UAE’s Tabreed mulls expansion in Egypt, Gulf – CEO

Dubai-listed National Central Cooling Company PJSC (Tabreed) is studying expanding into Egypt and Gulf region, chief executive Abdulla Al Marzooqi said in an interview with Al Arabiya TV on Tuesday.

Tabreed, which provides cooling systems to governments, commercial, residential and private organisations, is also considering an acquisition in Oman and looking at opportunities to expand in the United Arab Emirates, Marzooqi added.

The company is currently in exclusive negotiations to buy regional mall operater Majid Al Futtaim’s cooling operations, two sources close to the matter told Reuters last week.

These regional expansion plans follow the company’s recent moves into Asian markets.

In December last year, Tabreed officially partnered with the World Bank Group’s investment arm International Finance Corporation (IFC) to expand its operations in India and establish a new holding company in Singapore.