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 UAE’s Tabreed looks at expansion in Egypt, Gulf – CEO

Labourers walk past a Tabreed building in Dubai March 8, 2010. REUTERS/Jumana El Heloueh

UAE’s Tabreed looks at expansion in Egypt, Gulf – CEO

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Dubai-listed National Central Cooling Company PJSC (Tabreed) (TABR.DU) is considering an acquisition in Oman and expanding into Egyptian and other Gulf markets, its CEO Khalid Abdulla Al Marzooqi said in an interview with Al Arabiya TV on Tuesday.

Tabreed, which provides cooling systems to governments, commercial, residential and private organisations, is also looking at opportunities to expand in the United Arab Emirates, Marzooqi said.

The company is currently in exclusive talks to buy regional mall operater Majid Al Futtaim’s cooling operations, two sources close to the matter told Reuters last week read more .

These regional expansion plans follow Tabreed’s recent moves into Asian markets.

In December last year, Tabreed officially partnered with the World Bank Group’s International Finance Corporation to expand its operations in India and establish a new holding company in Singapore. Reporting by Moataz Mohamed in Cairo; Writing by Lina Najem. Editing by Jane Merriman

This article was originally published by Reuters.


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