"refrigeration" It succeeds in obtaining new financing facilities worth 1.8 billion dirhams
Abu Dhabi, 28 October / WAM / Tabreed, the National Central Cooling Company, announced today its success in obtaining new financing facilities worth 1.8 billion dirhams, to support its strategic initiatives for growth and improving the capital structure.
The step comes as part of Tabreed’s plans aimed at financing its capital needs and diversifying its funding sources, including future investment and expansion requirements.
The new facilities, referred to as “financing”, have a term of six years and were implemented in partnership with Emirates NBD and Mashreq Bank.
The financing is fully compliant with the provisions of Islamic Sharia, and consists of two tranches in dirhams and US dollars, which reflects Tabreed’s commitment to providing comprehensive financing solutions that are compatible with the preferences of investors in the region.
In confirmation of its firm commitment to sustainability and environmental preservation, one billion dirhams of total financing was allocated within the green financing framework.
Khalid Al Marzouqi, CEO of Tabreed, stressed that this successful financing reflects the strength of the company’s business model and the great confidence it enjoys among its partners in the banking sector, noting that the financing facilities will enable the company to move forward in implementing strategic investments to accelerate the pace of its expansion and enhance long-term value, while emphasizing its firm commitment to responsible and sustainable financial practices.
For his part, Adel Al-Wahidi, Tabreed’s Chief Financial Officer, said that financing compatible with the provisions of Islamic Sharia represents a fundamental pillar of the company’s capital strategy, and embodies its commitment to financial inclusion and compatibility with the values of its partners and stakeholders, pointing out that by integrating the principles of Islamic finance into the company’s financing sources mix, the liquidity base available to the company is expanded while maintaining Its strong investment grade credit rating.
He added that this financing is not limited to supporting Tabreed’s strategy of acquisitions, but also contributes to strengthening its balance sheet by improving debt maturities and maintaining a solid financial base.
For his part, Ahmed Al Qassim, Head of Business Banking at Emirates NBD Group, said that this deal represents a turning point in Tabreed’s financing strategy, as it contributes to supporting the development and maintenance of vital infrastructure assets in various parts of the country, pointing out that the innovative financing package was characterized by multiple currencies, and seamlessly integrated the principles of Islamic financing and green financing standards within the approved documents.
He pointed out that Emirates NBD is proud of its success in structuring this pioneering deal, and this reflects the continued confidence that Tabreed has in the bank, and enhances the strength of the strategic partnership between the two institutions.
For his part, Joel Van Dusen, Head of the Corporate and Investment Banking Group at Mashreq, welcomed the cooperation with Tabreed in this strategic deal, which reflects the company’s strong foundations and its ambitious future strategy. The sustainable financing structure, compatible with the provisions of Islamic Sharia, embodies the shared commitment to responsible innovation and comprehensive financing solutions.
He expressed Mashreq’s pride in its continued support for Tabreed’s growth and its role in building a more sustainable and environmentally responsible future in the region.
The large turnout from participating banks confirms Tabreed’s position as a highly creditworthy company and its ability to access competitive financing sources in various markets.
Tabreed continues to focus on maintaining strong levels of liquidity and managing debt efficiently to ensure a balanced capital structure that supports the implementation of its short-term plans and sustainable value creation in the long term.
This financing represents a new step in Tabreed’s journey towards achieving sustainable growth, driven by disciplined financial management and a clear strategic vision to consolidate its global leadership position in the district cooling sector.
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