UAE district cooling firm Tabreed wins Dh118m arbitration verdict

Dubai: The UAE district cooling company Tabreed is better off by nearly Dh118 million after winning an arbitration verdict in favour of a subsidiary. Tabreed had filed a legal claim after a ‘collection issue with one of its customers’.

The identity of the client has not been revealed. But the company assured shareholders that ‘Steps to enforce the award are not underway’.

“In light of the arbitral decision, it is evident that the company is committed to safeguarding the interests of its investors,” Tabreed said in a statement. “It has been aggressively pursuing the amounts earmarked for the company’s interest with third-parties as well.”

The claim of around Dh118 million represents less than 5 per cent of Tabreed’s share capital. The company, which is in the midst of locking in a further international expansion, has been reporting steadily improving financials over recent quarters. India and Egypt as well as Saudi Arabia are the markets where it wants to make further inroads.