Tabreed to expand operations to Bahrain
Posted: 31 July 2004
National Central Cooling Co. PJSC (Tabreed), Esterad (Esterad Investment Company BSC) and A.A Bin Hindi Group are investing up to BD 5 million in the initial capital of Bahrain District Cooling Company BSCC (Tabreed Bahrain), to provide district cooling services to the Bahrain market. 55% of the capital will be contributed by Tabreed, 40% by Esterad and 5% by the A.A. Bin Hindi Group. The capital will be invested in stages as new plants are established.
Dany Safi CEO Tabreed said, “Energy usage is a global issue which is being taken very seriously in Bahrain. District cooling is the preferred option in the leading technologically advanced countries, and with the current major developments and investments which are making Bahrain an international player, it is the logical next step into the future. ‘Tabreed Bahrain’ is here to invest in and provide this service to the Kingdom of Bahrain. Our technology and know-how will have a direct impact on more proficient utilization of the Kingdom’s resources, by efficient use of power and water.”
In collaboration with the Bahrain partners and investment from the joint venture, Tabreed, the worlds' largest district cooling company, will employ its innovative and cutting edge technology to ensure efficient use of power. This will lead to an average 50% reduction in power consumption for building air conditioning systems when compared to the conventional method, in addition to a typical saving of 15% on capital investment for new buildings. An installation capacity of 20,000 tons is expected in the first phase of the facility, which will help contribute to energy conservation efforts being undertaken by the Kingdom.
According to Subhi F. Benkhadra, CEO of Esterad, Bahrain was actually the first country in the GCC to have a district cooling system, more than six decades ago at Awali, in the 1940s. "The re-introduction of the concept of delivering efficient cooling is going to be a win-win situation for Tabreed Bahrain, its customers and the government and people of Bahrain, and Esterad is proud to be involved in this project as part of its direct investment portfolio. Typically these projects are capital intensive and require long gestation periods with no current income in the initial years.", said Mr. Benkhadra.
Also adding to that, Khalid Bin Hindi, Projects Director of A.A. Bin Hindi Group, mentioned, "It is the right time for Tabreed to enter the Kingdom of Bahrain as a utility company specialized in district cooling to help in reducing the power consumption required by end users which is going to have a substantial impact on the main electricity demand, and to co-op with the Kingdoms’ direction of encouraging local and international companies to invest in Bahrain."
Tabreed Bahrain will aim to provide both existing and new building complexes with efficient and environmentally friendly district cooling services, for the public, commercial and industrial sectors in Bahrain. Centralized cooling plants strategically located across the Kingdom of Bahrain, will distribute chilled water to single and multiple clients, via underground pipe networks.
Tabreed has offered district cooling as a utility to the UAE for the past five years, pioneering energy efficient gas-fired and electric-powered district cooling solutions locally and across the region.
Its ambitious regional expansion plans have gained impetus with Tabreed’s partner Qatar District Cooling Company (Qatar Cool) recently signing landmark agreements with Commercialbank and the Al Fardan Twin Towers. Tabreed is also pursuing joint venture opportunities in Saudi Arabia Kuwait and Oman.
About Tabreed
Tabreed has offered district cooling services as a utility in the UAE for over five years, pioneering energy efficient gas-fired and electric-powered district cooling solutions in the UAE and across the region. The largest district cooling service provider in the world, Tabreed offers customers the highest quality service through an integrated energy system devised to help them optimise their energy usage and reduce power and maintenance costs. Tabreed is a member of the International District Energy Association (IDEA), Association of Energy Engineers (AEE), International Association for Energy Economics (IAEE), International Institute of Refrigeration (IIR), American Gas Cooling Centre, Inc. (AGCC) and the Dubai Quality Group.
About Esterad
Esterad (formerly known as National Imports and Exports Co. was established in Bahrain in 1973. Over its 31 year history Esterad has developed from a company trading commodities to a fully fledged investment company, managing its capital across a diverse range of assets across the region and internationally. It is active in regional private equity and its investments are divided into four areas: direct equities, quoted equities, fixed income and real estate.
About A.A.Bin Hindi
A.A. BIN HINDI Group one of the pioneer companies in the State of Bahrain, started in 1965 as an Auto Spares business in the heart of Manama and grew by leaps and bounds and is now one of the leading Companies in Bahrain.
Posted by Richard Price,
Editor Pipeline Magazine
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