A concession agreement to provide areas cooling services for the Palm Jebel Ali project
Abu Dhabi, March 17/ WAM/ The National Central Reading Company “Cooling” and Dubai Holding for Investments, affiliated to Dubai Holding, signed a concession agreement to provide regions cooling services for the “Palm Jebel Ali” project in Dubai.
According to the agreement, a joint company will be established between the two parties, from which the “Reading” company owns a 51%stake, while Dubai Holding for Investments has 49%, and this structure will directly contribute to enhancing cooling efficiency, facilitating the exchange of information and data and protecting customer rights, while ensuring sustainable cooling solutions for the project, which is one of the most prominent transformational projects in Dubai.
The agreement is supported by the main shareholders in “Reading”, a swap “that owns 42% of the” Reading “company, and the French company Engy Energy and Carbon Services” owns 40% of the “Reading” company.
The agreement was signed by Khaled Al -Marzouqi, CEO of “Tabred” company, and Omar Karim, CEO of Dubai Holding Investments, in the presence of senior officials from the “Blinding” company, Dubai Holding, Mubadala and Angi.
It is expected that the construction of the regions cooling network will start in the second quarter of 2025, after completing obtaining the relevant official approvals, and the provision of cooling services will be started by 2027.
The regions cooling system in “Palm Jebel Ali” will provide a cooling capacity of approximately 250,000 tons of cooling, and requires an investment of about 1.5 billion dirhams.
Dr. Bakhit Al -Kathiri – Chairman of the Board of Directors of “Reading”, CEO of the investment sector in the UAE to Mubadala, said that Mubadala has a prominent global reputation as an official investor, with a firm focus on the framework of environmental, social and institutional governance, while “cooling” is an essential part of our investment portfolio and the main and president of sustainability and the progress of societies.
He pointed out that this agreement represents an important achievement in the history of the company that extends 27 years, and confirms its commitment to providing sustainable and highly efficient cooling solutions for major development projects.
For his part, Omar Karim said that this agreement enhances the long -term Holding Vision for the development of sustainable sustainable societies, and the “Palm Jebel Ali” is one of the most ambitious Dubai projects, and by integrating cooling areas into its infrastructure, the company supports its customers and is committed to providing an urban environment ready for the future.
For his part, Khaled Al -Marzouki stressed that “Palm Jebel Ali” is a transformative project that will draw the features of the future of Dubai.
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