Tabreed is hoping to provide an answer to the most vexing challenge of the 2022 Fifa World Cup in Qatar - how to keep more than 1 million football fans cool.
The UAE's largest district cooling company, which reported a 29 per cent leap in full-year profits yesterday, is expanding operations in Qatar and has the world's biggest sporting event in its sights.
It already operates three plants in the country through its Qatar Cool joint venture and is one of the companies negotiating with Qatar Cool to supply cooling for the football tournament.
Tabreed, which supplies chilled water to housing and office blocks for use in air-conditioning systems, said yesterday that net profit surged to Dh236.3 million (US$64.3m) last year as the company, which was hard hit by the global financial downturn, concentrated on efficiency savings.
"The GCC is growing and when it grows, Tabreed and district cooling will grow with it," said Jasim Thabet, the chief executive. "We expect to grow, particularly in Qatar and Saudi Arabia in terms of new plants and connections."
Two years ago the company completed a Dh3.1 billion refinancing deal with Mubadala Development, a strategic investment company owned by the Abu Dhabi Government. Sales were almost flat, rising from Dh1.11bn to Dh1.12bn. Net finance costs decreased by 18 per cent to Dh176.7m.
Profits from Tabreed's core chilled-water business increased 27 per cent to Dh347.1m as sales gained 7 per cent to Dh1.01bn.
During the year, the company wound down or sold off some of its unprofitable units. It hopes to boost profits further by using treated waste water, rather than desalinated water, in its pipes. The company also wants to sell district cooling services to older buildings that are centrally cooled.
After a Dh1.1bn loss in 2009 and the completion of its refinancing deal with Mubadala, Tabreed said it was in good shape to acquire existing district cooling plants owned by rivals.
"Cooling is a really vital part of the infrastructure in the region. It's not like we're selling something that is an option," said Mr Thabet.
lbarnard@thenational.ae
Votes
Total votes: 1.8 million
Ashraf Ghani: 923,592 votes
Abdullah Abdullah: 720,841 votes
Armies of Sand
By Kenneth Pollack (Oxford University Press)
Dubai Women's Tour teams
Agolico BMC
Andy Schleck Cycles-Immo Losch
Aromitalia Basso Bikes Vaiano
Cogeas Mettler Look
Doltcini-Van Eyck Sport
Hitec Products – Birk Sport
Kazakhstan National Team
Kuwait Cycling Team
Macogep Tornatech Girondins de Bordeaux
Minsk Cycling Club
Pannonia Regional Team (Fehérvár)
Team Auvergne-Rhône-Alpes
Team Ciclotel
UAE Women’s Team
Under 23 Kazakhstan Team
Wheel Divas Cycling Team
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
If you go
Flight connections to Ulaanbaatar are available through a variety of hubs, including Seoul and Beijing, with airlines including Mongolian Airlines and Korean Air. While some nationalities, such as Americans, don’t need a tourist visa for Mongolia, others, including UAE citizens, can obtain a visa on arrival, while others including UK citizens, need to obtain a visa in advance. Contact the Mongolian Embassy in the UAE for more information.
Nomadic Road offers expedition-style trips to Mongolia in January and August, and other destinations during most other months. Its nine-day August 2020 Mongolia trip will cost from $5,250 per person based on two sharing, including airport transfers, two nights’ hotel accommodation in Ulaanbaatar, vehicle rental, fuel, third party vehicle liability insurance, the services of a guide and support team, accommodation, food and entrance fees; nomadicroad.com
A fully guided three-day, two-night itinerary at Three Camel Lodge costs from $2,420 per person based on two sharing, including airport transfers, accommodation, meals and excursions including the Yol Valley and Flaming Cliffs. A return internal flight from Ulaanbaatar to Dalanzadgad costs $300 per person and the flight takes 90 minutes each way; threecamellodge.com
SPECS
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Killing of Qassem Suleimani
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
What is double taxation?
- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
- Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
- The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
- Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
UAE tour of the Netherlands
UAE squad: Rohan Mustafa (captain), Shaiman Anwar, Ghulam Shabber, Mohammed Qasim, Rameez Shahzad, Mohammed Usman, Adnan Mufti, Chirag Suri, Ahmed Raza, Imran Haider, Mohammed Naveed, Amjad Javed, Zahoor Khan, Qadeer Ahmed
Fixtures: Monday, first 50-over match; Wednesday, second 50-over match; Thursday, third 50-over match
Kat Wightman's tips on how to create zones in large spaces
- Area carpets or rugs are the easiest way to segregate spaces while also unifying them.
- Lighting can help define areas. Try pendant lighting over dining tables, and side and floor lamps in living areas.
- Keep the colour palette the same in a room, but combine different tones and textures in different zone. A common accent colour dotted throughout the space brings it together.
- Don’t be afraid to use furniture to break up the space. For example, if you have a sofa placed in the middle of the room, a console unit behind it will give good punctuation.
- Use a considered collection of prints and artworks that work together to form a cohesive journey.
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
Maestro
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