New acquisition gives Tabreed 100% ownership of the plantNational Central Cooling Company PJSC (‘Tabreed’), the leading UAE-based district cooling utility company, today announced the acquisition from Aldar Properties PJSC (‘Aldar’) of 50% of the shares in S&T Cool District Cooling Company LLC (‘S&T’), a major district cooling provider on Reem Island in Abu Dhabi. Tabreed will own 100% of the company following completion of the transaction, subject to relevant regulatory approvals.S&T’s district cooling plant on Reem Island has a connected capacity of over 31,500 refrigeration tons (RT) and provides cooling to prominent landmarks on Reem Island’s skyline such as Sun & Sky Towers, Gate Towers, The Arc and Shams Boutik mall. The transaction values S&T at AED 348m.This acquisition is consistent with Tabreed’s strategy of acquiring additional district cooling assets to add to its existing portfolio in the region. The Reem Island plant is the 6th plant in Tabreed’s portfolio providing district cooling to Aldar developments.Jasim Husain Thabet, Tabreed’s CEO, said: “Tabreed is delighted to have completed this acquisition, especially as it serves a key Abu Dhabi growth area. The plant currently has over 31,500 RT of contracted capacity and we expect this to grow as new real estate developments in the area come online. This is also another milestone in our district cooling relationship with Aldar, the leading real estate developer in Abu Dhabi. The acquisition underscores our commitment to support and fulfill current and future infrastructure needs of large scale developments.”Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions that support the region’s energy sustainability. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia. Within the portfolio, 6 plants serve Aldar developments at Yas Island, Raha Beach, Raha Gardens, Abu Dhabi World Trade Centre, Al Jimi Mall and Reem Island.

23% higher cash dividend than 2016At the annual general meeting, the shareholders of National Central Cooling Company PJSC (DFM: TABREED), the leading regional district cooling utility company, today approved a dividend of 8 fils per share for the financial year 2017. This represents a 23% increase on the dividend paid out in 2016, driven by the company’s robust performance in 2017.The dividend was approved by the shareholders at the company’s Annual General Assembly (AGA), which was chaired by Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, and attended by Tabreed’s Board of Directors, shareholders, and the company’s senior leadership team.Commenting on the full year performance and outlook, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “Tabreed delivered another year of strong results and net profit growth in 2017, driven by added capacity. This in turn enabled us to deliver a 23% increase in cash dividend per share. In the coming year, we look forward to continue delivering growth and stable returns to our shareholders, as we harness our expertise and capabilities of our major shareholders to meet the region’s growing cooling needs.”Last month, Tabreed released its audited financial results for 2017, which showed a robust 9% net profit increase to reach AED 400 million. The increase was mainly due to the addition by Tabreed of 43,900 RT to its existing cooling capacity during the year through projects across the region, building on Tabreed’s established presence in the GCC.Addressing Tabreed’s shareholders earlier at the meeting, Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said: “As we mark our 20-year milestone this year, we are proud of our track record, which has led us to become the region’s leading district cooling company, providing nearly 1.1 million refrigeration tons of cooling capacity to our customers. Our growth underscores our commitment to delivering high quality reliable and efficient solutions, while maintaining a healthy financial position and enhancing shareholder value with sustained and stable returns.”Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions that support the region’s energy sustainability. With 72 district cooling plants located throughout the region, Tabreed currently delivers nearly 1.1 million refrigeration tons of cooling to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

Board of Directors recommends increasing dividend by 23% to 8 fils per shareNational Central Cooling Company PJSC (DFM: Tabreed), the leading regional district cooling utility company, today released its audited 2017 financial results. The Company ended the year with a robust performance, adding 43,900 RT to its cooling capacity across the GCC in 2017. Tabreed posted 9% percent higher net profit, reaching AED 400.1 million. Based on the strong results, Tabreed’s Board of Directors recommended increasing cash dividends for 2017 to 8 fils per share (up from 6.5 fils per share for 2016). Financial highlights – twelve months ended 31 December 2017: Net profit attributable to the parent increased by 9 percent to AED 400.1 million (2016: AED 367.4 million)Group revenue increased by 9 percent to AED 1,399.4 million (2016: AED 1,279.9 million)Core chilled water profit from operations increased by 10 percent to AED 427.2 million (2016: AED 387.3 million)EBITDA increased by 8 percent to AED 628.4 million (2016: AED 583.2 million)Share of results of associates and joint ventures increased by 10 percent to AED 128.8 million (2016: AED 0 million) Operational highlights – twelve months ended 31 December 2017: Total Group connected capacity across the GCC reached 1,092,300 RT, with 43,900 RT of new customer connections added in the last 12 months as follows: 24,300 RT in the United Arab Emirates3,000 RT in Bahrain16,600 RT in other GCC countries Over 1.53 billion kilowatt hours of electricity was saved across the GCC – enough energy to power approximately 51,000 homes every yearThis prevented the release of almost 768,000 tons of carbon dioxide – the equivalent of eliminating the emissions of 153,600 vehicles annually Other developments in 2017 included the successful completion of the