PIF buying 30% stake in district cooling firm Saudi Tabreed By Reuters December 22, 2022 REUTERS/Jumana El Heloueh Saudi Tabreed is the exclusive cooling services provider for the Red Sea Project Saudi Arabia’s Public Investment Fund (PIF) has acquired a 30 percent stake in district cooling company Saudi Tabreed through a private placement of shares, according to a bourse filing on Wednesday. The sale is subject to completion procedures. Saudi Tabreed is the local venture of the UAE-listed National Central Cooling Company (Tabreed). Meanwhile, Tabreed has also boosted its stake in the Saudi venture to 21.8 percent after acquiring additional shares from Al Mutlaq Group for Industrial Investments for SAR 55 million ($14.63 million), the bourse filing said. On Tuesday, Bloomberg News reported that the PIF’s stake in Saudi Tabreed could be worth about $250 million. The company provides district cooling services to major urban developments across Saudi Arabia and the Gulf region. In Saudi Arabia, Saudi Tabreed is the exclusive cooling services provider for the Red Sea Project, a flagship mega-project under the kingdom’s Vision 2030 plan to diversify its economy. It also has long term contracts with Saudi Aramco. Earlier this month, PIF acquired a 9.5 percent stake in Germany’s Skyborn Renewables. The investment will allow PIF to accelerate the energy transition and scale up its international clean energy ambitions by partnering with a geographically diversified offshore wind energy platform.
