Tabreed optimistic about future growth

Tabreed optimistic about future growth
Published: 8 August 2017 - 2:53 a.m.
By: Baset Asaba

National Central Cooling Company (Tabreed) is looking to explore new business opportunities that will aid its future growth, a senior company official has said.

This follows a recent tie up between Tabreed and French energy company, Engie, which will hold controlling stake in the company.

 “With Engie on board, we are truly moving in the direction of being a regional international player. Having a strong energy company as a shareholder fits our appetite for growth,” Tabreed CEO Jasim Husain Thabet told Gulf News.

 “Our focus will continue to be on the GCC [Gulf Cooperation Council] but I see us seriously exploring markets outside the GCC and closing on those if they make sense for us.”

The company in June announced that global energy leader Engie will purchase 40 per cent of Tabreed from Mubadala through the conversion of Mubadala’s Mandatory Convertible Bonds (MCBs) and transfer of 1.086 billion shares to Engie. The deal is valued at Dh2.8 billion.

Thabet also said joining hands with Engie will be positive for the company financially as the French firm has operations in more than seventy countries and is a key player in district cooling and heating in Europe, reported Gulf News.

“They [Engie] see an opportunity coming into Tabreed. I see it as a positive and [it] sends a strong message to the market. They are also key players when it comes to operational excellence and project financing and the transaction will be positive for us financially,” he said.

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