Tabreed obtains Dh192.5m loan from ENBD for Dubai Parks & Resorts project

National Central Cooling Company (Tabreed), a UAE-based district cooling utility infrastructure company, today announced it has completed the signing of Dh192.5 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: “Tabreed’s approach to financing new projects is to utilise long term project financing wherever possible which we believe is the best way of financing our assets and maximizing value for all stakeholders.”

Jonathan Morris, General Manager Wholesale Banking at Emirates NBD, said this is an important development which will further support the UAE’s economic diversification efforts and reinforce Dubai’s position as a tourist destination.

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.