Acquisition of PAL Cooling and Palm Jebel Ali concession agreement expand regional footprint and long-term portfolioSuccessful acquisition of PAL Cooling expected to add 600,000 RT and boost connected capacity by 13%Completion of Palm Jebel Ali concession agreement marks Tabreed’s strategic expansion into one of Dubai’s most iconic developmentsAbu Dhabi, United Arab Emirates – 13 October 2025: Tabreed, the world’s leading district cooling company, today announced the successful completion of two transformational infrastructure transactions that significantly accelerate its growth trajectory and strengthen its long-term, concession-backed business model.Tabreed, alongside global infrastructure investor CVC DIF, has completed the acquisition of PAL Cooling Holding from Multiply Group, following regulatory approvals. Within the past four weeks Tabreed also finalised a landmark concession agreement with Dubai Holding Investments to provide district cooling services to Palm Jebel Ali – one of the emirate’s most eagerly anticipated large-scale developments.These milestones represent a major acceleration in Tabreed’s growth strategy, boosting operational capacity, diversifying its concession portfolio and enhancing long-term cash flow visibility. PAL Cooling Acquisition: Expanding Scale and Strategic ReachThe PAL Cooling transaction, with an equity value of AED 3.87 billion, is expected to add approximately 600,000 refrigeration tons (RT) of connected capacity across eight exclusive concessions on Abu Dhabi’s main island and Al Reem Island, which is now fully incorporated into  the ADGM free zone. The portfolio is currently served by five operational plants, with one more under construction and three in advanced planning stages.The acquisition immediately increases Tabreed’s pro forma connected capacity by 13% to 1.55 million RT and introduces long-tenor contracts averaging 25 years with high-quality offtakers including Aldar, Modon and Imkan.“Closing this acquisition demonstrates Tabreed’s commitment to sustainable growth, disciplined investment and long-term value creation,” said Dr Bakheet Al Katheeri, Chairman of Tabreed. “These are strategic infrastructure assets with strong fundamentals and meaningful future upside, reflecting our ability to execute and scale in line with national development and decarbonisation priorities.”“This transaction strengthens our earnings profile and operational presence in Abu Dhabi,” added Khalid Al Marzooqi, CEO of Tabreed. “We’re adding long-term, stable contracts with blue-chip developers and enhancing our platform for growth, now and in the near future. Beyond the numbers, it demonstrates how Tabreed continues to build the essential, sustainable infrastructure that underpins the UAE’s next phase of development.”Palm Jebel Ali: Strategic Growth in DubaiSeparately, Tabreed has completed its long-term district cooling concession with Dubai Holding Investments for Palm Jebel Ali. The AED 1.5 billion project will be executed in phases via a joint venture (Tabreed 51%, Dubai Holding Investments 49%) and is expected to deliver 250,000 RT of cooling capacity. “Palm Jebel Ali is a transformative development, and we’re proud to play a central role in shaping its sustainable infrastructure,” said Al Marzooqi. “This partnership reflects our commitment to future-ready urban environments powered by world-class district cooling. It also strengthens our presence in Dubai’s high-growth developments, creating a dynamic platform for future projects and reinforcing our position as the world’s leader in sustainable cooling.”Strengthening Value Creation and Financial ResilienceTabreed will operate and maintain all assets under both agreements. The transaction structures ensure capital efficiency – PAL Cooling acquisition is funded through equity contribution by both partners and non-recourse, project-level debt, while Palm Jebel Ali is being delivered through a joint venture fully consolidated by Tabreed.PAL Cooling has demonstrated strong financial performance, with a 7.5% revenue CAGR and ~60% average EBITDA margin in the past three years. Approximately 60% of revenues are derived from fixed capacity charges under long-term agreements, providing stable and predictable cash flows.These transactions align with Tabreed’s broader financial strategy. The company recently distributed its first-ever interim dividend, reflecting confidence in its strong balance sheet and long-term earnings outlook. The addition of two scalable, concession-backed assets further strengthens its ability to sustain and grow shareholder returns in the long term.“Together, these transactions represent a defining moment for Tabreed,” concluded Al Katheeri. “With deeper presence in Abu Dhabi and Dubai, greater earnings visibility and a diversified asset base, Tabreed is well-positioned to deliver long-term value to shareholders and national stakeholders alike.”

