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FINANCIAL NEWS
French Engie buys 40% shares in Tabreed
17 Aug 2017
(MENAFN) The National Central Cooling Company (Tabreed) recently posted the positive achievement of an investment of around Dh2.8 billion made by Engie, a global energy company, in order to dominate 40% of its shares.
The French firm, Engie, is considered as a multinational energy organizer and specialist operator in the business of electricity, natural gas as well as energy services.
According to Jasim Thabet, CEO of Tabreed, “With the successful completion of the transaction and major investment in Tabreed by global energy leader Engie, Tabreed is a regional company that is becoming international. We look forward to harnessing Engie’s best in-class operational and project financing excellence, which will build on our financial strength and leading market position to support us in the next phase of our ambitious growth plans.”
The official also announced “With the region’s growing cooling demand driven by population growth and investment in key infrastructure and development projects, our focus remains on the GCC while we will evaluate opportunities outside the region.”
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