UAE’s Tabreed looking to acquire more assets outside UAE


UAE-based National Central Cooling Co (Tabreed) is yet to sign any agreement regarding reported plans to acquire a cooling unit that serves the Dubai International Airport, the company said in a statement on Thursday.

Tabreed also confirmed that it is looking for other assets to buy not just in the UAE but overseas, as part of its strategy to strengthen its financial position.

“Tabreed is continuously exploring potential acquisition opportunities in respect of prime district cooling assets situated in the UAE, in the wider region and internationally as part of its overall growth strategy to generate value for its stakeholders,” the company said in a statement to the Dubai Financial Market (DFM).

The state-owned Dubai Airports had recently appointed Standard Chartered as an advisor on the potential sale of a controlling stake in the District Cooling Plant of Dubai International. The entire business could cost around $750 million, according to a previous Bloomberg report.

“Tabreed has stated it is studying the potential acquisition of district cooling assets situated at Dubai International Airport,” the company said.

“We confirm that this study is preliminary in nature only, and that there is no acquisition agreement in place with any counterparty in respect of the acquisition of these assets,” it added.

The firm has recently acquired major assets in the country, including the Saadiyat Cooling owned by Aldar Properties late last year and an 80 percent stake in the district cooling system in Downtown Dubai which is operated by Emaar Properties.

(Reporting by Cleofe Maceda; editing by Seban Scaria)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.  

© ZAWYA 2021