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Tabreed, Dubai Holding Investments establish a joint venture agreement
Gulf Today
|March 18, 2025
Tabreed and Dubai Holding Investments, part of Dubai Holding, have entered a concession deal to provide district cooling services for Palm Jebel Ali in Dubai
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National Central Cooling Company (Tabreed) and Dubai Holding Investments, part of Dubai Holding, have entered a concession agreement to provide district cooling services for Palm Jebel Ali in Dubai.
The agreement establishes a joint venture, with Tabreed holding a 51 per cent stake and Dubai Holding Investments 49 per cent.
This structure is designed to optimise cooling capacity, enhance information-sharing and strengthen customer protection, while ensuring sustainable cooling solutions for one of Dubai's most transformative developments.
Supported by Tabreed’s major shareholders, sovereign investor Mubadala (42 per cent) and the French low-carbon energy and services company ENGIE (40 per cent), the agreement was signed by Khalid Al Marzoogi, CEO of Tabreed, and Omar Karim, CEO of Dubai Holding Investments, in the presence of senior officials from Tabreed, Dubai Holding, Mubadala and ENGIE.
Subject to customary approvals, construction of the district cooling network is expected to commence in Q2 2095, with the first cooling services expected to be delivered by 2097. Over time, the system will address the need for approximately 250,000 RTs of cooling capacity and require an estimated investment of Dhs1.5 billion.
This story is from the March 18, 2025 edition of Gulf Today.
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