{"id":65197,"date":"2023-02-13T05:13:32","date_gmt":"2023-02-13T02:13:32","guid":{"rendered":"https:\/\/indexeconomic.com\/?p=65197"},"modified":"2023-02-13T05:13:32","modified_gmt":"2023-02-13T02:13:32","slug":"pif-announces-the-completion-of-the-acquisition-of-a-30-stake-in-saudi-tabreed-a-leading-district-cooling-service-provider","status":"publish","type":"post","link":"https:\/\/indexeconomic.com\/?p=65197","title":{"rendered":"<a><strong>PIF<\/strong><\/a><strong> announces the completion of the acquisition of a 30% stake in Saudi Tabreed, a leading district cooling service provider<\/strong>"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\"><strong> <\/strong>The Public Investment Fund (\u201cPIF\u201d or \u201cthe Fund\u201d) announced today the completion of its acquisition of a 30% stake in the Saudi Tabreed District Cooling Company (\u201cSaudi Tabreed\u201d), a leading provider of sustainable district cooling schemes for some of the largest projects in Saudi Arabia. The investment supports PIF\u2019s efforts to grow and develop the local utilities and low-carbon sectors.<\/p>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\">Saudi Tabreed offers highly efficient solutions that drive reductions in power consumption and the costs of operation and maintenance, as well as encouraging alternatives to traditional air conditioning systems. District cooling is recognized as one of the most energy-efficient cooling solutions, due to its ability to conserve natural resources, making a major contribution to the reduction of greenhouse gases.<\/p>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\">Saudi Tabreed currently manages 779,000 tonnes of refrigeration (TR) via contracts with major companies in Saudi Arabia. This includes Saudi Aramco\u2019s Dhahran district cooling plant, the Jabal Omar district cooling plant in the city of Makkah, the district cooling scheme at King Khalid International Airport in Riyadh, and a centralized cooling plant at the AMAAD Business Park in Dhahran. Saudi Tabreed also serves THE RED SEA project, which is a key part of Saudi Arabia\u2019s Vision 2030.<\/p>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\"><strong>Yazeed A. Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said: <\/strong>\u201cOur investment in Saudi Tabreed will support the achievement of PIF\u2019s economic diversification goals, especially in light of the anticipated growth in Saudi Arabia\u2019s district cooling market.<\/p>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\">&nbsp;The investment is also fully aligned with PIF\u2019s strategy to enable promising sectors inthe country, and supports Saudi Arabia\u2019s transition to sustainable and more efficient sources of energy.\u201d<\/p>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\"><strong>Mohammed Abunayyan, Saudi Tabreed Chairman of the Board, commented:<\/strong> \u201cPIF\u2019s investment further enhances our position as a market leader in Saudi Arabia. With added credibility and stronger financial performance, being part of the PIF portfolio significantly expands our ability to support the country\u2019s energy transition and sustainability targets. We are committed to working together as we move forward in our mission to enhance Saudi Arabia\u2019s urban development through innovative, advanced, and highly efficient district cooling solutions.\u201d<\/p>\n\n\n\n<p class=\"has-text-align-left wp-block-paragraph\">PIF has a strong track record of investing in the low carbon sector including electric vehicles and solar energy projects, as part of a commitment to develop 70% of Saudi Arabia\u2019s renewable energy by 2030. PIF has major investments in renewable energy companies such as ACWA Power and the Sudair and Al Shuaibah Solar Energy projects, and in the development of electric vehicles through investments in Lucid Motors, Ceer and E1.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Public Investment Fund (\u201cPIF\u201d or \u201cthe Fund\u201d) announced today the completion of its acquisition of a 30% stake in the Saudi Tabreed District Cooling Company (\u201cSaudi Tabreed\u201d), a leading provider of sustainable district cooling schemes for some of the largest projects in Saudi Arabia. The investment supports PIF\u2019s efforts to grow and develop the &hellip;<\/p>\n","protected":false},"author":2,"featured_media":65198,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[439],"tags":[],"class_list":["post-65197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>PIF announces the completion of the acquisition of a 30% stake in Saudi Tabreed, a leading district cooling service provider - \u0635\u062d\u064a\u0641\u0629 \u0627\u0644\u0645\u0624\u0634\u0631 \u0627\u0644\u0625\u0642\u062a\u0635\u0627\u062f\u064a<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/indexeconomic.com\/?p=65197\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PIF announces the completion of the acquisition of a 30% stake in Saudi Tabreed, a leading district cooling service provider - \u0635\u062d\u064a\u0641\u0629 \u0627\u0644\u0645\u0624\u0634\u0631 \u0627\u0644\u0625\u0642\u062a\u0635\u0627\u062f\u064a\" \/>\n<meta property=\"og:description\" content=\"The Public Investment Fund (\u201cPIF\u201d or \u201cthe Fund\u201d) announced today the completion of its acquisition of a 30% stake in the Saudi Tabreed District Cooling Company (\u201cSaudi Tabreed\u201d), a leading provider of sustainable district cooling schemes for some of the largest projects in Saudi Arabia. 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