Abu Dhabi's National Central Cooling Company, known as Tabreed, acquired a new district cooling plant in Oman from Al Mouj Muscat, a joint venture between the sultanate's government and UAE property developer Majid Al Futtaim.
The deal was carried out through a subsidiary of Dubai-listed Tabreed and takes its tally of owned and contracted district cooling plants in the sultanate to seven, the UAE company said on Tuesday.
"With this acquisition, Tabreed has significantly increased its residential cooling business in Oman," said Khalid Al Marzooqi, Tabreed’s chief executive. "This is a natural progression for the company and we are getting closer to end users, which benefits us all."
Tabreed's Oman subsidiary and Al Mouj Muscat signed an exclusive perpetual cooling concession for more than 30,000 refrigeration tonnes (RT), with more than 19,000 RT already connected and operational, according to the statement. The deal doubles Tabreed’s concession capacity in the sultanate from 32,000 RT to 62,000 RT.
Al Mouj is Tabreed’s largest project in Oman. The transaction was signed in December 2021 and has now achieved financial closure, the district cooling plant operator said.
Tabreed began operations in Oman in 2007 together with Omani investors such as Ministry of Defence Pension Fund, ISS Pension Fund, Diwan of Royal Court Pension Fund, PPD and PMA International as partners.
Tabreed’s first project in Oman was the 2,411 RT plant at Knowledge Oasis Muscat, Oman’s flagship technology park, in 2010.
This was followed by Oman Avenues Mall, Land Mark in Bausher, Mall of Muscat, Hilton Garden Inn Hotel and Al Araimi Boulevard Mall.
Al Mouj Muscat is a joint venture between the UAE’s Majid Al Futtaim Properties and Omran, the tourism and development arm of the Omani government. The lifestyle destination with beaches, parks and a promenade includes hotels, retail and dining outlets, a 400-berth marina and a golf course.
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Initial investment: Undisclosed
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Investors: Core42
Current number of staff: 47
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