Operations remain robust during continuously challenging market conditionsPortfolio’s connected capacity across GCC increases to more than 1.41 million refrigeration tons11 August, 2021 – Abu Dhabi, United Arab Emirates: The National Central Cooling Company PJSC (DFM:Tabreed), headquartered in the UAE, today released its consolidated financial results for the first six monthsof 2021, reporting a net profit of AED 233.5 million – an increase of 4% compared to its 2020 H1performance.As Tabreed has remained focused on achieving its stated objectives, revenue has continued to grow, alongwith its portfolio of district cooling networks. Recent additions include a fourth plant in Downtown Dubai,along with additional connections to our existing concession areas. Capacity has also increased, in Bahrainand Oman.Financial highlights – six months ended 30 June 2021:Group revenue increased by 22% to AED 869 million (H1 2020: AED 710 million)Core chilled water revenue increased by 22% to AED 832.1 million (H1 2020: AED 681.2 million)EBITDA increased by 25% to AED 517.6 million (H1 2020: AED 415.4 million)Profit from Operation increased by 29% to AED 326 million (H1 2020: AED 232.8 million)Share of results of associates and joint ventures increased by 37% to AED 24.9 million (H1 2020: AED18.2 million)Net profit attributable to the parent increased by 4% to AED 233.5 million (H1 2020: AED 224.3million)Operational highlights – six months ended 30 June 2021:Total connected capacity reached 1,417,179 Refrigeration Tons (RT), with 12,650 RT being added inthe UAE, 410 RT added in Bahrain and 300 RT in OmanTabreed achieved a record 13,810,261 hours worked without a single lost time incident (LTI), themost recent occurring in July 2015Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “Tabreed’s Q1 results are impressive in their own right and set the tone for what will undoubtedly be another historic year for one of the UAE’s most important and influential companies. Our second quarter has proved we are on the right path for sustainable and meaningful growth, maintaining our unwavering focus on quality and customer service by means of careful expansion and commitment to operational excellence, which recently resulted in Tabreed being officially certified to three individual ISO standards on Health and Safety, Environment and Quality.”“We are also building on the foundations laid by our recent corporate rebranding, making good on our plans to reach a more global audience and playing an ever more important role in the UAE’s ambitious plans for carbon neutrality. Progress is a central pillar for Tabreed and these financial and operational results bolster our determination to forge ahead as an industry leader that positively affects all who deal with us.”Khalid Abdullah Al Marzooqi, Tabreed’s Chief Executive Officer, added: “The first half of 2021 has shown Tabreed’s steadfast resilience in market conditions that remain challenging due to the continued impact of the pandemic. This has been a busy year for us and we continue to push forward, meeting our goals and exceeding expectations, which is good for everyone, from staff to stakeholders and shareholders, for whom we consistently deliver valuable returns.”“Tabreed’s portfolio continues to grow through strategic business development that is measured and carefully considered. In the past six months we have increased cooling capacity in three different countries, most notably with the addition of a fourth district cooling plant in Downtown Dubai, which forms part of Tabreed’s acquisition deal with Emaar in April last year. This is a remarkable plant with state-of-the-art infrastructure and a central control room for monitoring and controlling the entire network in Downtown Dubai, further strengthening Tabreed’s reputation as a company that is lean, agile, efficient, reliable and progressive.”

