National Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional district cooling utility company, has been awarded ‘District Cooling Utility Provider of the Year’ at the Climate Control Awards, ‘Excellence in HSE on a Project’ at the Big Project Middle East Awards, Group Carbon Champions Award at the District Cooling 2018 Conference, and the Korn Ferry 2018 Employee Engagement Award. “We are proud to have obtained these leading industry awards in recognition of our efforts across our various departments of Operations and Maintenance, Health Safety Environment and Quality, and Human Resources,” said Jasim Husain Thabet, Chief Executive Officer, Tabreed. “Sustainability is one of our core pillars, and something the company is wholly dedicated to. Tabreed is committed to building on its achievements towards reducing the burden on power grids and contributing to the region’s energy efficiency goals.” Thabet continued, “Our investment in HSEQ across the organization has allowed us to achieve a remarkable eight million manhours without Lost Time Injury (LTI) reported, and an increase of approximately 21% in incident reporting, highlighting the seamless use of the system.” First, the Climate Control Awards sought after organizations that are comprehensively improving the condition of the world, through either socioeconomic or sustainable development targets, such as mitigating climate change (reducing direct and indirect emissions). During 2017, Tabreed contributed to its customers a 1.97 billion-kilowatt hour reduction in energy consumption in the GCC – enough energy to power 112,419 homes in the UAE every year. This led to the elimination of 986,748 tons of CO2 emissions or the equivalent of removing 214,511 cars from our streets every year. Second, the ‘Excellence in HSE on a Project’ award focuses on the implementation of HSEQ policies on a particular project, to the highest standards. Over the last several years, Tabreed revamped its efforts in HSEQ, focusing on instilling a culture of safety among its 850+ employees who work onsite at plants, as well as in its corporate office. Last year, Tabreed introduced an Automated Incident Reporting System (AIRS) which not only enhances HSEQ culture within the organization, but improved a two-way communication in the reporting system, consistency in reporting of hazards, near misses and incidents, and simplified the closing of any reported incidents with recommended corrective actions. Third, Tabreed received the Group Carbon Champions Award, presented at the District Cooling 2018 Conference titled ‘Efficient Energy for Smart Cities’, by The International District Energy Association (IDEA) in partnership with Dubai Carbon Centre of Excellence (Dubai Carbon) for special recognition of the combined achievements of the District Cooling industry in the Middle East in advancing efficient energy for smart cities. Also, the city of Dubai received the ‘District Cooling Champion City’ award, in which Tabreed was recognized for its key role in the industry. Fourth, the Korn Ferry 2018 Employee Engagement Award publicly recognizes organizations that have built superior levels of engagement, as measured through their recent people surveys. To calculate winners Korn Ferry analysed the percentage of employees who either ‘strongly agreed’ or ‘agreed’ with the following two statements: ‘I feel proud to work for the company’, and ‘I would recommend the company as a good place to work’. Thabet concluded, “Being recognized as an outstanding employers is with thanks to our employees, and we are just as proud as they are for their commitment to Tabreed. 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 73 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.

Tabreed has been rated investment grade by two credit rating agenciesNational Central Cooling Company PJSC (DFM: Tabreed), the leading UAE-based regional district cooling utility company, today released its consolidated financial results for the first nine months of 2018. Tabreed reported a 10% increase in net profit to AED 319.3 million for the year up to 30 September, compared with the same period in 2017, mainly driven by the acquisition in March of S&T Cool, a district cooling provider on Reem Island in Abu Dhabi, as well as income in May from a partial sale of Saudi Tabreed following the investment by the IDB Infrastructure Fund II, reducing Tabreed’s total shareholding in Saudi Tabreed from 25% to 20%. Tabreed’s latest financial results follow its announcement last month that it successfully issued a US$500 million (AED 1.8 billion) fixed rate senior unsecured US dollar denominated RegS sukuk with a 7 year tenor. The issue was 50% oversubscribed and saw strong institutional demand both locally and in Asia and Europe. The sukuk was competitively priced, with a profit rate of 5.5%, underpinned by Moody’s Baa3 and Fitch’s BBB credit ratings, assigned to Tabreed and to the sukuk itself. Tabreed also arranged new bank facilities of up to AED 1.5 billion which, along with the sukuk, will be used to refinance AED 2.8 billion of current corporate debt and provide a committed revolving credit facility which is available to fund the business as needed. Financial highlights – nine months ended 30 September 2018:Net profit attributable to the parent increased by 10 per cent to AED 319.3 million (Q3 2017: AED 290.4 million)Group revenue increased by 4 per cent to AED 1,090 million (Q3 2017: AED 1,049.1 million), driven by the acquisition in March 2018 of S&T Cool, a district cooling provider on Reem Island in Abu DhabiCore chilled water revenue increased by 4 per cent to AED 1,033.7 million (Q3 2017: AED 993.5 million)EBITDA increased by 9 per cent to AED 505.9 million (Q3 2017: AED 464.6 million)Share of results of associates and joint ventures decreased by 22 per cent to AED 70.7 million (Q3 2017: AED 91 million), due to the impact of new accounting standard (IFRS 15) Operational highlights – nine months ended 30 September 2018:In the first three quarters of the year, total Group connected capacity across the GCC increased