National Central Cooling Company PJSC (“Tabreed”), the Abu Dhabi-based district cooling utility company, announced an additional investment into its Saudi Arabian affiliate, Saudi Tabreed, to develop an AED 549 million district cooling project that will serve the Jabal Omar development in the Holy City of Mecca. The approved investment relates to the development and construction of the first two phases of the district cooling plant.
Saudi Tabreed, which is 25% owned by Tabreed, is partnering with the Saudi-based Jabal Omar Development Company (“JODC”) to develop the 55,000 RT project. The 20 year Build-Own-Operate-Transfer agreement will be completed by a special purpose vehicle named Central District Cooling Company (“CDCC”). CDCC is 60% owned by Saudi Tabreed and 40% owned by JODC.
Waleed Al Mokarrab Al Muhairi, Chairman of Tabreed, said: “We are delighted to be investing alongside our partners at Saudi Tabreed in such a landmark development in the Kingdom of Saudi Arabia.
Read more: http://www.gulfbase.com/news/tabreed-s-affiliate-to-develop-aed-549-mln-district-cooling-project/228999
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