First anniversary of partnership reveals significant environmental benefits to one of the world’s most iconic real estate developments 1 June, 2021 – Dubai, United Arab Emirates: The National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based international district cooling developer, is celebrating the first anniversary of its partnership with Emaar Properties PJSC (DFM: Emaar) for the exclusive provision of energy efficient district cooling services to landmark developments in Downtown Dubai. This is a collaboration that has been responsible not only for remarkable growth in Tabreed’s portfolio, but also for genuine benefits to the environment, thanks to the efficiency and reliability of the company’s technology and engineering.Khalid Abdulla Al Marzooqi, Tabreed’s Chief Executive Officer, said that the partnership, entered into in April 2020, has been a significant success. “This is a partnership to own and operate the district cooling plants in Dubai Downtown area under a long-term concession. To date, the district cooling scheme connects 77 buildings with sustainable cooling energy, saving 190,000 tons of CO2 from entering the atmosphere each year, which is equivalent to removing the emissions from 41,000 cars.”“Tabreed is a company built on progress, which is perfectly encapsulated in the relationship we have with Emaar. The connected RTs [Refrigeration Tons] of cooling currently stand at 153,000, and the benefits derived from our provisions speak for themselves and are essential for one of the world’s most famous urban areas in its drive towards greater sustainability.”Ahmad Thani Rashed Al Matrooshi, Chairman of the Downtown Dubai Cooling Company and Executive Board Member of Emaar Properties, said that the one-year anniversary of the partnership between Tabreed and Emaar is a significant milestone. “This great nation leads the world in property development,” he commented, “and it continues to set new benchmarks relating to community living. To be able to supply district cooling to many of the world’s most iconic and visited landmarks means environmental benefits for all, and I look forward to many more years of progressive accomplishments between our organisations.”Tabreed also announces the connection of its cooling services to Dunya Towers in Downtown Dubai, providing cooling to approximately 323,000 square feet of built-up area, which adds a further 492 refrigeration tons of cooling capacity to Tabreed’s portfolio.Commenting on the recent Dunya Towers connection, Dr. Yousif Al Hammadi, Managing Director of the Downtown Cooling Platform for Tabreed and Emaar, said: “We are proud to deliver our services to Dunya Towers – this new connection adds to our customers’ trust and confidence in our innovative and reliable cooling solutions that have become an integral part of the infrastructure for major developments across the region.”Dunya Towers, developed by one of the UAE’s leading real estate companies, Dunya Investment LLC, is a 22-storey modern residential project set within Downtown Dubai, and is flanked by iconic projects including the Burj Khalifa, The Dubai Mall, Dubai Opera and Dubai Fountains.Dr. Yousif added: “Tabreed is committed to providing energy-efficient, cost-effective and environmentally friendly district cooling solutions that contribute to reducing the carbon footprint of the region and to preserving the environment and natural resources for present and future generations.”With over 20 years of operational excellence, Tabreed has been the partner of choice for organisations seeking environmentally friendly cooling solutions to support their sustainability goals and reduce their overall energy consumption and carbon footprint. With 86 district cooling plants, Tabreed currently delivers over 1.4 million refrigeration tons to key developments, including iconic projects such as the Burj Khalifa, Dubai Mall, Dubai Opera, Louvre Abu Dhabi, New York University, the RTA’s Dubai Metro, Abu Dhabi Global Market, Etihad Towers, Yas Island, Aldar HQ, World Trade Centre Abu Dhabi, Cleveland Clinic Abu Dhabi, The Sheikh Zayed Grand Mosque, Bahrain Financial Harbour, Knowledge Oasis Muscat and the Jabal Omar Project in the holy city of Mecca in the Kingdom of Saudi Arabia.

17 May, 2021 – Abu Dhabi, United Arab Emirates: The National Central Cooling Company PJSC (DFM: Tabreed), the leading international district cooling developer headquartered in the UAE, today announced that its Board of Directors has appointed Khalid Al Marzooqi as the company’s new Chief Executive Officer. Khaled Al Qubaisi, Chairman of Tabreed, said of the appointment: “Khalid Al Marzooqi joins Tabreed at the beginning of an exciting new chapter for the company and brings with him a wealth of experience in the energy sector, where he has worked at the most senior levels. With the recent launch of Tabreed’s all-new corporate identity still fresh in our minds, the scene is set for this remarkable and progressive business to deliver on its ambitious plans, and I know Khalid’s considerable expertise will help drive us towards achieving ever more impressive results.” Mr Al Marzooqi joins Tabreed from Dolphin Energy Limited, where he was Chief Operating Officer – Downstream, responsible for overseeing the entire Operations Downstream Division in the UAE. Prior to this he was Senior Vice President of Dolphin’s Technical Services Division and Al Marzouqi has occupied senior roles at the Abu Dhabi Department of Transport, Abu Dhabi Water and Electricity Authority (ADWEA) and ADCO. He has more than 25 years of experience in the energy industry and holds two majors in Chemical Engineering and Petroleum Engineering. Khaled Al Qubaisi commented: “The Board sincerely thanks Bader Al Lamki for his steadfast belief in this company and his unwavering commitment meant that his time here was impactful for all the right reasons. Tabreed is bigger and more profitable than ever delivering a 24% increase in consolidated connected capacity, ensuring a 20% increase in revenues and playing a pivotal role in the acquisition of the Downtown District Cooling concession from Emaar; it being the largest DC M&A transaction in history. He also launched initiatives under his direction to overturn the status quo with regards to workplace diversity and corporate social responsibility. We are now a more modern, more dynamic and more inclusive organization and, on behalf of the Board and personally, I thank him for his innumerable contributions and wish him well for the future.”

