Dubai: Abu Dhabi district cooling company Tabreed has bought an additional 50 per cent in the 80,000-refrigeration tonne (RT) scheme supplying Al Maryah Island. The deal covers all the district cookling needs of the island’s major entertainment, hospitality, retail, commercial and residential developments.
The acquisition is from joint venture partner, Mubadala Infrastructure Partners, bringing Tabreed’s ownership to 100 per cent. Tabreed will continue to operate the Al Maryah scheme under a 30-year exclusive concession granted in 2014 by Al Sowwah Square Properties, a wholly owned subsidiary of Mubadala Investment Company.
The deal is the fourth major acquisition for Tabreed in less than two years, following the securing of an 80 per cent stake in Emaar’s Downtown Dubai network and acquiring Aldar’s Saadiyat Island plant and the Masdar City district cooling scheme in Abu Dhabi.
“Since the start of our operations at Al Maryah island’s district cooling scheme in 2014, we have developed the scheme into an industry-leading model of efficiency and reliability” said Khalid Abdullah Al Marzooqi, Tabreed CEO. “We our recent move to acquire the entire operation as the next logical step for our growth plans in Abu Dhabi.”
This acquisition sees the company extend its reach in supplying high-quality district cooling services to the region’s most notable developments. Al Maryah Island has become the leading business district of Abu Dhabi, home to Abu Dhabi Global Market, Cleveland Clinic Abu Dhabi, The Galleria Mall, Rosewood Abu Dhabi and the Four Seasons Hotel.