PIF obtains 30 percent share in Saudi Tabreed to grow maintainable cooling in Saudi
Date
2/13/2023 1:23:58 AM
(MENAFN) The Public investment Fund on Sunday declared the purchase of a 30 percent share in the Saudi Tabreed District Cooling Co., a top supplier of maintainable district cooling plans for some of the biggest ventures in Saudi Arabia.
Saudi Tabreed proposes extremely efficient solutions that motivate cuts in power intake and the prices of functions and maintenance and motivate alternatives to traditional air conditioning systems.
In line with a PIF announcement, the cooling supplier as of now manages 779,000 tons of refrigeration through deals with top firms in the nation, involving Saudi Arabian Oil Co.’s Dhahran region cooling plant, the Jabal Omar facility in Makkah, the district cooling plan at King Khalid International Airport in the Saudi capital, and a centralized service at the AMAAD Business Park in Dhahran.
Saudi Tabreed also operates The Red Sea venture, a top priority part of Saudi Arabia’s Vision 2030.
“Our investment in Saudi Tabreed will support the achievement of PIF’s economic diversification goals, especially in light of the anticipated growth in Saudi Arabia’s district cooling market,” according to Yazeed A. Al-Humied, deputy ruler and chief of MENA Investments at PIF.
“The investment is also fully aligned with PIF’s strategy to enable promising sectors in the country, and supports Saudi Arabia’s transition to sustainable and more efficient sources of energy,” he also mentioned.
“PIF’s investment further enhances our position as a market leader in Saudi Arabia. With added credibility and stronger financial performance, being part of the PIF portfolio significantly expands our ability to support the country’s energy transition and sustainability targets,” in line with Mohammed Abunayyan, head of the board, Saudi Tabreed.
He continued: “We are committed to working together as we move forward in our mission to enhance Saudi Arabia’s urban development through innovative, advanced, and highly efficient district cooling solutions.”
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