Tabreed gearing up for significant expansion, securing supply of energy efficient chillersCooling technology and lifecycle models aligned with region’s climate neutrality goalsAbu Dhabi, United Arab Emirates – 22 September 2025: As part of a joint commitment to advancing global best practices in district cooling, Tabreed, the world’s leading district cooling company, and Johnson Controls, the global leader for smart, healthy and sustainable buildings, have signed a framework agreement to accelerate the development and deployment of next-generation cooling technologies. Tabreed is working on multiple long-term projects, many of which will be covered by the agreement. The collaboration targets measurable gains in energy efficiency, reliability and total cost of ownership, while supporting regional climate neutrality strategies and corporate ESG priorities. It will focus on deploying next generation centrifugal chillers to enhance system efficiency and reduce climate impact, with performance analytics provided via Johnson Controls’ platforms for real-time optimisation and reduced downtime. The agreement was signed during a special ceremony hosted at Tabreed’s Abu Dhabi headquarters, by Tabreed’s Chief Executive Officer, Khalid Al Marzooqi, and Johnson Controls’ Vice President and President EMEA, Richard Lek.Following the ceremony, Al Marzooqi said: “Our company has entered a new, exciting chapter of unprecedented growth, which is aligned with our long-term strategy. We have multiple projects either in progress or planned for the near future, and this agreement helps both parties by securing supplies of essential equipment for large-scale infrastructure. By pairing Tabreed’s operational excellence with Johnson Controls’ advanced chiller technologies, we will bring tangible benefits to customers and communities alike through unrivalled energy efficiency and reliability.”Richard Lek added: “Collaboration with Tabreed allows us to demonstrate how proven technologies and data-driven services can raise the performance bar for district cooling – at scale. Together we’ll help better meet the demand for cooling in rapidly growing urbanisations while reducing power consumption and emissions, and improving quality of life.”This collaboration will be built on two main pillars. Firstly, advanced chiller technology, where Johnson Controls will provide a wide range of large-capacity chillers with variable-speed drives and modular systems for flexible loads, all engineered to reduce energy use and maintenance requirements while optimising space within Tabreed’s district cooling plants. Secondly, end-to-end lifecycle services will cover design and engineering support, commissioning and retro-commissioning, performance guarantees based on KPIs, upgrades and retrofits, and remote monitoring through network operations centres to extend asset life and reduce overall ownership costs.The framework aligns with global sustainability goals by prioritising energy-efficient, low-emission technologies, adopting refrigerants with a lower environmental impact, while applying circular-economy and resource-efficiency principles that connect plant-level improvements to wider policy decarbonisation outcomes.According to the IEA - International Energy Agency, operational energy used in buildings globally represents about 30% of final energy consumption. District cooling, which centralises cooling production and distribution, offers a more sustainable and cost effective solution than conventional air conditioning as it significantly reduces energy consumption, lowers peak power demand and minimises the environmental impact of cooling. 

Supplying 5,300 RT to 93 floors of premium residential, retail and business spaceAbu Dhabi, United Arab Emirates – 11 September 2025: Tabreed, the world’s leading district cooling company, is pleased to announce a significant new connection to one of its networks in Dubai: The93-storey City Tower 1, a development by H&H, now being supplied with 5,300 Refrigeration Tons (RT) of sustainable cooling from Tabreed’s existing DC plant in the Al Satwa district.Standing at 362.8 metres, opposite the iconic Emirates Towers and the Museum of the Future on Sheik Zayed Road, City Tower 1 features 695 residences ranging from studio to 4-bedroom apartments, four floors of office space, two retail spaces, a gym, an indoor play area for children, an outdoor playground, pools for adults and children, a mini soccer field and two padel courts.Khalid Al Marzooqi, Chief Executive Officer of Tabreed, said: “Tabreed is proud to contribute to the development of the UAE’s most iconic real estate projects by delivering sustainable, reliable solutions that support national growth and energy efficiency objectives. Connecting City Tower 1 to one of our pre-existing networks clearly demonstrates our commitment to Dubai’s continued progress. “Our presence in the city is unmistakable, with Tabreed’s Downtown Dubai network supplying Burj Khalifa, Dubai Mall, Dubai Opera and many other landmark developments with sustainable cooling. Tabreed is a force for good in the UAE and continues to play an essential role in enabling the region’s urban transformation while creating lasting value for developers, investors and communities alike.”Miltos Bosinis, Chief Executive Officer, H&H, added: “City Tower 1 is a landmark addition to the Sheikh Zayed Road skyline and a reflection of H&H’s ambition to redefine Dubai’s urban landscape. With this development, we are introducing a new standard of living that combines our signature quality with a level of service designed for today’s discerning tenants. City Tower 1 speaks directly to the future of the city; innovative, connected and uncompromising in excellence.To ensure comfort and efficiency, H&H partnered with Tabreed, the UAE’s leading district cooling provider, to install a state-of-the-art cooling system. This collaboration highlights H&H’s commitment to building elite destinations supported by innovative infrastructure solutions.”This latest milestone follows a period of record growth for Tabreed, with 2025 seeing two of the biggest deals in its 27-year history. In June, Tabreed announced the acquisition of PAL Cooling Holding in partnership with CVC DIF, adding more than 182,000 Refrigeration Tons (RT) of connected capacity across Abu Dhabi and securing a long-term growth pipeline of up to 600,000 RT. In May 2025, Tabreed also secured an exclusive 250,000 RT concession at Palm Jebel Ali, in partnership with Dubai Holding Investments, further cementing its position as a critical infrastructure partner for the region’s most ambitious developments.