Latest news with #NationalCentralCoolingCompany
Arabian Business
14-07-2025
- Business
- Arabian Business
Saudi Arabia, UAE leads $9.47bn MENA sustainable bond market in H1 2025
Issuances of green, social, sustainable, and sustainability-linked (GSSS) bonds in the Middle East and North Africa (MENA) reached $9.47 billion in the first half of 2025, according to Bloomberg's Capital Markets League Tables. The total marked a slight decline from the same period in 2024, when issuances stood at $9.91 billion. Higher global interest rates and a pause in deals from Egypt and Qatar contributed to the lower volume, despite continued activity in Saudi Arabia and the UAE. The first half of 2025 saw all regional issuances originate from the two Gulf countries, with Saudi Arabia leading. Saudi Arabia, UAE drive all MENA GSSS bond issuances Saudi Arabia accounted for 66 per cent of total issuances, or $6.25 billion, in the first six months of 2025. This represented a 25 per cent increase compared with the same period in 2024, supported by infrastructure spending under Vision 2030. The largest single issuance came from the Saudi government, at $1.58 billion. Al Rajhi Bank issued two sustainable sukuks, worth $1.5 billion and $200 million, respectively. Other Saudi-based issuers included Saudi Electricity ($1.25 billion), Alinma Bank with a debut sustainable sukuk of $500 million, and Saudi Awwal Bank (SAB) with an Additional Tier 1 (AT1) issuance of $650 million. The UAE made up the remaining 34 per cent of MENA issuances, totalling $3.22 billion. Key transactions included debut issuances from National Central Cooling Company ($700 million) and property developer Omniyat ($500 million). Islamic instruments dominated GSSS debt issuance during the period, with $6.8 billion in total, representing a 17 per cent increase compared to the first half of 2024. This reflected the growing role of Saudi Arabia and the UAE in global Islamic finance. The period also saw an increase in AT1 issuances, which reached $3.15 billion—the highest level recorded in the past five years. These instruments are used by banks to meet Basel 3 requirements ahead of the 2026 deadlines. The UAE saw strong investor demand for these issuances from both regional and international investors. 'The sustainable bond market in Saudi Arabia and the UAE continues to mature and evolve. As reporting improves, with Bloomberg data suggesting nearly 68 per cent of issuances over the past three years have either an impact or allocation report, we look forward to seeing more transparency through innovations such as green digital bonds,' Venty Mulani, Data Specialist – Sustainable Fixed Income, Bloomberg LP said. Bloomberg's league tables provide access to data on capital markets representation and are available via the Bloomberg Terminal under LEAG. ESG data is available under BI ESG. Allocation and impact data on MENA GSSS bond issuances can also be accessed through the Terminal.
Al Etihad
29-05-2025
- Business
- Al Etihad
Tabreed operates 92 AI-managed plants in 6 countries from Abu Dhabi hub
29 May 2025 19:03 ABU DHABI (WAM) National Central Cooling Company, Tabreed, operates a district cooling network comprising 92 plants across six countries, delivering over 1.3 million refrigeration tonnes to its customers, all centrally managed through its control centre in Abu on the sidelines of the World Utilities Congress held at ADNEC in Abu Dhabi, the Chief Executive Officer of Tabreed, Khalid Al Marzooqi, said artificial intelligence will play a pivotal role in the next phase of enhancing energy efficiency in district cooling operations and reducing further carbon highlighted that Tabreed is the first district cooling company in the region to collect vast volumes of real operational data over more than 27 years, which has enabled it to accelerate digital transformation and implement AI in its is demonstrated through its control and monitoring centre located on Saadiyat Island, Abu Dhabi, which remotely oversees and manages all of Tabreed's plants across the six Marzooqi added that reaching this level means full automation of plant operations and activation of 24/7 monitoring and control systems, laying the groundwork for the next step—leveraging AI capabilities to proactively optimise plant performance and align production with cooling demand. This, he explained, boosts energy efficiency, reduces pressure on power grids, and ultimately enhances the role of district cooling in cutting carbon emissions and supporting global efforts to achieve net-zero emissions by 2050.
Zawya
17-02-2025
- Business
- Zawya
Tabreed's revenues surge in 2024 due to expansion in India, Egypt
Dubai: National Central Cooling Company (Tabreed) registered net profits attributable to the owners valued at AED 570.21 million in 2024, compared with AED 431.14 million in 2023. Total basic and diluted earnings per share (EPS) attributable to ordinary equity holders of the parent climbed to AED 0.20 last year from AED 0.15 in 2023, according to the annual financial results. Revenues soared to AED 2.43 billion at the end of December 2024 from AED 2.41 billion a year earlier. Increased revenue was mainly driven by growth in consumption volumes, which rose by 5% to 2.66 billion refrigeration ton hours (RTH). Connected capacity expanded by 23,756 Refrigeration Tons (RT), bringing Tabreed's total connected capacity to 1.32 million RT. The growth was attributed to the company's commissioning of two new greenfield plants in the UAE and Oman, while expanding capacity at its existing plants, including in India and Egypt, to meet the growing demand from customers. Bakheet Al Katheeri, Chairman of Tabreed, said: 'Demand for cooling is rapidly growing and Tabreed's unrivalled expertise means it is well placed to meet market requirements with speed, agility and sustainability, perfectly aligned with the UAE's 'Net Zero by 2050' initiative.' 'The company continues to deliver strong financial performance evidenced by a 15.5 fils per share dividend that matches the record set in 2024,' Al Katheeri highlighted. Tabreed's CEO, Khalid Al Marzooqi, commented: 'The company's financial position has significantly improved over the past few years, laying strong foundations for the future expansion in both UAE and international markets, and I look forward to further achievements throughout 2025.' As of 30 June 2024, the UAE-based group's net profits attributable to the owners plummeted to AED 269.02 million from AED 386.39 million in the year-ago period.
