UAE's Tabreed sees opportunities in Saudi district cooling market

UAE's National Central Cooling Co. (Tabreed) is looking to strengthen its base in Saudi Arabia where it sees "huge potential", Zawya reported, citing its CEO Jasim Thabet.

“We highly believe in the strong market potential in Saudi. There are so many opportunities in the Kingdom at different fronts, whether in the form of concessions, BOT (Build-Operate-Transfer) among others. And I would say that there is a lot of potential all over Saudi from Riyadh, Jeddah, Khobar, to Dammam,” he noted.

Last May, Tabreed announced that the IDB Infrastructure Fund II, managed by ASMA Capital Partners, has acquired a "significant"  stake in Saudi Tabreed.

“Yes, we reduced our stake in Saudi Tabreed from 25 to 20 percent, as we saw an opportunity to bring in a strategic investor, to help grow the business which will give us access to more opportunities, projects, and a bigger piece of the pie since Saudi is a key market for district cooling," he noted.

Saudi Arabia’s district cooling market is expected to exceed $1 billion by 2024, according to a recent report consultancy Global Market Insights.