PHOTO
The agreement was signed by Khalid Al Marzooqi, Chief Executive Officer of Tabreed and Omar Karim, Chief Executive Officer of Dubai Holding Investments, in the presence of senior officials from Tabreed, Dubai Holding, Mubadala and ENGIE.
National Central Cooling Company (Tabreed), listed on the Dubai Financial Market (DFM), has signed a concession agreement with Dubai Holding Investments, a subsidiary of Dubai Holding, to provide district cooling services for the Palm Jebel Ali development in Dubai.
A joint venture, owned 51 percent by Tabreed and 49 percent by Dubai Holding Investments, will develop the district cooling project at a total investment of 1.5 billion UAE dirhams ($408 million), according to a Tabreed press statement.
Construction of the district cooling network is expected to commence in second quarter of 2025, with the first cooling services scheduled for delivery in 2027, subject to regulatory approvals.
The project, which will be executed in multiple phases, will address the need for approximately 250,000 RTs of cooling capacity.
The concession duration wasn't disclosed.
Tabreed currently owns and operates 92 district cooling plants across multiple markets, including 76 in the UAE, five in Saudi Arabia, eight in Oman, and one each in Bahrain, India, and Egypt.
(Writing by SA Kader; Editing by Anoop Menon)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
