting to AED 359 million, resulting in a reported net profit of AED 431 million for the year. Tabreed added 53k Refrigeration Tons (RT) of new connections in 2023, across its portfolio in the UAE and internationally. Expansion was driven largely by organic growth, through new connections in existing concession areas, as well as new ‘greenfield’ plants. Tabreed continued to strengthen its presence in its core markets of the UAE and GCC, with the addition of 31k RT in the UAE, 14k RT in Saudi Arabia, 3k RT in Bahrain and 1k RT in Oman. Tabreed entered the India market during 2023, in a strategic alliance with TATA Realty and Infrastructure Limited, demonstrating its commitment to diversify and expand beyond the GCC’s geographical borders. While growing its presence in international markets, the company remained focused on optimising its existing portfolio to enhance returns, Tabreed’s total connected capacity increasing in 2023 to reach 1.303 million RT. Tabreed enjoyed a remarkable 2023 on many levels, being the year of the company’s 25th Anniversary. Publicly engaged more than ever before, Tabreed exhibited at the second World Utilities Congress and was billed as exclusive ‘Cooling Partner’. During COP28 in December, the company took part as an exhibitor on Mubadala’s pavilion and C-Suite executives were active in high-level debates and panel discussions in both Green and Blue Zones, particularly as strategic partners of the United Nations Environment Programme (UNEP) and Cool Coalition. As COP28 drew to a close, Tabreed signed an AED 600 million Green Revolving Credit Facility under its green financing framework, to help meet future expansion requirements with speed and agility. Fittingly, with 2023 being the UAE’s ‘Year of Sustainability’, Tabreed became signatories to the UAE’s Responsible Companies Pledge, the Abu Dhabi Sustainable Finance Declaration and the Global Cooling Pledge – each a clear commitment to assisting the UAE and other nations in reaching their individual Net-Zero targets through energy-efficient operations. Sustainability also became intrinsically linked to Tabreed with its brand-new Geothermal district cooling plant, developed in partnership with ADNOC in Masdar City, which uses renewable energy from deep underground to produce chilled water for use in a pre-existing network.Two senior appointments were made to Tabreed’s Executive Management Team on 1 May 2023, with Nadia Bardawil assuming the role of Chief Legal Counsel and Philippe Coquelle joining as Chief Development Officer. Financial highlights – 12 months ended 31 December 2023:  Group revenue increased by 9% to AED 2.4 billion (2022: AED 2.2 billion)EBITDA at AED 1.2 billion remained resilient with healthy margin of 50% (2022: AED 1.2 billion)Net profit before tax attributable to parent increased by 25% to AED 751.4 million (2022: AED 600.2 million) Operational highlights – 12 months ended 31 December 2023:         Total connected capacity increased to 1.303 million Refrigeration Tons (RT)53k RT of new customer connections addedConsumption volumes increased by 8% year-on-year Environmental highlights – 12 months ended 31 December 2023:2.52 billion kilowatt hours saved across the GCC – enough to power more than 143,000 homes every yearPrevented the release of 1.5 million metric tons of CO2 into the atmosphere, which is equivalent to the removal of approximately 330,000 vehicles from the roads annuallyConstructed and commissioned Middle East’s first renewable energy (geothermal) district cooling plant in partnership with ADNOC at Masdar City, Abu Dhabi Following publication of the full 2023 results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “This time last year I spoke about Tabreed’s carefully planned growth and taking our globally renowned expertise into new markets. We spent 2023 making good on that promise and now operate in six countries, including India, supplying sustainable cooling to our prestigious clients. “This is just the beginning and, over the next few years, we will continue to capitalise on Tabreed’s unrivalled history and world-leading experience by aggressively, yet considerately, targeting opportunities for expansion. Opportunities that will provide healthy returns for our investors while benefiting the countries and communities in which we operate. International demand for our services is growing considerably and these results prove we are ready, willing and able to respond like no other company.”