Net profit of AED 85.5 million, up 4% compared to same period in 2020 Portfolio’s connected capacity now exceeds 1.4 million refrigeration tons09 May, 2021 – Abu Dhabi, United Arab Emirates: The National Central Cooling Company PJSC (DFM: Tabreed), headquartered in the UAE, today released its consolidated financial results for the first three months of 2021, reporting a net profit of AED 85.5 million – an increase of 4% compared to its 2020 Q1 performance. Despite ongoing, significant market challenges, both regionally and internationally as a result of the global pandemic, Tabreed’s revenue has continued to grow, along with its portfolio of district cooling networks. Recent acquisitions include the Downtown Dubai district cooling scheme in a long-term partnership with Emaar, as well as Saadiyat Island’s plants, from its long-term partner, Aldar – a deal financially closed in April 2021. Financial highlights – three months ended 31 March 2021: Group revenue increased by 21% to AED 357.6 million (Q1 2020: AED 294.4 million)Core chilled water revenue increased by 22% to AED 339.1 million (Q1 2020: AED 277.2 million)EBITDA increased by 28% to AED 226.8 million (Q1 2020: AED 177.6 million)Profit from Operation increased by 28% to AED 134.6 million (Q1 2020: AED 104.8 million)Net profit attributable to the parent increased by 4% to AED 85.5 million (Q1 2020: AED 82.2 million)Share of results of associates and joint ventures decreased by 1% to AED 19.4 million (Q1 2020: AED 19.6 million) (including income from discontinued operations)Operational highlights – three months ended 31 March 2021:Total connected capacity reached 1,404,611 Refrigeration Tons (RT), with 492 RT being added in the UAE and 300 RT in OmanTabreed achieved a record 13,266,194 hours worked without a single lost time incident (LTI), the most recent occurring in July 2015 Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “Nobody would dispute that markets remain disrupted all around the world because of the impacts of Covid-19, but Tabreed has never been a company that stands still. These Q1 results are evidence that our unwavering, laser-like focus on customer satisfaction and quality of service, corporate excellence and operational efficiency work together to mean we consistently outperform the targets we’ve set ourselves. Couple this with our continuous seizing of growth opportunities and it’s obvious to all that Tabreed is a true industry leader, rooted in the pursuit of meaningful progress.” Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “The first quarter results of 2021 have shown that ours is a business that continues to make strides and the recent unveiling of Tabreed’s new corporate brand could not have been better timed. As our branding proudly states, we are ‘Essential for Progress’ – we facilitate change and enable our customers to prosper and grow, too. But progress is about more than revenue; it’s also about how we take care of our own and, in this, Tabreed is setting new standards, energetically embracing diversity in our human capital with initiatives such as Tabreed Cares and Women in Tabreed. “We also continue to see positive results from our extensive involvement in the UAE’s push for sustainability. Our plants are modern, clean, efficient, reliable and instrumental in reducing environmental impact. That’s undoubtedly good for business and we’re at the very heart of this progressive country’s green agenda.”

‘Essential for Progress’ central to company’s messaging as it looks to the future, following 23 years of outstanding achievement12 April, 2021 – Abu Dhabi, United Arab Emirates: The National Central Cooling Company PJSC (DFM: Tabreed), headquartered in the UAE, yesterday unveiled its all-new branding and corporate identity, ushering in an exciting new chapter in the story of one of the country’s most promising companies.This historic development followed Tabreed’s Annual General Assembly (AGA), which was held virtually on 21 March, confirming Tabreed’s stellar performance throughout 2020. The company exceeded all expectations by reporting a 16.5% increase in net income to a record AED 550 million and the addition of 221,100 Refrigeration Tons (RT) of capacity growth, resulting in the delivery of more than 1.4 million RT of cooling capacity. One of Tabreed’s major success stories during 2020 was the acquisition of the world’s largest district cooling scheme in Downtown DubaiThe assembly also saw the company’s shareholders approve a cash dividend of 5.75 fils per share and bonus shares of one share for every existing 45 shares for the financial year ending 31 December 2020. This equates to approximately 11.5 fils for each share at the current share price, representing a 10% increase on 2019’s dividend. Despite its many challenges, 2020 had been a remarkable year for Tabreed and it remains well positioned to make significant progress in the near future.On Sunday 11 April, the new company brand identity lit up the night sky in Downtown Dubai, during a spectacular lights and graphics show projected against the iconic Burj Khalifa. As the show drew to a conclusion, Tabreed’s previous branding dramatically morphed into the all-new identity.Honed and refined over many months by leading industry professionals, Tabreed’s new corporate identity, built around “essential for progress” as a core brand positioning, is more closely aligned with the company’s current strategy where business transformation and growth are to the fore. Reflecting Tabreed’s core values, the branding is more modern and dynamic, bolder in look and feel, and able to accurately articulate the company’s role in society: that of a catalyst for change with progress as its central tenet.Following the unveiling, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “Tabreed is a company founded on the unending pursuit of progress and this is abundantly clear with our new corporate identity. It accurately portrays us as dynamic, modern and forward-thinking. ‘Essential for Progress’ represents what Tabreed is all about as we work together with our stakeholders, collaborators and customers, helping to shape a more sustainable future for communities all around the world.”Tabreed provides essential district cooling services to the most prestigious landmarks in the UAE and the wider GCC and, for the past 12 months, has worked alongside Emaar to meet the requirements of Downtown Dubai, including Dubai Opera, Dubai Mall and the Burj Khalifa itself.Commenting on the event, Tabreed’s Chief Executive Officer, Bader Al Lamki, said: “Essential for Progress’ is at the core of what Tabreed is. A company providing a vital service, allowing people and communities to flourish, through the deployment of critical infrastructure, at the heart of the region’s economic development. A company that drives progress, by fostering a progressive, diverse, inclusive, people-centred HR culture. A company that drive progress by executing on its ambitious expansion strategy to advance sustainable cooling globally and be an important contributor to the transition towards a greener, more sustainable economy.“Unveiling our new brand identity on the Burj Khalifa was a fitting and appropriate springboard and, over the coming months and years, we will be telling our inspirational story to the world. Tabreed is a force for good in communities all around the globe and we look to the future with eager anticipation. We are catalysts for change and champions of sustainable progress, and I am certain our new look will resonate with anyone who sees it.”

