Tabreed and MIP bags $258 million cooling services contract Construction and Real Estate

UAE-based National Central Cooling Company, Tabreed is heading a consortium includes government-owned agency Mubadala Infrastructure Partners (MIP) has secured a concession to solely operate district cooling services for the southern part of Al Maryah Island.

The 30-years contract worth around $285mn (AED1.05bn), covers the new Central Business District area, comprising Cleveland Clinic Abu Dhabi, the Galleria Mall, Sowwah Square Towers, Al Hilal Bank and the Four Seasons and Rosewood hotels. To assist financing the project, First Gulf Bank has provided a 20-year loan to the consortium.

Al Wajeez Development Company, which already handles a plant with a capacity of 45,000 tons refrigeration has contracted by the consortium. Finally, the consortium will facilitate up to 80,000 tons refrigeration.

According to Tabreed CEO Jasim Husain Thabet - The Al Maryah Island’s new Central Business District is an important part of Abu Dhabi’s economic and social progress and Tabreed’s wide expertise employed on complex infrastructure projects throughout the region has placed it well to facilitate required year-round cooling services to this significant project.

Mubadala holds a 14.3 percent stake in Tabreed, as per the sources.