Two of the world’s top credit ratings agencies officially acknowledge Tabreed’s long-term stability and reaffirm ‘Investment Grade’ statusAbu Dhabi, United Arab Emirates – 8 February 2024: Tabreed, the world’s leading district cooling company, has recently had its ‘Investment Grade’ status reaffirmed by Moody’s and Fitch, being rated Baa3 and BBB respectively. Moody’s report was published on 21 December 2023, with Fitch releasing its findings more recently, on 29 January 2024.Moody’s and Fitch are two of the world’s most respected credit ratings agencies, referred to by global investors to determine the organisations most likely to yield healthy financial returns and least likely to default. The reports published by these agencies provide clear, unbiased analysis of a company’s financial health and future outlook, and both referred to Tabreed’s strong market position, high cash flow visibility (thanks to long-term contracts of up to 25 years) and strong liquidity.Speaking about the published ratings, Tabreed’s Chief Financial Officer, Adel Al Wahedi, said they show the company’s impressive resilience in the face of often turbulent market conditions. “We have been the leaders in this vital utilities industry for 25 years,” he said, “and in that time our portfolio and reputation have grown beyond all recognition. Tabreed’s experience, expertise and innovation are world renowned, and our investors continuously benefit from our careful, measured approach to growth, through healthy returns that continue to set new records.”Al Wahedi added that Tabreed’s predictable cash flows put the company in an enviable position of strength, with stability one of its key attributes. “We don’t grow for the sake of it,” he said. “Rather, as responsible investors, we judge each opportunity on its own merits. We are not risk averse but equally we are not afraid to make tough decisions to protect our investors from exposure.“Our international expansion, for instance, has been an important part of Tabreed’s long-term strategy and we are now operating in six countries with plans to enter further new territories when the time and conditions are favourable. The demand for sustainable cooling is only increasing in certain countries and no company is better placed than Tabreed to meet those requirements. Sustainability is a byword for Tabreed and our solid ratings with Moody’s and Fitch provide further evidence that our approach to business is entirely sound.”

Increased energy efficiency marks significant step in decarbonising operationsAbu Dhabi, United Arab Emirates – 30 January 2024: Tabreed, the world’s leading district cooling company, has concluded the third phase of its ‘Tasheel’ programme – an ambitious and extensive retrofit of Variable Frequency Drives (VFDs) to increase energy efficiency and assist in the decarbonisation of its operations.Tabreed celebrated its silver jubilee in 2023 and is the Middle East’s original district cooling provider. It is, therefore, inevitable that certain plants in its ever-expanding portfolio will feature technology that has since been superseded with more energy efficient methods with lower operational and maintenance costs. While VFDs have been available for many years, their adoption in the district cooling industry’s very specialised facilities was not feasible until relatively recently.VFDs are situated between the electrical supply and the equipment powered by it, in this case extremely large, medium-voltage industrial electric motors for the plants’ chillers. On the originally installed equipment, the motors were often designed to work at fixed speeds, meaning they turned at the same rates no matter the cooling loads. In simple terms, installation of VFDs enables regulation of the power being fed to these motors by lowering motor speeds when load is reduced, instantly making them more energy efficient. When cooling demand increases so too does the power supplied by the VFDs to the motors, and vice versa.Tabreed’s Chief Executive Officer, Khalid Al Marzooqi, explains: “In 2019, our Operations and Maintenance department commenced a five-year efficiency plan in which we worked closely with the original manufacturers of the equipment (chillers and pumps) in some of our Abu Dhabi and Dubai plants, to better understand the impact of VFDs on energy efficiency and to retrofit where appropriate in the name of increased efficiency.“This was a sizeable undertaking yet, over the past three years, the VFDs’ performance and the resulting energy optimisation has easily exceeded our initial, ambitious targets. Most importantly, however, retrofitting VFDs to our older plants has directly reduced energy consumption to the extent that, over the next ten years, we will save an additional 223,000,000 kWh, consequently preventing the release of a further 105,000 metric tons of CO2 emissions. Projects such as this are the very essence of Tabreed – a UAE company built on the pursuit of operational excellence.”

