Dubai – Mubasher:  The National Central Cooling Company (Tabreed) has purchased additional 8% stake in Saudi Tabreed, its district cooling investment arm in Saudi Arabia, thus, raising its stake in the latter to 28%.

The new acquisition, totalling SAR 129 million, will promote Tabreed's ability to capitalise on new business opportunities, according to a press release on Sunday.

Commenting on this, Tabreed’s chairman, Khaled Al Qubaisi, highlighted that the acquisition demonstrates the company’s commitment to meeting both current and future infrastructure needs of large scale projects across the region.

Moreover, Tabreed’s CEO, Bader Al Lamki, said, “Tabreed is enabling businesses in the Kingdom of Saudi Arabia to enhance their energy efficiency, reduce costs, and meet their sustainability objectives by integrating advanced technology, operational excellence, and the latest innovation in district cooling into its solutions.”

It is worth noting that Saudi Tabreed will commission the 20,000 RT King Khalid International Airport plant, serving terminals 1 to 4 on an exclusive basis.

The CEO noted, "The concession of 20K RT demonstrates our commitment to the Saudi market where, as published in the Global Market Insight Inc., district cooling is set to exceed USD 1 billion by the next five years."