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Tabreed has more than 70 district cooling plants in the Gulf, which delivers more than 1 million refrigerated tonnes (RT) to developments in the region. Image Credit: Supplied

Dubai: The Abu Dhabi district cooling company Tabreed has added to its Gulf-wide interests by paying Dh65.40 million to acquire a service provider in Oman. This was done through Tabreed Oman, its subsidiary, which bought out the district cooling plants and other assets of Al Mouj Muscat.

The latter provides district cooling to the Al Mouj Mixed Use Development in Muscat. Tabreed has through the last two years activated a sustained expansion strategy to develop capacity and visibility in key Gulf and overseas markets such as Egypt and India.

In the UAE, Tabreed is associated with mega-developments such as Downtown Dubai and Saadiyat Island’s district cooling plants in Abu Dhabi. Last year, it also sold a 44 per cent stake held in the Qatar entity to United Development Company.

Major consolidation and expansion

In the UAE, the district cooling space has been recording a series of consolidations, with Empower in Dubai setting a hot pace. Tabreed, which has spoken about making major inroads into India and Egypt, has let its cash reserves and strategic stake sales raise its visibility.