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HomeBanking & FinanceTabreed ties up AED190m finance for Dubai Parks project

Tabreed ties up AED190m finance for Dubai Parks project

|By Arabian Post Staff| National Central Cooling Company (Tabreed) announced the signing of a AED 192.5 million long term limited recourse project finance facility with Emirates NBD for the district cooling plant it is developing for Dubai Parks and Resorts.

Tabreed’s district cooling plant for Dubai Parks and Resorts is now nearing completion and will be commissioned in time for the park’s opening.

Jasim Husain Thabet, Tabreed’s Chief Executive Officer, said the company’s approach to financing new projects is to utilise long term project financing wherever possible. This loan facility with Emirates NBD is a landmark deal as it is amongst the first district cooling transactions completed in the UAE under a limited recourse project finance structure for a Greenfield development, he pointed out.

Jonathan Morris, General Manager Wholesale Banking at Emirates NBD, said this is the bank’s first collaboration with Tabreed.

In 2014, Tabreed signed a long term concession to provide 45,600 tons of cooling to the new Dubai Parks and Resorts development in Jebel Ali. In addition to Dubai Parks and Resorts, Tabreed provides its district cooling services to many of the region’s iconic developments including all the projects on Abu Dhabi’s Al Maryah Island, home to Cleveland Clinic Abu Dhabi and Abu Dhabi Global Market, and all the projects on Yas Island such as Ferrari World, Yas Marina Circuit and Yas Mall, as well as other national and regional landmarks such as Sheikh Zayed Grand Mosque, Dubai Metro, the Pearl – Qatar, and the Jabal Omar Development Project in the Holy City of Mecca.