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.”
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. (menareport.com)
© 2004 Mena Report (www.menareport.com)