to 1,121,520 Refrigeration Tons (RT), with 29,202 RT of new customer connections added and one new plant became fully operational Environmental highlights – nine months ended 30 September 2018:Contributed to saving 1,519,467,916 kilowatt/hour across the GCC – enough energy to power approximately 86,525 homes in the UAE every yearThese power savings prevented the release into the atmosphere of 759,734 metric tons of carbon dioxide – the equivalent of eliminating the emissions from 165,160 vehicles annually Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “We are pleased to report another strong set of both financial and operational results, with a net income increasing 10%, reflecting our solid group performance. We also saw stable growth in our connected capacity, adding over 29,000 of new customer connections in the first nine months of this year. Additionally, in Q3 we received new investment grade ratings from Moody’s and Fitch, which is a strong endorsement of Tabreed’s strong utility business model.” Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “These solid results follow our successful raising of a 500 million dollar sukuk, which was 50% oversubscribed, receiving strong institutional demand both locally and in Asia and Europe. This, coupled with another quarter of consistently strong results, confirms Tabreed’s position as a leader in district cooling in the region.” 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 73 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 UAE-based regional district cooling utility company, today announces it has successfully raised US$500 million (AED 1.8 billion) with a fixed rate senior unsecured US dollar denominated RegS sukuk with a 7 year tenor. The issue follows a series of fixed income investor meetings which took place in Europe and Asia, as well as in the United Arab Emirates. The new sukuk, which will be listed on the London Stock Exchange, had strong institutional demand both locally and in Asia and Europe, which enabled the issue to be oversubscribed by 50%. The sukuk was competitively priced, with a profit rate of 5.5%, underpinned by Moody’s Baa3 and Fitch’s BBB credit ratings, which were announced last week. These ratings are the first to be assigned to Tabreed by Moody’s and Fitch, and have also been assigned to the sukuk itself. The ratings agencies noted Tabreed’s robust and sustainable business model, the long term nature of its customer contracts and the consequent strength and resilience of its cashflows in attributing their ratings. The company’s strong competitive position in the growing GCC market was also referenced, as well as its low risk profile and supportive shareholder base. In addition to the new sukuk, Tabreed has arranged new bank facilities up to AED 1.5 billion. Together with the proceeds from the new sukuk, these will be used to refinance AED 2.8 billion of current corporate debt. The refinancing of this debt will deliver a number of benefits, including improved balance sheet efficiency and a longer debt maturity. These in turn will further improve Tabreed’s cashflow, providing fresh impetus for the company’s expansion into both existing and new markets. Khaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “We are very pleased that Tabreed has been rated as Investment Grade by Moody’s and Fitch. We see this as a testament to the financial strength, robust business model, and strong position we have in the UAE and across the GCC. This new sukuk, which was well received by the market, further strengthens our balance sheet and reinforces our robust financial position and leaves us well placed for further growth.” Jasim Husain Thabet, Tabreed’s Chief Executive Officer, commented: “We are delighted  with the market’s positive response to our sukuk, and with the recognition Tabreed continues to gain as a safe and high-quality investment. This successful issuance leaves us in a stronger position to leverage growth, with even greater capital and operational efficiency.” 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 district cooling utility company, today released its consolidated financial results for the first half of 2018. The company continues to meet the region’s growing demand for district cooling and deliver solid performance and growth. Financial highlights – six months ended 30 June 2018:Net profit attributable to the parent increased by 10 per cent to AED 211.9 million (H1 2017: AED 192.7 million)Group revenue increased by 2 per cent to AED 650.7 million (H1 2017: AED 639.2 million)Core chilled water revenue increased by 2 per cent to AED 617.3 million (H1 2017: AED 602.3 million)EBITDA increased by 6 per cent to AED 326.1 million (H1 2017: AED 308 million)Operational highlights – six months ended 30 June 2018:Total Group connected capacity across the GCC increased to 1,113,906 Refrigeration Tons (RT), with 21,588 RT of new customer connections added in the first half of the year across the GCC.Environmental highlights – six months ended 30 June 2018:Contributed to saving 600 million kilowatt/hour across the GCC – enough energy to power approximately 20,000 homes in the UAE every yearThese power savings prevented the release into the atmosphere of 300,000 tons of carbon dioxide – the equivalent of eliminating the emissions of 60,000 vehicles annuallyKhaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “We remain committed to returning consistent and positive financial results, which is exemplified in our first half earnings, with net profits increasing by 10 per cent over the same period last year. Tabreed remains the partner of choice across the GCC for providing energy-efficient, cost effective, and environmentally friendly cooling solutions. We are confident that we will further expand our operations whilst continuing to deliver stable returns to our shareholders.” Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “We are now in our 20th year of operation and, year after year, we have demonstrated consistent robust results underpinned by Tabreed’s unwavering focus on growing our core chilled water business which provides sustainable, reliable and cost effective energy solutions. We continue to strengthen our regional presence and deliver operational excellence by building strategic partnerships with leading government and private entities resulting in the addition of more landmark projects to our portfolio.” 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 district cooling utility company, today announced the acquisition of a significant stake in its associate, Saudi Tabreed, by the IDB Infrastructure Fund II (the Fund), managed by ASMA Capital Partners.Saudi Tabreed is Tabreed’s district cooling investment vehicle in Saudi Arabia, held jointly with ACWA Holdings, the Al Mutlaq Group and LAMA Holding. Saudi Tabreed provides 79,000 refrigeration tons (RTs) of cooling to its Aramco and Jebel Omar projects and operates a further 130,000 RT through O&M projects across the Kingdom.The sponsors of the Fund are the Islamic Development Bank (“IDB”), the Public Investment Fund of the Kingdom of Saudi Arabia (“PIF”), the Public Pension Agency of Kingdom of Saudi Arabia (“PPA”), and the governments of the Kingdom of Bahrain and the Sultanate of Brunei Darussalam.  The Fund has sizable investments in infrastructure projects in the GCC countries as well as in several South and South East Asian countries.Saudi Tabreed, as the leading district cooling company in the Kingdom, is well placed to capture growth opportunities in the largest market in the GCC. The addition of leading Saudi investment funds as strategic stakeholders in Saudi Tabreed will further enhance Saudi Tabreed’s ability to capitalize on these new opportunities and solidify Tabreed’s position as the leading district cooling company in the region.The Fund’s investment in Saudi Tabreed will in part be in the form of subscription for new shares and in part through purchasing existing shares from all the current shareholders of Saudi Tabreed. As a result, Tabreed’s holding in Saudi Tabreed will decrease from 25% to 20%.  Tabreed will receive around AED 70 million in cash from a combination of the sale of its shares to the Fund and dividends to be paid by Saudi Tabreed. Tabreed will realize a gain on the sale of around AED 30 million.Commenting on the transaction, Jasim Husain Thabet, Tabreed’s CEO, said: “Tabreed is delighted to welcome the Fund as a strategic partner into the shareholding of Saudi Tabreed.  The Fund’s confidence in Saudi Tabreed confirms its status as the number one provider of district cooling in Saudi Arabia and further strengthens our position to capitalize on new opportunities expected to arise in the Kingdom.”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 other iconic developments in Sultanate of Oman and the Kingdom of Bahrain.

National Central Cooling Company PJSC (DFM: Tabreed), the leading regional district cooling utility company, today released its 2018 first quarter consolidated financial results. The company continues to deliver strong and consistent performance from its 72 district cooling plants across the GCC, which deliver almost 1.1 million refrigeration tons (RT) of cooling capacity to customers.Financial highlights – three months ended 31 March 2018:Net profit attributable to the parent increased by 3.1 percent to AED 77.7 million (Q1 2017: AED 75.4 million)Core chilled water revenue increased by 1.4 percent to AED 258.7 million (Q1 2017: AED 255.2 million)Share of results of associates and joint ventures decreased by 4.8 percent to AED 21.8 million (Q1 2017: AED 22.9 million)Group revenue increased by 2 percent to AED 274.4 million (Q1 2017: AED 270.2 million)EBITDA increased by 6 percent to AED 148.6 million (Q1 2017: AED 140.8 million)Operational highlights – three months ended 31 March 2018:Total Group connected capacity across the GCC of 1,093,818 RT.Acquisition of 50% of S&T Cool District Cooling Company LLC on Reem Island in Abu Dhabi to become its sole owner. The plant has connected capacity of over 32,000 RT and is the sixth plant in Tabreed’s portfolio providing district cooling to Aldar developmentsSuccessful completion of three-year pilot project to develop digital ‘smart controller’ technology to intelligently manage district cooling plants to improve operational performance by decreasing energy consumption in partnership with Masdar Institute of Science and Technology, a part of the Khalifa University of Science and Technology Environmental highlights – three months ended 31 March 2018:179 million kilowatt hours was saved across the GCC – enough energy to power approximately 6,000 homes in the UAE every yearThese power savings prevented the release into the atmosphere of 89,600 tons of carbon dioxide – the equivalent of eliminating the emissions of 18,000 vehicles annuallyKhaled Abdulla Al Qubaisi, Tabreed’s Chairman, commented: “This is another strong set of results, further reinforcing the company’s market leading position and the strength of its business model. Our core chilled water business is the fulcrum of this model and continues to support the delivery of stable shareholder returns, which remains our top priority. We are confident of continuing to deliver growth as we further expand our operations and look forward to reporting progress through the current financial year.”Jasim Husain Thabet, Tabreed’s Chief Executive Officer, added: “We are very pleased to demonstrate once again that our unique cooling solutions are playing their part in the country’s efforts to achieve energy sustainability. Becoming the sole owner of S&T was also an important step in our long-term growth plan. We continue to explore ways of achieving greater efficiencies and developing innovative ways of reducing energy consumption and our pilot project with Masdar Institute of Science and Technology has proved valuable in this regard. We remain alert to all opportunities that can add value to our own business and also enhance our customers’ ability to reduce their energy consumption.”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.

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.