Tabreed publishes its first ESG report17 March, 2021 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (Tabreed), the leading international district cooling developer based in the UAE, today published its first annual ESG Report, detailing the company’s 2020 environmental, social, and governance performance in the communities in which it operates.Prepared in accordance with the Global Reporting Initiative (GRI) Standards, the international framework for sustainability reporting, the report offers greater insights in to the company’s activities and achievement and sets a baseline for measuring the company’s future ESG as a key industry leader.Despite a challenging year, Tabreed continued to make considerable progress on its business objectives whilst also ensuring the health and safety of its staff across all its operational sites. In 2020, Tabreed added six new district cooling plants in its portfolio, and added over 50,000 new customer connections, resulting in the delivery of 1,403,819 RT across its operations. The net result was the displacement of over 1.35m metric tons of CO2 emissions – equivalent to removing 193,129 passenger vehicles off the road over the course of the year – in addition to electricity savings of 2.26 billion kilowatt/hours – enough to power 128,443 homes every year.In a year unlike any other, the company maintained business continuity whilst ensuring the health and safety of its staff and partners across all Tabreed entities. The company sustained a strong safety performance recording zero operational fatalities, and over 12 million man-hours without time lost to injury.Commenting on the report, Khaled Abdulla Al Qubaisi, Chairman at Tabreed said: “Meeting the growing demand for cooling in the coming years will require significant investment. Increased demand for cooling will also impact emission levels, which underscores the need to continue to pursue sustainable cooling projects to mitigate the risks of climate change. Tabreed’s 2020 ESG report will outline how it is addressing this dual challenge globally, offering greater insight into the company’s activities and achievements over the past year, and outlining its ESG philosophy moving forward.”Commenting on the announcement, Bader Al Lamki, CEO at Tabreed said: “At Tabreed, we believe in the responsible supply of cooling, in ways that support the sustainable development of not only our company, but of the communities we serve.  Transparently reporting our ESG accomplishment is an important way to hold ourselves accountable for improving our own sustainability performance. I am proud to say that we made great strides on this front in 2020 and in particular our partnerships and initiatives with the United Nations through UNEP and the Cool Coalition, and we now look forward to what the future holds.”As part of its commitment to encouraging Emiratis to pursue careers in the private sector and empower local talent to flourish, the report details Tabreed’s Emiratization efforts, as well as its current rate, which stands at 41%, one of the highest rates for a private company in the UAE.In parallel, the report also outlines Tabreed’s CSR efforts in 2020, which were bookended by the launch of the #TabreedCares initiative, through a number of individual programs run across Tabreed’s operations in collaboration with partners across the region. This included financial contributions to help facilitate COVID-19 testing and aid local communities affected by the pandemic, in addition to technical assistance to support operational precautionary measures at select sites.For over 22 years, Tabreed has been the partner of choice for organizations seeking environmentally friendly cooling solutions to support their sustainability goals and to reduce their overall energy consumption and carbon footprint. With 86 district cooling plants, Tabreed currently delivers over 1.4 million RT to key developments, including iconic projects such as the Burj Khalifa, Dubai Opera, The Dubai Mall, Sheikh Zayed Grand Mosque, Al Maryah Island, Yas Island, the Dubai Metro, the Bahrain Financial Harbour and the Jabal Omar Development in the Holy City of Mecca in the Kingdom of Saudi Arabia. To view Tabreed’s 2020 ESG report in its entirety, please click here.