investment by ENGIE, the global energy company, which acquired 40% of the shares in Tabreed for approximately AED 2.8 billion. Tabreed also obtained the certification of Tabreed’s stock as Shari’a compliant, which is expected to contribute to an expanded shareholder base. Commenting on the results, Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, said: “The strength of Tabreed’s performance in FY 2017 reflects a clear strategic focus, which enabled the company to extend its footprint and regional market leadership. Tabreed achieved another year of healthy sales with net profit growth of 9% to AED 400.1 million. Furthermore, Tabreed welcomed global energy leader ENGIE to the group during the year, which will support the company in further capturing the growing regional district cooling market opportunities, aligned with the rapid urbanization witnessed across the GCC region.” “In line with our commitment to continue delivering shareholder value and based on our strong performance in 2017, the company’s Board of Directors will recommend increasing cash dividends to 8 fils at the upcoming annual general assembly,” added Al Qubaisi. Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “Tabreed continued on its solid growth path in 2017 with revenues of AED 1,399.4m, driven by new capacity additions. As we look forward to 2018 and beyond, we pursue our commitment to support the region in meeting its growing cooling needs with Tabreed’s reliable and cost-efficient solutions. With two decades of leadership and experience, we are also well poised for continued growth and success in enabling our customers to adopt and optimize energy-efficient cooling systems, while remaining focused on achieving strong returns for our shareholders.” Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions that support the region’s energy sustainability. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional UAE-based district cooling utility company and the Masdar Institute of Science and Technology, a part of the Khalifa University of Science and Technology, announced today the successful completion of a 3-year research and development (R&D) pilot project to deliver energy efficiency through enhancing operational performance in district cooling plants. The Tabreed and Masdar Institute joint project, called ‘Optimal Chiller Plant Control’, aimed to develop and operate a proprietary next-generation digital ‘smart controller’ capable of intelligently managing district cooling plants to improve operational performance by decreasing energy consumption. The pilot project, conducted at Tabreed’s plant in Mohammed bin Zayed City, Abu Dhabi, created a prototype for an optimal control system which was implemented following various testing phases. Following the completion of the pilot project, Jasim Thabet, Tabreed’s CEO, said: “We are delighted with the results of the pilot project conducted with the Masdar Institute of Science and Technology.  Partnering with such forward-thinking organization reflects our commitment to innovation and to deliver on the country and region’s energy efficiency goals. We believe that breakthrough innovation such as this smart model will set new standards in performance, energy and operational efficiency and deliver the energy reductions required for the region’s sustainable development.” Tabreed and Masdar Institute successfully developed a prototype digital module that was integrated with the district cooling plants’ control system to measure key external variables that impact the operational efficiencies of the plant, such as flow and temperatures of chilled water supply and return, outside temperature and humidity levels. The system then automatically decides at what capacity major equipment such as chillers, water pumps and cooling towers need to operate to meet customers’ cooling requirements in the most economical and energy efficient way. Dr. Steve Griffiths, Vice President for Research and Interim Associate Provost, Masdar Institute, and Interim Executive Vice President for Research at Khalifa University of Science and Technology said: “Research and innovation for advanced cooling technologies is a priority for the Masdar Institute.  However, the innovation achieved in this work would not have been possible without strong collaboration from a leading organization such as Tabreed. We are very proud of this demonstration of academic and industry collaboration that provides tangible impact for the UAE’s most pressing demand-side energy challenge.” Dr. Peter Armstrong, Associate Professor of Mechanical Engineering at Masdar Institute was the principal investigator for the project. Commenting on the success of the pilot project, Dr. Peter Armstrong said: “The successful demonstration and positive results of the optimized chiller control system is a critical project milestone for cost-effective, energy-efficient and environmentally sustainable district cooling plants across the UAE and region. “The models embedded in our optimal control system can also help to identify faults, such as refrigerant loss, fouling of heat exchangers, and problems with cooling tower packing or water distribution,” he added. Projects such as the joint optimal chiller plant control contribute to enhance the benefits of district cooling, which is emerging as an increasingly preferred cooling technology, which will help to deliver significant cost and environmental benefits in the form of reduced CO2 emissions. With energy demand for cooling expected to triple over the next three years, district cooling is also contributing to reduce energy consumption, especially with air conditioning accounting for approximately 50% of all electrical energy consumption in Abu Dhabi and approximately 70% of peak demand on hot summer days. Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional UAE-based district cooling utility company and Abu Dhabi’s renewable energy company, Masdar, today announced that they have signed a service agreement to operate Masdar’s first district cooling plant with operations underway. Under the three-year contract, Tabreed will manage the district cooling plant on behalf of Masdar, providing expertise as well as operations and maintenance services, including regular maintenance of onsite equipment, water pumps and other related services through ongoing monitoring, diagnostic and planned maintenance work. The Masdar district cooling plant is state-of-the-art and showcases the smart energy system of the district. It is part of Masdar City’s first phase, slated to provide the first 6,000 RT of the 94,000 RTs planned for the area. Commenting on the selection of Tabreed, Mohamed Jameel Al Ramahi CEO of Masdar said: “Selecting the right partner to support for the operations and maintenance of our first district cooling plant was key.  The plant is a central part of the smart energy system we are building at Masdar. With their technical capability and successful track record, we trust Tabreed to provide us with the highest level of quality services and expertise to meet our operational efficiency targets.” Commenting on the contract win, Jasim Thabet, Tabreed’s CEO said: “We are delighted to be working with Masdar to support their district cooling and sustainability needs. This agreement is testament to Tabreed’s operations and maintenance capabilities garnered across 72 plants in the region over the last 20 years, with industry leading approaches bringing innovative operations and management solutions to the sector. It also demonstrates the confidence of game-changing energy players such as Masdar in selecting us for long-term partnership arrangements.” Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia. Masdar is Abu Dhabi’s renewable energy company which works to advance the development, commercialization and deployment of clean energy technologies and solutions. The company serves as a link between today’s fossil fuel economy and the energy economy of the future. Wholly owned by the Mubadala Investment Company PJSC, the strategic investment company of the Government of Abu Dhabi, Masdar is dedicated to the Emirates’ long-term vision for the future of energy and water.

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional UAE-based district cooling utility company won the local currency loan deal of the year at the Bond, Loans and Sukuk Awards Middle East on held on December 7, 2017 at the Ritz Carlton JBR, Dubai. Tabreed secured a club loan through a AED1.5bn 10 year Shari’a -compliant facility, enabling the company to diversify its funding base, extend its debt maturity profile and lower its financing costs. The new Shari’a-compliant facility, while allowing to secure better terms on previous loan, also served the dual purpose of opening the company up to Shari’a-compliant equity investors. The innovative Islamic structure, based on the sale and purchase of refrigeration capacity, with Tabreed selling that capacity to generate revenue to service the financing and pay the principal amount, is a first for the sector. Commenting on the award win, Jasim Thabet, Tabreed’s CEO said: “This award confirms that our Shari’a complaint loan is a best in class facility that not only ensures Tabreed stock is available to Islamic investors, but also adds value to existing shareholders. The Local Currency Loan Deal of the Year Award recognizes the hard work and dedication of the Tabreed team, participating banks, lawyers and advisors.” Thabet added, “We are honored to be recognized in the category for our achievements by a jury of the most influential international investors from leading banking and finance institutions.” Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

November 8, 2017 – Abu Dhabi, United Arab Emirates: National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based district cooling utility infrastructure company, today released its 2017 third quarter consolidated financial results. The company continues to deliver solid performance and growth with ongoing new capacity and connections added across the region, in response to the growing demand for district cooling. Financial highlights – nine months ended 30 September 2017:Net profit increased by 8% to AED 290.4 million (Q3 2016: AED 269.3 million)Group revenue increased by 9% to AED 1049.1 million (Q3 2016: AED 960.3 million)Core chilled water revenue increased by 14% to AED 993.5 million (Q3 2016: AED 870.6 million)EBITDA increased by 7% to AED 464.6 million (Q3 2016: AED 434.8 million)Share of results of associates and joint ventures increased by 14% to AED 91.0 million (Q3 2016: AED 79.9 million) Operational highlights – nine months ended 30 September 2017:Total Group connected capacity across the GCC reached 1,086,610 RT, with 38,199 RT of new customer connections added in the first nine months of the year as follows:23,825 RT in the United Arab Emirates3,000 RT in Bahrain11,374 RT in other GCC countries1.2 billion kilowatt hours of electricity was saved across the GCC – enough energy to power approximately 39,000 homes every yearThis prevented the release of almost 590,000 tons of carbon dioxide – the equivalent of eliminating the emissions of 118,000 vehicles annually Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented on the results: “Tabreed’s continuing growth for the third quarter of 2017 reinforces our position as a leading and best in-class district cooling company. It reiterates the confidence of our shareholders in our ability to execute on our strategy and deliver consistent results.” Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “Our ongoing growth reflects our commitment to meet the region’s growing demand for energy-efficient and environmentally-friendly cooling solutions. At the same time, we remain focused on shareholder value and are proud of the recent certification of Tabreed’s stock as Shari’a compliant, which should contribute to an expanded shareholder base. As we look ahead, we will harness our operational knowledge and capabilities towards continued growth with ongoing contribution to the region’s sustainable development.” Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca.

