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Tabreed to expand in UAE, Oman, hike output

Tabreed to expand in UAE, Oman, hike output
The Dubai-based firm will increase its production in 2018 and 2019
Tabreed
TABREED
-0.31% 3.23 -0.01

Dubai – Mubasher: National Central Cooling Company (Tabreed) is planning a number of acquisitions in the UAE and Oman, its CEO Jasim Husain Thabet stated on Tuesday.

One of these potential acquisitions is a plant that supplies residential and commercial projects with around 20,000 to 30,000 tonnes of refrigeration (TRs), the top official told Al Khaleej newspaper, noting that the deal was likely to be closed by the end of 2018.

The conversion of all of the Tabreed’s mandatory convertible bonds into shares last year, which was followed by selling a 40%-stake in the UAE-based company to France’s Engie, was one of its most important achievements, the CEO noted. 

The Dubai-based firm will increase its production in 2018 and 2019, adding 65,000 TRs, through new projects in Saudi Arabia and the UAE, Thabet concluded.