Platform to target $400 million in capital deployment in India and other South East Asian countries03 March 2021 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based international district cooling developer and the International Finance Corporation (IFC), a member of the World Bank Group, are planning to establish a district energy investment platform in Singapore that will invest in district cooling, trigeneration and cooling as a service offering with primary focus on India followed by other South East Asian countries.The joint venture aims to build on Tabreed’s ongoing development activities in India following establishment of its wholly owned subsidiary in the country and will seek to provide more energy efficient end to end cooling as a service offering through an outsourced utility model for real estate developments, new urban masterplans and ongoing redevelopments across target cities.Energy demand in South East Asia is growing twice as fast as the rest of the world. In India, now the world’s third largest energy consuming country, cooling continues to be the largest contributor to this growth with the government’s India Cooling Action Plan forecasting an eight-fold increase in demand through to 2038 and the commercial real estate sector alone estimated to add 100 million refrigeration tons in capacity during this period.Globally, district cooling and heating utilities have been providing more cost-effective low carbon pathways for cities to meet their energy needs, also accelerating the transition of green buildings to carbon net-zero buildings. In India however, the cooling as a service market remains in a relatively embryonic stage due to real estate developers making their own individual and varied cooling technology choices, funding capex from their balance sheets to thereafter work with a fragmented ecosystem of service providers leaving significant headroom for cooling utilities like Tabreed to make inroads to deliver life cycle costs savings, energy efficiency improvements and better cooling service delivery through enhanced operations, maintenance and health and safety norms being adopted.Commenting on this partnership, Bader Saeed Al Lamki, Tabreed’s Chief Executive Officer, said: “The size and dynamism of India and other South East Asian countries will keep them at the heart of the global energy system with all roads to a successful global clean energy transition going via India. Sustainable cooling plays a crucial role in materializing this vision. As a global leader in creating markets for climate businesses, we are proud to be collaborating with the IFC, who also enjoy a significant advisory and investment presence in the region to help spearhead development of district cooling and broader cooling as a service market.”For over 22 years, Tabreed has been the partner of choice for organizations seeking environmentally friendly cooling solutions to support their sustainability goals and to reduce their overall energy consumption and carbon footprint. With 86 district cooling plants, Tabreed currently delivers over 1.4 million RT to key developments, including iconic projects such as the Burj Khalifa, Dubai Opera, The Dubai Mall, Sheikh Zayed Grand Mosque, Al Maryah Island, Yas Island, the Dubai Metro, the Bahrain Financial Harbour and the Jabal Omar Development in the Holy City of Mecca in the Kingdom of Saudi Arabia.

Company targeting efficiency improvement of 30% against comparable industry performance benchmarks28 February 2021 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based international district cooling developer, has announced the launch of four pilot projects. These projects are part of Tabreed’s R&D funding commitment, which reinforces the company’s unwavering stewardship towards sustainability beyond just environmental benefits. This will also contribute to an improvement in Tabreed’s operational efficiency while enhancing district cooling plant life and reliability, with the funding expected to contribute towards increasing plant energy efficiency by 30% against comparable industry performance benchmarks as well as lowering overall plant lifecycle costs.Commenting on the announcement, Bader Saeed Al Lamki, Tabreed’s Chief Executive Officer, said: “Innovation, research and development is a very important pillar in our business strategy. Developing appropriate infrastructure, while preserving the environment is one of the key priorities in UAE Vision 2030 and we are committed to our key role in supporting the UAE’s sustainable development agenda.  Energy Efficiency is essential more than ever, and I am very proud of the relentless efforts of our innovation focused teams who continuously work to make sure we adopt the latest technologies and pioneer the district cooling industry with highest efficiency and less impact on our environment.”“Future of Cooling” is the name of the first initiative. It aims to introduce new concept design and control philosophy as well as innovative and disruptive technologies into each district cooling plant, resulting in material improvements in plant performance as well as a prolonged life and lower plant lifecycle costs.“Based on the simulation of this pilot project, we forecast a 25 to 30% increase in performance, compared to our industry benchmarks,” said François-Xavier Boul, Tabreed’s Chief Development Officer. “We will be tendering two projects based on this concept to validate how actual results compare to our analysis. This approach will be implemented accordingly in our existing plant operations (through retrofitting) and into future plants,” he added.