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UAE’s Tabreed eyes new markets to sustain growth

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Tabreed is confident in resilient operations and strong performance, and will explore new markets to sustain its strong growth in 2023 and beyond, senior officials at Tabreed said.

Bader Saeed Al Lamki, Tabreed CEO, said the UAE is the company’s key market and it will continue to play a key role in strengthening the economy by providing efficient district cooling services across the country.

“Tabreed will celebrate its 25th anniversary in 2023, by which time the company has grown to become a world leader in district cooling. We have 86 plants in our portfolio – and this number will increase as projects are completed (eg, SeaWorld Abu Dhabi, where we built a bespoke facility that will open in early 2023), we recently started operations in India and Egypt,” he said.

Tabreed is one of the strongest growth companies in the UAE and is listed on the Dubai Financial Market. Founded in 1998, the company owns and operates 86 factories in its GCC portfolio, including 75 in the UAE, three in the Kingdom of Saudi Arabia, seven in Oman and one in the Kingdom of Bahrain, in addition to Other international projects and business.

In India, Al Lamki said Tabreed has teamed up with the International Finance Corporation (IFC) to authorize investment in projects worth up to $400 million over the next four years, targeting industrial, commercial and retail development.

Regarding the entry into Egypt, he said the company entered the North African country in early 2022.

“Last year we entered the Egyptian market, quickly signing two major new agreements. With an office in Cairo and a growing team of experienced and motivated specialists, we look forward to expanding our presence in business there, and possibly, in other countries and the New Territories,” he said.

Al Lamki said Tabreed’s main focus will remain on the UAE’s domestic market, as it is an integral and important part of the country’s infrastructure.

“The UAE is our home, and while we have real momentum with overseas projects, we will never lose sight of the country or the region we belong to. The need for cooling here will only increase over time and Tabreed It has proven to be an important part of the UAE’s infrastructure and an enabler of sustainable development,” he said.

“As more authorities, policy makers and planners become more aware of this, district cooling is bound to see greater adoption, so we fully expect to expand in the domestic market. Our presence is already very strong and we are a core pillar There is no doubt that the reputation of the community will grow,” he said.

Al Lamki said Tabreed showed resilience last year and will continue to perform well in 2023.

“We recently released our financial results for the third quarter of 2022 and they show a company that is going from strength to strength. Production capacity, revenue and profits are all up and our health and safety record remains second to none.

“By 2022, we have almost doubled the size of our operations in Oman, added capacity in Bahrain and the UAE, and, as mentioned, we have entered a new market in Egypt,” he said.

Furthermore, he said that Tabreed has played an important role in the development of the district cooling industry and in supporting efforts to improve the global environment.

“In 2022, we were the main sponsor of the first World Utilities Congress and we played an active role as part of the UAE delegation to COP27. And, in September, we aligned ourselves with the UAE Commercial Law by raising foreign ownership limits. The latest changes to 100 percent,” he said.

In other words, Al Lamki said Tabreed had another good year.

“We continue to post record profits, and Fitch has recognized this by updating our rating outlook to ‘stable’, which shows our shareholders that this is a safe company to invest in,” he added.

Al Lamki expressed confidence that Tabreed will continue to perform in 2023 and maintain an upward trend by exploring new markets and maximizing operational efficiency in accordance with best international practices.

“We intend to build on our past successes and continue on a path of sustainable growth and development – ​​we have a long-term plan and we will stick to it. So this means evaluating collaborations and opportunities in existing and potential new markets, As well as maximizing our operational efficiency to minimize financial and environmental costs,” he said.

“We will once again be present at the World Utilities Congress and hope to participate in COP28 when the UAE is the host country. This exposure puts the company in the spotlight and allows us to enhance our undisputed green credentials while adding economic stability to our The country in which it operates,” he said.

“Looking to the near future, everyone at Tabreed, including our stakeholders and investors, has genuine reason for optimism, and I look forward to leading this company to another year of meaningful progress,” he said.

Al Lamki said that no business or industry is completely immune to the pressures affecting the entire world.

“But for a company like Tabreed, there’s a constant demand for the services we provide, so there’s some strength and security.

“Having said that, when developers suffer, so do the businesses that support them, so we must be prepared to adapt as budgets and timetables tighten. As lawmakers and planners become more conscious of the environment benefits, we also have to prepare for rapid expansion of district cooling, so managing that growth can be a very real challenge, but it’s a good question,” he said.

In response to questions, Al Lamki said that Tabreed believes in environmentally friendly practices and that the company will continue to improve operational efficiency.

“Of course. While our operations do have their own carbon footprint, just consider the benefits of energy efficiency at scale, which is a core tenet of district cooling. District cooling is around 50% more efficient than conventional methods, This means much lower demands on the grid. Just take Tabreed as an example – last year our operations saved 2.33 billion kWh and avoided the release of 1.39 million metric tons of carbon emissions. This is equivalent to removing more than 300,000 cars off our roads every year,” he said.

“Sustainability is a pillar of our company, and we are relentless in our efforts to eliminate waste and pursue operational excellence. We are an ESG-focused organization that believes in true transparency, so even a casual observer can immediately see that we are active part of society with a strong environmental awareness,” he said.

On the question of an acquisition or joint venture agreement in 2023, Al Lamki said there was always a lot of rumors and speculation about these things, but Tabreed has been a listed company on the Dubai Financial Market since its inception in 1998.

“That means we can’t talk about anything that isn’t already public. What I can say is that Tabreed has made no secret of its willingness to do business with organizations that share the company’s core principles.” Partnerships help drive the progress that Tabreed is synonymous with . So, keep an eye on this space,” concludes Al Lamki.

Tabreed is a major driver of progress towards a more sustainable future for people, communities and environments around the world. It is logo for Burj Khalifa, Sheikh Zayed Grand Mosque, Louvre Abu Dhabi, Ferrari World, Emirates Towers, Yas Island, Al Maryah Island, Dubai Mall, Dubai Opera, Dubai Metro, Bahrain The financial port and Jabal Omar development projects in the holy city of Mecca provide essential and sustainable district cooling services.

Copyright © 2022 Khaleej Times. all rights reserved. Supplied by SyndiGate Media Inc. (Syndicate Information).

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