Saudi PIF acquires 30% stake in District cooling company, Tabreed

Saudi PIF acquires 30% stake in District cooling company, Tabreed

The Saudi Public Investment Fund (PIF) has acquired a 30 percent stake in the Saudi Tabreed District Cooling Company, a leading provider of sustainable district cooling schemes for some of the largest projects in Saudi Arabia.

The investment supports PIF’s efforts to grow and develop the local utilities and low-carbon sectors. Saudi Tabreed offers highly efficient solutions that drive reductions in power consumption and the costs of operation and maintenance by encouraging alternatives to traditional air conditioning systems.

Saudi Tabreed currently manages 779,000 tons of refrigeration (TR) via contracts with companies in Saudi Arabia, including Saudi Aramco’s Dhahran district cooling plant, the Jabal Omar district cooling plant in the city of Makkah, the district cooling scheme at King Khalid International Airport (KKIA) in Riyadh, and a centralized cooling plant at the AMAAD Business Park in Dhahran. Saudi Tabreed also serves the Red Sea project, a key part of Saudi Arabia’s Vision 2030.

Yazeed Al-Humied Deputy Governor & Head of MENA Investments

PIF “Our investment in Saudi Tabreed will support the achievement of PIF’s economic diversification goals, especially in light of the anticipated growth in Saudi Arabia’s district cooling market. The investment is also fully aligned with PIF’s strategy to enable promising sectors in the