From humble beginnings to international presence, Tabreed continues to set the gold standard in district cooling through innovation and dedicationSince its founding, the company’s operations have saved nearly 20 billion kWh, preventing nearly 8 billion tonnes of carbon emissionsAbu Dhabi, United Arab Emirates – 21 December 2023: As another year of astonishing progress draws to a close, Tabreed is celebrating its Silver Jubilee, looking back on a quarter of a century as the world’s leading district cooling company and an essential enabler of progress for communities in the UAE and the wider region.Tabreed’s Chairman, Khaled Al Qubaisi, said this is a true landmark in the company’s history, with 2023 being another record year that offers a tantalising glimpse into its future, with sustainability and energy efficiency being the key drivers of Tabreed’s next chapter.“To say I am proud to chair the Board of this extraordinary company is a huge understatement,” he added. “As we look back on our history, celebrate our achievements, consider our present and look forward to our future, it’s obvious that Tabreed is a resilient, progressive company that brings enormous benefits to its people, its stakeholders and its investors. And, as the saying goes, the best is yet to come.”25 Years of ProgressThe company started with three employees as Gulf Energy Systems in 1995 and became Tabreed, a public shareholding company, in 1998, through the efforts of the UAE Offsets Group (now known as Tawazun Council). The first district cooling service provider in the Middle East, Tabreed commissioned its first plant in 1999 – a 4,000 Refrigeration Ton (RT) facility for the first phase of Zayed Military City in Abu Dhabi. Other early projects included the Al Jimi Shopping Centre in Al Ain and Al Manar Mall in Ras Al Khaimah, the UAE’s first commercial district cooling system.By 2016 Tabreed had passed the 1,000,000 RT threshold and today it owns and operates 91 district cooling plants in the UAE, Saudi Arabia, Oman, Bahrain, India and Egypt. The company now employs more than 1,100 staff made up from more than 40 different nationalities and the portfolio is growing, with huge potential for expansion across India and Southeast Asia. Tabreed operates the world’s largest district cooling network in Downtown Dubai and has become the cooling partner of choice for many of the world’s most iconic landmarks and attractions in the UAE and beyond.25 Years of PartnershipTabreed’s strategic partnerships have helped the company to remain competitive and supported international growth. In 2006, partnerships with governments and key local companies were instrumental in establishing Tabreed Oman and Saudi Tabreed. Tabreed’s recent expansion into India, which is expected to be the world’s largest cooling market by 2050, was facilitated via partnerships with Tata Realty and the Government of Telangana, supported by its innovative tie-up with the International Finance Corporation (IFC).25 Years of PerformanceTabreed’s performance continues to set new benchmarks for the district cooling sector – the industry known for being up to 50% more energy efficient compared to traditional cooling methods, bringing with it rich rewards for the environment. Total connected capacity now exceeds 1.3 million RT and it is estimated that, up to the end of 2022, the company’s operations saved 19.2 billion kilowatt hours (enough to power approximately 1.1 million homes in the GCC annually) and prevented 7.6 million metric tons of carbon emissions (equivalent to removing more than 1.6 million cars from the streets). Tabreed continues to invest heavily in R&D, conducting studies with multiple technologies, integrating renewable energy sources and harnessing the inestimable power of 25 years’ worth of real-world data in its Artificial Intelligence control systems. Financial performance sets new records every year, too, providing shareholders with maximum returns.The crown jewel in Tabreed’s sustainability journey also began to shine during 2023: its new Geothermal plant developed in partnership with ADNOC and Masdar City, which commenced operations this month. Integrating this renewable energy in district cooling operations marks the beginning of a new chapter for sustainable cooling.“Much of what we do at Tabreed is literally unseen,” said Khalid Al Marzooqi, Tabreed’s Chief Executive Officer, “our vast, complex networks being buried deep underground. But there’s no denying that everyone feels the effect and enjoys the results of our operations. When you walk into The Dubai Mall, the Burj Khalifa, Louvre Abu Dhabi or any of our other iconic landmark developments in the UAE and beyond, and that welcome blast of cold air hits you in the face on a hot and humid summer’s day, that’s thanks to everyone at Tabreed.“We never stand still, never take anything for granted and never stop innovating. And we’re in the finest possible form as we head into our next 25 years with the continued, invaluable support of our majority shareholders, Mubadala and ENGIE. Simply put, without district cooling – without this company – the world would be a poorer place. Long live Tabreed.”

