Published On:July 11 2014
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Tabreed/Mubadala in $285mn Al Maryah Island deal.
A consortium including Abu Dhabi's National Central Cooling Company, Tabreed, and an infrastructure fund run by government-owned agency Mubadala (MIP) has bought a 30-year concession to exclusively operate district cooling services for the southern part of Al Maryah Island.
The deal, worth around $285mn (AED1.05bn), runs for 30 years and covers the new Central Business District area, including Cleveland Clinic Abu Dhabi, Sowwah Square Towers, the Galleria Mall, Al Hilal Bank and the Four Seasons and Rosewood hotels.
The consortium has bought Al Wajeez Development Company, which already operates a plant with a capacity of 45,000 refrigeration tons. Eventually, the consortium will provide up to 80,000 refrigeration tons.
Tabreed CEO Jasim Husain Thabet said: “The new Central Business District on Al Maryah Island is a vital part of Abu Dhabi’s economic and social development and Tabreed’s vast experience working on complex infrastructure projects across the region has positioned it well to provide essential year-round cooling services to this critical project.'
First Gulf Bank has provided a 20-year loan to the consortium to help fund the project.