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional UAE-based district cooling utility company, announced today that its stock has become certified as Shari’a compliant.The announcement follows the recent meeting of the Islamic Banks’ Unified Committee for Shari’a Screening. As a result, Tabreed has been included on the committee’s List of Shari’a compliant companies for the listed companies on the Dubai Financial Market (DFM), and its stock is now traded by Islamic banks’ brokerage companies.Commenting on the news, Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said: “We are proud of the certification of Tabreed’s stock as Shari’a compliant for the purposes of investment and trading. This certification enables existing and new shareholders with a preference for Shari’a compliant financial instruments to trade in Tabreed’s shares, further widening the potential investor base for Tabreed. A broader potential investor base can only assist in increasing liquidity for Tabreed’s shares.”Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

Election follows successful completion of ENGIE investment in TabreedNational Central Cooling Company PJSC (DFM: Tabreed), the leading regional UAE-based district cooling utility company, announced today the election of four new members to the company’s Board of Directors.The election of the four members to Tabreed’s Board of Directors was made by the company’s shareholders at a General Assembly held yesterday in Abu Dhabi and these elections fill all Board positions that became vacant on 10 August 2017.The General Assembly, which was chaired by Khaled Abdulla Al Qubaisi, Tabreed’s Chairman and attended by Tabreed’s Board of Directors and shareholders, follows the successful completion of the investment by ENGIE, the global energy company, to acquire 40% of the shares in Tabreed.The four new Board Members, who are all senior executives at ENGIE, are: Paulo Almirante, Executive Vice President, ENGIE Group; Sébastien Arbola, CEO, ENGIE Middle East, South & Central Asia and Turkey; Frédérique Dufresnoy, Deputy Director Métier Business to Territories and Frederic Claux, Head of Acquisitions, Investments and Financial AdvisoryCommenting on the announcement, Mr. Khaled Abdulla Al Qubaisi, Tabreed’s Chairman of the Board of Directors, said: “We are pleased to welcome to Tabreed’s Board four new members who are seasoned senior executives. Their wealth of experience and diversified expertise in both emerging and established markets will add significant value to the Board and support Tabreed in delivering on its ambitious vision.”Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional UAE-based district cooling utility company, announced today the successful completion of the investment by ENGIE, the global energy company, to acquire 40% of the shares in Tabreed for approximately AED 2.8 billion.Headquartered in France, ENGIE is a multinational energy leader and expert operator in the business of electricity, natural gas and energy services with a successful heritage spanning over a century.The completion of the transaction follows regulatory approval obtained by Tabreed in August 2017. Further to this, at their meeting on August 10, Tabreed’s Board of Directors called for a General Assembly, planned for September, where four new directors will be elected by Tabreed’s shareholders to replace those directors who have recently resigned in expectation of ENGIE nominating candidates to the Board. The General Assembly will also consider other matters.Jasim Thabet, CEO of Tabreed, said following the announcement: “With the successful completion of the transaction and major investment in Tabreed by global energy leader ENGIE, Tabreed is a regional company that is becoming international. We look forward to harnessing ENGIE’s best in-class operational and project financing excellence, which will build on our financial strength and leading market position to support us in the next phase of our ambitious growth plans.”Thabet added: “With the region’s growing cooling demand driven by population growth and investment in key infrastructure and development projects, our focus remains on the GCC while we will evaluate opportunities outside the region.”Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca, Kingdom of Saudi Arabia.

