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Engie agrees to buy 40 percent stake in Tabreed from Mubadala

Staff Writer |
France's Engie acquired a 40% stake in National Central Cooling Company PJSC (Tabreed) from Mubadala Investment Company.

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Engie will thus become a Tabreed’s key shareholder, along with Mubadala that will retain a 42% stake following the transaction, which is subject to regulatory approval.

Engie and Mubadala have also agreed certain cooperation arrangements that are designed to support Tabreed's growth strategy and management team, as long term shareholders in the company.

Through the partnership with Mubadala, Tabreed will become one of Engie’s main regional development platforms.

Tabreed has steadily grown over the years to become a key player in enabling the region’s economic development.

The company today provides its innovative cooling solutions to iconic infrastructure projects in the United Arab Emirates (UAE) and across the Gulf Cooperation Council (GCC).

With over 71 district cooling plants located throughout the GCC, the company today delivers over 1 million refrigeration tons to key developments in the region.

Its portfolio includes Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, the Dubai Metro, Dubai Parks and Resorts, and the Jebal Omar Development Project in the City of Mecca.

Engie is the leading independent power and desalination water (IWPP) developer and producer in the Gulf Cooperation Council countries, with a total gross portfolio of 30 GW power and over 4.5 millions of cubic meters per day of desalination water production in operation.

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