“Carbon NanoTube” is another R&D initiative by Tabreed which aims at drastically enhancing the performance and life span of plant and equipment as well as reducing plant and energy transfer station (ETS) footprints using carbon nanotube (CNT) material which has outstanding properties in terms of heat transfer. We are in discussion with a number of partners to provide us with the material and support such as ENGIE Lab CRIGEN in France, Sustainable Energy Development Research Group, and another reputed higher education institution in the region,” said François-Xavier, Chief Development Officer.  “Through these partnerships we will run pilot projects to confirm this approach to be adopted in our future plants.”The third initiative, called “Wet Bulb Forecasting”, will aim to drastically enhance demand side management. The initiative aims to more accurately forecast customer demand for the next 24 hours to allow for a more efficient operation by optimizing production of cooling, using AI. The first step is to rely on a stable weather forecasting system based on information updated in real time. The second step will be to use data science to develop models and correlations and finally, based on demand forecast, drive the plant performance.The last initiative targets enhancing the district cooling plant’s condenser circuit and its cooling tower, which is one of the critical components in the plant and has a significant impact on the plant’s performance. Tabreed is currently redesigning the equipment to enhance its efficiency through improving water and air distribution as well as heat transfer, which will eventually impact the overall performance of the plant.Tabreed’s announcement of its R&D and Innovation initiatives aligns with the commemoration of the UAE Innovation Week, which is being held under the slogan “UAE Innovates 2021”.For over 22 years, Tabreed has been the partner of choice for organizations seeking environmentally friendly cooling solutions to support their sustainability goals and to reduce their overall energy consumption and carbon footprint. With 86 district cooling plants, Tabreed currently delivers over 1.4 million RT to key developments, including iconic projects such as the Burj Khalifa, Dubai Opera, The Dubai Mall, Sheikh Zayed Grand Mosque, Al Maryah Island, Yas Island, Dubai Metro, the Bahrain Financial Harbour and the Jabal Omar Development in the Holy City of Mecca in the Kingdom of Saudi Arabia.

15 February, 2021 – Abu Dhabi, United Arab Emirates: The National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based international district cooling developer, today released its audited financial results for 2020. Tabreed reported a 16.5% increase in 2020 net income to AED 550 Million, adding 39.6k Refrigeration Tons (RT) of organic capacity growth and 181.5k RT of inorganic capacity additions, resulting in the delivery of 1,403,819 RT of cooling capacity at the end of the calendar year.Tabreed’s Board of Directors have recommended a return of value to shareholders for 2020 through the combination of a cash dividend of 5.75 fils per share plus a bonus share issue of 1 share for every 45 shares held. This equates at current share price to roughly 11.5 fils/share and represents a 10% increase on 2019 dividend. This cash plus equity dividend in 2020 reflects the Board’s intention to prioritize returning value to shareholders and positions Tabreed strongly to secure further growth opportunities.Despite a challenging business environment through a large part of the year, Tabreed announced a number of notable achievements during 2020, including the acquisition of the world’s largest district cooling scheme in Downtown Dubai with a total capacity of 235,000RT and two concessions with a total capacity of 88,000RT in Saadiyat Island.This growth was underscored by strong investor confidence in its performance, as well as industry recognition. In October, Tabreed raised USD 500 million through a seven-year, 2.5% coupon bond issuance that was oversubscribed at almost five times its initial size. The company also received several industry awards in 2020, including the Clean Energy Ministerial Energy Management Insight Award, the Solar Impulse Efficient Solution Label Award, and the International District Energy Association System of the Year Award for its advancements in energy system management and efficiency.The results reinforce Tabreed’s resilience and organizational flexibility, with the company moving quickly early in the year to cope with the challenges brought on by uncertain market conditions. Every precaution was, and still is, being put in place to ensure that service remains uninterrupted and operations are adjusted to secure the safety of our staff on the ground by utilizing innovative AI to decrease human interaction onsite, with Tabreed also adopting industry-leading health and safety practices and sanitization programs at all company sites.In parallel, the company launched its ‘#TabreedCares’ initiative in 2020, through a number of individual programs run across Tabreed’s operations in collaboration with partners across the region. This included financial contributions to help facilitate testing and aid local communities, in addition to technical assistance to support operational precautionary measures at select sites.Financial highlights – 12 months ended 31 December 2020:  Net income increased by 16.5% to AED 550 million (2019: AED 472 million)Group revenue increased by 14.5% to AED 1,741 million (2019: AED 1,520 million)EBITDA increased by 27% to AED 970 million (2019: AED 763 million)Operational highlights – 12 months ended 31 December 2020:         Total Group connected capacity across the total portfolio increased to 1,403,819 Refrigeration Tons (RT)221.1k Refrigeration Tons (RT) of new customer connections added6 new plants added through acquisitions of Downtown Dubai and Saadiyat IslandEnvironmental impact highlights- 