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional district cooling utility company, today released its 2017 first half consolidated financial results. The company continues to deliver solid performance and growth driven by its core chilled water business with new capacity and connections added across the GCC. The company also announced good progress towards completing the transaction to introduce ENGIE as a new major shareholder of Tabreed.Financial highlights – six months ended 30 June 2017:· Net profit attributable to the parent increased by 20 per cent to AED 192.7 million (H1 2016: AED 160.5 million)· Earnings per share increased by 20 per cent to 7.1 fils (H1 2016: 5.9 fils)· Group revenue increased by 10 per cent to AED 639.2 million (H1 2016: AED 578.6 million)· Core chilled water revenue increased by 17 per cent to AED 602.3 million (H1 2016: AED 516.0 million)· EBITDA increased by 12 per cent to AED 308.0 million (H1 2016: AED 275.4 million)· Share of results of associates and joint ventures increased by 29 per cent to AED 62.4 million (H1 2016: AED 48.2 million)Operational highlights – six months ended 30 June 2017:· Total Group connected capacity across the GCC increased to 1,084,451 Refrigeration Tons (RT), with 36,040 RT of new customer connections added in the first half of the year, as follows:· 22,863 RT in the United Arab Emirates· 3,000 RT in Bahrain· 10,177 RT in other regions· 595 million kilowatt hours of electricity was saved across the GCC – enough energy to power approximately 20,000 homes every year· This prevented the release of almost 297,500 tons of carbon dioxide – the equivalent of eliminating the emissions of 59,500 vehicles annuallyIn other developments, the company recently announced that global energy leader ENGIE will purchase 40% of Tabreed from Mubadala through the conversion of Mubadala’s Mandatory Convertible Bonds (MCBs) and transfer of 1.086 billion shares to ENGIE. Further to that announcement, at their meeting on 26 July, Tabreed’s Board of Directors approved the necessary increase in Tabreed’s share capital and conversion of the MCBs to shares.The transaction is expected to complete in the third quarter of 2017 once required regulatory approvals are obtained.Khaled Abdulla Al Qubaisi, Chairman, commented: “Tabreed has earned a leading position in district cooling with a clear vision to deliver consistent and sustainable results to investors and shareholders. This is reflected in Tabreed’s robust performance in the first half of 2017 with a net profit increase of 20 percent to AED 192.7 million. Its sound business model and growing customer and partner confidence is also reflected in the recent announcement of a major investment in Tabreed by global energy leader ENGIE, who will harness their long-standing experience to support Tabreed’s growth strategy and reinforce its reputation as a leading regional utility offering best in-class solutions and high quality long-term services.”Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “Tabreed is going from strength to strength with a growing presence across the GCC region, where we are proud to cool landmark projects and critical infrastructure developments. This is essential to driving business results and economic development. Profits from our associates and joint ventures has increased by 29 per cent to AED 62.4 million.”Thabet continued: “The planned investment in Tabreed by global energy leader ENGIE is further testament to Tabreed’s financial strength and leading market position. Tabreed Board approval of the necessary increase in share capital, and conversion of the MCBs, is a significant step and we look forward to welcoming ENGIE as a major shareholder of Tabreed. This brings us one step closer to the successful completion of the transaction, expected in the third quarter of 2017.As we look forward, our focus will continue to be on delivering high quality and advanced solutions and services to meet the region’s rising cooling needs, where we are well positioned to capture growth opportunities.”Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions. With 72 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca.

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional UAE-based district cooling utility company, is pleased to announce that ENGIE is making an investment of approximately AED 2.8 billion to become a significant shareholder in Tabreed. Headquartered in France, ENGIE is a multinational energy leader and expert operator in the business of electricity, natural gas and energy services. As outlined in an announcement made earlier today by Mubadala Investment Company (Mubadala) and ENGIE, Mubadala will convert all of its mandatory convertible bonds into shares, with 1.086 billion shares (equivalent to a 40% shareholding in Tabreed) being transferred to ENGIE at a price of approximately AED 2.62 per share. The remaining shares will be retained by Mubadala, taking its total shareholding in Tabreed to 1.137 billion shares, or approximately 42%.Jasim Thabet, CEO of Tabreed, said following the signing ceremony: “This is a very positive development for Tabreed which underscores the progress made by Tabreed over the last several years as a leading district cooling company in the region. As Tabreed enters a new phase of growth, we are confident that we will benefit from ENGIE’s global industry-leading experience, especially in the areas of operations and business development which are cornerstones of our expansion strategy across the GCC. This new partnership is a strong endorsement of Tabreed’s financial strength and leading market position. We are very well placed to take advantage of growth opportunities in the region and we expect the presence of a global player like ENGIE to further enable us to reach our long-term objectives. We welcome ENGIE to Tabreed and express our continued appreciation to Mubadala for its support as a major shareholder in Tabreed.”The transaction is expected to complete in the third quarter of 2017 once the required regulatory approvals are granted.Tabreed is a partner of choice for organizations across the GCC in providing environmentally friendly district cooling solutions. With 71 district cooling plants located throughout the region, Tabreed currently delivers over 1 million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in the Holy City of Mecca.