We have also agreed certain cooperation arrangements with Mubadala that are designed to support Tabreed’s growth strategy and management team, as long term shareholders in the company. Through the partnership with Mubadala, Tabreed will become one of our main regional development platforms. 

Tabreed has steadily grown over the years to become a key player in enabling the region’s economic development. The company today provides its innovative cooling solutions to iconic infrastructure projects in the United Arab Emirates (UAE) and across the Gulf Cooperation Council (GCC). With over 71 district cooling plants located throughout the GCC, the company today delivers over 1 million refrigeration tons to key developments in the region. Its portfolio includes Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, the Dubai Metro, Dubai Parks and Resorts, and the Jebal Omar Development Project in the City of Mecca.

Isabelle Kocher said: “ENGIE will support Tabreed’s growth by contributing to delivering massively and efficiently low-carbon energy, building on ENGIE’s 30-year experience in the GCC countries and world-class expertise in district energy. District energy networks are the fastest and most efficient ways to decarbonize dense areas and supply them with clean, renewable energy. As such, they can be seen as backbones of sustainable cities. This acquisition is therefore a major step forward in the implementation of ENGIE’s strategy to become leader of the energy transition, by focusing especially on low-carbon solutions and customer intimacy”.

The transaction amounts to a total consideration for our Group of ca. €700 million and is subject to customary regulatory approvals in the UAE. The closing is expected in Q3 2017.