12 months ended 31 December 2020:12,842,023 man-hours without a lost-time injury2.26 billion kilowatt/hours saved across the GCC – enough to power 128,443 homes every yearPrevented the release of 1.35 million metric tons of CO2 into the atmosphere, which is equivalent to the removal of 293,129 vehicles from the roads annuallyCommenting on the results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “Tabreed has become an international powerhouse in district cooling, with 86 plants and investments in six countries. Our financial and operational achievements this past year allowed us to achieve impressive results despite a challenging operating environment, solidifying Tabreed’s growth story and its reputation for leading edge innovation within the district cooling sector. For 2020 and beyond, I am confident about our ability to continue to deliver even stronger performance, whilst also contributing to the region’s sustainable development.”Bader Al Lamki, Tabreed’s Chief Executive Officer, said: “We executed effectively and decisively on each of our 2020 priorities amidst a challenging backdrop this year. I am extremely proud of our ability to adapt quickly whilst continuing to deliver on our long-term strategy, and believe that Tabreed is well-positioned to continue to capitalise on a number of additional opportunities and partnerships, both this year, and well into the future.”For over 22 years, Tabreed has been the partner of choice for organizations seeking environmentally friendly cooling solutions to support their sustainability goals and to reduce their overall energy consumption and carbon footprint. With 86 district cooling plants, Tabreed currently delivers over 1.404 million RT to key developments, including iconic projects such as the Burj Khalifa, Dubai Opera, The Dubai Mall, Sheikh Zayed Grand Mosque, Al Maryah Island, Yas Island, Dubai Metro, the Bahrain Financial Harbour and the Jabal Omar Development in the Holy City of Mecca in the Kingdom of Saudi Arabia.​

24 January 2021 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based district cooling developer, has announced the signing of an agreement with twofour54 to cool its new headquarters Yas Creative Hub in Yas Bay, which it is set to open later this year. Tabreed will connect the new campus development to its existing Yas Island district cooling scheme, and will deliver a cooling capacity of 3,500 refrigeration tons (RT) by the end of this year, with a total concession capacity of 9,000 refrigeration tons. The two companies have signed a long-term services agreement that will see Tabreed supply twofour54 with district cooling services for the next 30 years. Yas Creative Hub is the first industry-specific facility built for media, entertainment, and gaming in the GCC and has been designed with the unique and evolving needs of these sectors in mind. Spanning 2.9 million sq ft (270,000 sq.m), Yas Creative Hub is expected to triple the size of Abu Dhabi’s media sector over the next 10 years, with over 600 companies moving to the development including CNN, Unity Technologies, Ubisoft and Vice Media. Commenting on the announcement, Bader Saeed Al Lamki, Tabreed’s Chief Executive Officer, said: “Tabreed has been playing a critical role in supporting Abu Dhabi’s sustainability agenda through providing sustainable cooling solutions to the Emirate’s iconic projects. Our new partnership with TwoFour54 builds on our existing presence and experience maximizing energy efficiency and reducing carbon footprint on Yas Island, and we are delighted that TwoFour54 have entrusted Tabreed for the next 30 years.” With over two decades of experience in providing technologically advanced and sustainable cooling solutions to a variety of customers across the region, Tabreed is already a partner to a number of world-class destinations on Yas Island, including Yas Water World, Warner Bros. World™ Abu Dhabi and Ferrari World Abu Dhabi, along with Yas Marina and the iconic flagship Hotel, W Abu Dhabi – Yas Island. In total, Tabreed currently serves more than 59,000RT of contracted capacity at Yas Island, and the Island as a whole has a potential overall capacity of more than 100,000 RT. Yas Creative Hub is designed to be sustainable and is targeting a 2 pearl rating under the Estidima Pearl Building Rating System, established under Abu Dhabi’s sustainable growth plan 2030. The new development will feature a fully-walkable layout, links to local public transport routes and lower building heights compared to surrounding residential buildings helping to create campus-style feel. The agreement between the two companies also includes a provision for a dedicated plant in Yas South to cater to potential expansion and future requirements by twofour54. Maha Al Jneibi, Director – Real Estate Development at twofour54 said: “By working with an industry-leading specialist in Tabreed, we are ensuring that our tenants at Yas Creative Hub will benefit from innovative cooling solutions, helping to support our, as well as their needs well into the future. Tabreed shares our commitment to sustainability, and we are delighted to be forging a new partnership with them today.” For over 22 years, Tabreed has been the partner of choice for organizations seeking environmentally friendly cooling solutions to support their sustainability goals and to reduce their overall energy consumption and carbon footprint. With 86 district cooling plants, Tabreed currently delivers over 1.399 million RT to key developments, including iconic projects such as the Burj Khalifa, Dubai Opera, The Dubai Mall, Sheikh Zayed Grand Mosque, Al Maryah Island, Dubai Metro, the Bahrain Financial Harbour and the Jabal Omar Development in the Holy City of Mecca in the Kingdom of Saudi Arabia.

