Dubai: Dubai-listed National Central Cooling Company (Tabreed) is expanding its Gulf operations through a Qatari affiliate company.
Tabreed announced on Sunday that Qatar District Cooling Company (Qatar Cool) has signed a construction contract for a fourth district cooling plant in Qatar.
The plant is scheduled to be delivered in 2016 and will provide cooling to residential and commercial towers in the West Bay development in Doha.
The value of the project was not revealed. Tabreed could not be reached for comment.
Qatar Cool is a joint venture company owned by United Development Company, Tabreed and other private Qatari investors, according to Tabreed’s website.
“Qatar is a significant market for Tabreed as we look to continue to strengthen our regional footprint. For several years now, our affiliate, Qatar Cool, has been leading the way in Qatar’s district cooling market and has cemented its position as the main supplier of energy-efficient, economical and environmentally-friendlier cooling solutions,” stated Jasem Hussain Thabet, Tabreed’s chief executive officer.
Tabreed, which is partly owned by Abu Dhabi government investment vehicle Mubadala, has a 44 per cent stake in Qatar Cool.
Tabreed shares closed 0.51 per cent higher to Dh1.97 on Thursday.
Markets were closed on Sunday due to the public holiday.