Abu Dhabi, United Arab Emirates – 14 December 2023: Following a signing ceremony at the end of its hugely successful participation in COP28, Tabreed, the world’s leading district cooling company, today announces the successful closure of its inaugural AED 600 million Green Revolving Credit Facility (RCF) in partnership with First Abu Dhabi Bank (FAB) as the Green Coordinator, alongside Abu Dhabi Commercial Bank PJSC (ADCB), and Emirates NBD.This groundbreaking financing agreement, spanning five years, aligns seamlessly with Tabreed’s overarching sustainability strategy. The facility is designed to introduce highly efficient cooling solutions into the GCC market, meeting the growing demand for sustainable and innovative technologies.As an active participant in the Cool Coalition, a prestigious United Nations initiative, Tabreed’s operations and objectives are intricately linked with the United Nations Sustainable Development Goals (SDGs). The AED 600 million raised through this RCF will be exclusively allocated to finance projects and investments that adhere to Tabreed’s Green Finance Framework, established in 2022. These encompass diverse initiatives, including the development, procurement, and operation of District Cooling schemes. The funds will also support projects dedicated to enhancing Energy and Water Efficiency and those focused on proficient Wastewater Management.Commenting on the successful conclusion of the Green RCF, Tabreed’s Chief Financial Officer, Adel Al Wahedi, said: “This financing agreement is a testament to Tabreed’s unwavering commitment to sustainable practices. By allocating the proceeds exclusively to green projects, we aim to make a significant impact on environmental preservation and drive advancements in cooling technologies. We are proud to partner with FAB, ADCB, Emirates NBD Capital Limited [as Mandated Lead Arranger] and Emirates NBD Bank [as Original Lender], who share our vision for a more sustainable future.”Fawaz Abusneineh, Acting Head of Global Corporate Finance at FAB, said: “At FAB, we believe that district cooling has a major role to play in the Middle East’s energy efficient future as it is more reliable, more energy efficient, and has less negative environmental impact than standard approaches to air-conditioning.  This partnership aligns with and amplifies our commitment to lend, invest, and facilitate over USD135 billion in sustainable and transition financing by 2030. Together we are ensuring that the UAE’s built environment can transition towards a greener future.”“We are proud to partner with Tabreed in our collective pursuit of the UAE’s ambition for a net zero economy. This collaboration is a testament to our commitment to providing sustainable financing solutions and supporting our clients in their transition towards environmental sustainability. As Sustainalytics’ highest rated diversified bank in the GCC for ESG, ADCB is proud to be bringing its experience and capabilities to support its clients’ green ambitions.” stated a spokesperson from ADCB.Hitesh Vithal Asarpota, CEO – ENBD Capital Limited and Emirates NBD Capital PSC said: “We are delighted to support Tabreed’s efforts in further decarbonising the district cooling sector. This agreement comes in line with our Sustainable Finance Framework, reinforcing our commitment towards sustainability. As a leading banking group in the region, ENBD is fully aligned with the UAE’s journey to Net Zero, and through such agreements, we enable our stakeholders to play an active role in this transition.”This financial commitment reaffirms Tabreed’s unwavering commitment to environmental preservation and is at the forefront of pioneering advancements in cooling technologies. The company remains dedicated to leveraging innovative financing solutions to accelerate the transition to sustainable, efficient, and eco-friendly cooling solutions across the region.