20 January 2021 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the international, leading UAE-based district cooling developer, has announced that it is expanding its partnership with Masdar by developing and connecting Masdar and Tabreed infrastructure to help increase operating synergies further.The collaboration represents another major milestone in Tabreed’s strategy of providing efficient cooling to sustainable cities around the world, and expands on Tabreed and Masdar’s existing relationship. In January 2020, Tabreed acquired Masdar City’s district cooling company, a move that is set to provide efficient cooling services to more than 2.7 million sq.m in Masdar City, with an ultimate total capacity of 69,000 Refrigerated Tonnes (RT) under the concession.The two companies also announced that Tabreed will leverage its sector expertise to carry out Research & Development testing on two deep geothermal wells located in Masdar City. The tests will study the viability of geothermal energy technology and its ability to substantially reduce electricity consumption.Commenting on the announcement, Bader Saeed Al Lamki, Tabreed’s Chief Executive Officer, said: “As an industry leader, our strategic partnerships have allowed us to diversify our operations and venture into innovative solutions that support our core business, such as deep geothermal technology, a first in the region. We are committed to developing these solutions to support the growth of sustainable urban communities like Masdar City, and we look forward to the continuation of a highly successful partnership with Masdar.”As a hub for innovation, technology and research and development, Masdar City provides a strategic platform through which Tabreed can test new technologies and progress its strategy of providing efficient cooling to sustainable cities around the world.Abdulla Balalaa, Acting Executive Director, Sustainable Real Estate, Masdar City said: “Masdar City is home to one of the largest low-carbon building clusters in the world, which offers potential annual energy savings of around 50,000 MWh for companies based there, resulting in OPEX savings of more than AED 10 million. Working with an industry leader such as Tabreed, supports us in ensuring that our tenants benefit from the most sustainable and innovative cooling solutions, while continuing to progress our shared goal of a more sustainable future for all.”As one of Masdar’s key partners, Tabreed participated this week in Abu Dhabi Sustainability Week, which Masdar hosts annually. Tabreed CEO Bader Saeed Al Lamki delivered a central address around the activities of the Cool Coalition, of which Tabreed is a partner, and Tabreed’s commitment to climate action. The Coalition works to connect its network of over 100 partners from the private and public sectors, international organizations, finance, academia and civil society to expand access to cooling whilst reducing global climate impact.For over 22 years, Tabreed has been the partner of choice for organizations seeking environmentally friendly cooling solutions to support their sustainability goals and to reduce their overall energy consumption and carbon footprint. With 86 district cooling plants, Tabreed currently delivers over 1.399 million RT to key developments, including iconic projects such as the Burj Khalifa, Dubai Opera, The Dubai Mall, Sheikh Zayed Grand Mosque, Al Maryah Island, Dubai Metro, the Bahrain Financial Harbour and the Jabal Omar Development in the Holy City of Mecca in the Kingdom of Saudi Arabia.

13 January 2021 – Abu Dhabi, United Arab Emirates: Tabreed Energy Services, a company that provides customers with an integrated set of consultancy, operations and maintenance services and is a wholly owned subsidiary of the National Central Cooling Company PJSC (Tabreed), the leading international district cooling developer based in the UAE, established today a strategic partnership with Abu Dhabi Commercial Properties (ADCP) to increase energy efficiency across a number of their buildings.Under the terms of the partnership, Tabreed Energy Services will provide its expertise in energy efficiency and sustainable cooling operations to perform energy audits of selected buildings owned or managed by ADCP. Through the captured data, Tabreed will identify buildings with high potential to reduce its energy and water demand. Additionally, Tabreed will perform the same exercise for the buildings managed by ADCP to roll out energy efficiency improvements.Commenting on the partnership, Bader Al Lamki, Chief Executive Officer, Tabreed said: “We are pleased to collaborate with ADCP to perform this energy audit to maximise energy efficiency across their assets. This is part of our mandate to support energy demand reduction in Abu Dhabi and we are always willing to partner with entities including property and facility management companies to help optimize their energy demand.”For his part, Mohamed Binbrek, General Manager, Abu Dhabi Commercial Properties (ADCP): “We are pleased to collaborate with Tabreed Energy Services to ensure we provide the most advanced energy efficient services to our clients. Our collaboration will help us adopt innovative solutions that can deliver tangible reductions in energy consumption and overall usage while preserving the overall ecosystem.”ADCP is a multi-functional real estate and property Management Company and a subsidiary of Abu Dhabi Commercial Bank (ADCB).Established in January 2020, Tabreed Energy Services offers the full spectrum of integrated building energy services, including energy audits and consultancy, retrofitting and asset replacement, financing, operations and maintenance; offered through both performance-based contracts and traditional service models.