Abdali Investment and Development PSC and Tabreed Holding announced today the formation of a 50/50 partnership to set up a new private share holding company in Jordan, ‘Jordan District Energy PSC’ (JDE). The agreement was signed by Mr. Jamal Itani, CEO of Abdali Investment and Development PSC and Mr. Dany Safi, CEO of Tabreed.
Sheikh Baha’a Rafic Hariri has been named the Chairman and Tabreed’s CEO, Dany Safi, the Vice-chairman of the new company, which will invest 80 million JD (US$113 million) to develop district cooling and heating systems for the Abdali project.
The new company, head-quartered in Amman, is the first to introduce district cooling and heating services both in Jordan and the Levant.
Highlighting the importance of the partnership, Jamal Itani, CEO of Abdali Investment and Development PSC said, “In our constant pursuit to be in par with up-to-date developments in cutting edge technology in Abdali, we are introducing a whole new concept of urban development and environmentally friendly technology which will serve not only end users, but also greatly save development costs for our investors. By incorporating the world’s latest in technology trends, we are able to meet international standards, giving us, here in Jordan a competitive edge.”
Further adding, “As one of the world’s leading companies in this sector, Tabreed has unmatched technical expertise and provides excellent after sales support to its clients. These were the deciding factors in finalising the partnership.”
Tabreed Holding has more than 22 projects in the UAE as well as operations in Saudi Arabia, Oman, Qatar and Bahrain and JDE gives it access to the growing Levant market.
“This partnership ensures Tabreed will have access to the multi-billion dollar Levant property market and one of Jordan’s most prestigious real estate developments”, said Dany Safi. “Our aim is to be a global leader and the booming regional markets, which are the nearest, geographically, are naturally our prime targets.”
District energy systems provide a variety of benefits, both qualitative and economic. The qualitative advantages are perceived in terms of environmentally friendly, aesthetically appealing facades, better comfort, better reliability, and maximized convenience. The economic benefits can be experienced by the owners, tenants and end users, where the capital costs of control panels, internal power distribution, annual maintenance and power consumption inside the premises are reduced and the cost of chillers and heaters are eliminated.
Abdali PSC is also planning the development of a gas pipeline network across the project that will be used mainly for domestic purposes and food & beverage outlets.
With state-of-the-art infrastructure and underground works completed, the Abdali project is now ready to rise up from the ground. The Abdali project will definitely turn Amman into a thriving and packed city, skyrocketing both commercially and financially. The combined potential for superior business, residential, retail, cultural, and recreational facilities promise an inspired outcome upon the realization of the new Abdali downtown in 2009, redefining and reinterpreting Amman’s each angle. It will transform the city into a paradisiacal center for outstanding commerce, foreign investment, and a place for everyone to bask in the wonders of prestigious living.
Caption: Tabreed aims to be a global leader and the regional markets are our prime targets. From Left: Safi-Tabreed, Jamal Itani- Abdali Investment and Development PSC
