Company Profile: Tabreed

Background

Established in 1998, Tabreed, officially known as the National Central Cooling Company PJSC, is a leading provider of district cooling services headquartered in Abu Dhabi, United Arab Emirates. The company has grown from commissioning its first plant in Sweihan, Abu Dhabi, to operating 92 plants across the GCC, Egypt, and India. Tabreed's mission is to create value by optimizing, innovating, and striving for operational excellence to exceed stakeholder expectations while protecting people, assets, and the environment. Its vision is to re-imagine the future of sustainable cooling for the world, setting standards for sustainability and efficiency.

Key Strategic Focus

Tabreed's strategic focus centers on delivering sustainable and energy-efficient district cooling solutions. The company specializes in providing cooling services to large-scale developments, including residential, commercial, and governmental projects. Utilizing advanced technologies such as thermal energy storage and treated sewage effluent, Tabreed aims to enhance energy efficiency and reduce environmental impact. Its primary markets include the UAE, Saudi Arabia, Oman, Bahrain, Egypt, and India, with a strategic emphasis on expanding its footprint in emerging markets with high cooling demands.

Financials and Funding

Tabreed has demonstrated robust financial performance, with a revenue of AED 2.434 billion in 2024, marking a 10% compound annual growth rate over the past five years. The company maintains an average net profit margin of 26% during this period. In March 2025, Tabreed successfully issued a USD 700 million green sukuk, the first under its USD 1.5 billion trust certificate issuance program. The proceeds are intended for financing or refinancing projects aligned with Tabreed's Green Financing Framework.

Pipeline Development

Tabreed continues to expand its operations with several key projects:

• Palm Jebel Ali Project: In March 2025, Tabreed entered a concession agreement with Dubai Holding Investments to provide district cooling services for Palm Jebel Ali in Dubai. The project anticipates a total cooling capacity of approximately 250,000 Refrigeration Tons (RTs) and an estimated investment of AED 1.5 billion. Construction is expected to commence in Q2 2025, with initial services by 2027.

• Geothermal Plant: In December 2023, Tabreed commissioned its first geothermal plant in partnership with ADNOC and Masdar City, marking a significant step in integrating renewable energy into its operations.

Technological Platform and Innovation

Tabreed distinguishes itself through proprietary technologies and innovative methodologies:

• Thermal Energy Storage (TES): Enhances energy efficiency by storing chilled water during off-peak hours for use during peak demand.

• Treated Sewage Effluent (TSE): Utilized in cooling operations to conserve potable water, achieving up to 35% savings over conventional systems.

• Artificial Intelligence (AI) Control Systems: Implemented to optimize plant operations, reducing energy consumption and enhancing reliability.

Leadership Team

Tabreed's leadership comprises experienced professionals:

• Dr. Bakheet Al Katheeri: Chairman of the Board and CEO of Mubadala’s UAE Investments platform. He has over two decades of expertise in the energy and industrial sectors.

• Khalid Al Marzooqi: Chief Executive Officer, leading Tabreed's strategic direction and operations.

• Antonio Di Cecca: Chief Operating Officer, overseeing operational excellence and efficiency.

• Dr. Yousif Al Hammadi: Chief Asset Management Officer, managing the company's asset portfolio.

Leadership Changes

In March 2025, Dr. Bakheet Al Katheeri was appointed Chairman of the Board, succeeding Khaled Al Qubaisi. Additionally, Mansoor Mohamed Al Hamed joined the Board of Directors, bringing extensive experience from Mubadala Energy.

Competitor Profile

Market Insights and Dynamics

The Middle East's district cooling market is projected to exceed AED 51 billion (USD 14 billion) by 2025, doubling its value from 2016. Factors driving this growth include population expansion, urbanization, and the region's warm climate.

Competitor Analysis

Key competitors in the region include:

• Empower: Established in 2003, headquartered in Dubai, Empower is a major district cooling service provider.

• Gulf Star Cooling Services LLC: Founded in 1997 in Abu Dhabi, offering district cooling services.

• Emicool: A subsidiary of Dubai Investments, Emicool provides district cooling services across the UAE.

Strategic Collaborations and Partnerships

Tabreed has formed significant partnerships to enhance its market position:

• Dubai Holding Investments: Joint venture to provide district cooling for Palm Jebel Ali.

• ADNOC and Masdar City: Collaboration on the development of a geothermal plant.

• Emerge: Partnership to integrate solar energy into district cooling plants serving the UAE Ministry of Defence.

Operational Insights

Tabreed's competitive advantages include:

• Resilient Business Model: Long-term contracts with creditworthy customers ensure stable cash flows.

• Operational Excellence: Proven track record with less than 0.01% unscheduled downtime over 20 years.

• Sustainability Commitment: Significant energy savings and CO2 emission reductions through efficient operations.

Strategic Opportunities and Future Directions

Tabreed aims to:

• Expand Internationally: Focus on markets like Egypt and India to meet growing cooling demands.

• Integrate Renewable Energy: Continue incorporating solar and geothermal energy into operations.

• Enhance Technological Capabilities: Invest in AI and other technologies to optimize performance and sustainability.

Contact Information

• Website: www.tabreed.ae

• LinkedIn: Tabreed on LinkedIn

• Twitter: @Tabreed

• Instagram: @tabreed_ae

• Facebook: Tabreed