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Tabreed’s unit acquires AED 65m district cooling plants in Oman

Tabreed’s unit acquires AED 65m district cooling plants in Oman
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Dubai - Mubasher: Tabreed Oman, a 60.54%-owned subsidiary of National Central Cooling Company (Tabreed), has signed an agreement with Al Mouj Muscat (Al Mouj) to acquire the district cooling plants and related assets in Muscat Oman at a value of AED 65.4 million.

Tabreed Al Mouj, a wholly-owned subsidiary of Tabreed Oman, inked the deal with Al Mouj, according to a recent bourse filing.

The cooling plants offer services to the Al Mouj mixed-use development project in the capital of Oman and chilled water to residential, commercial, retail, and other real estate assets.

Expected to be completed on 23 January, the acquisition aims to boost Tabreed’s operational portfolio in Oman and support the company’s long-term plans for growth in the GCC.

Meanwhile, a long-term concession agreement was granted between Al Mouj Muscat SAOC and Tabreed Al Mouj.

It is worth noting that in December, Tabreed completed its strategic partnership with the International Finance Corporation to hold a 25% stake in Tabreed India, a wholly-owned subsidiary of Tabreed.