Dubai – Mubasher: Tabreed Company for Central Cooling Services, a wholly-owned subsidiary of National Central Cooling Company (Tabreed), signed a long-term concession agreement with Egyptians for Healthcare Services (EHCS) at a value of EGP 1.60 billion, equivalent to AED 306.40 million.
Tabreed will design, construct, and operate the district energy assets at the CapitalMed development, a new regional medical city project in Egypt’s Badr City, according to a bourse disclosure.
The project comes in line with the UAE-based company’s regional expansion plans.
Meanwhile, the listed firm noted that the transaction will not have a material impact on its existing operations or the rights of its shareholders. However, any potential financial impact will start reflecting during the third quarter (Q3) of 2022.
Located near the New Administrative Capital (NAC) and New Cairo, CapitalMed will be implemented over four phases. Once completed, the healthcare project will receive patients from Egypt, the Middle East and Africa (MEA) region, and across the globe.
The medical centre will include 700 intensive care units (ICUs), 70 operating rooms, and over 15,000 multi-disciplinary health care providers offering around 100 specialities.
In phase 1A, a total capacity of 7,500 refrigeration tonnes (RT) will be installed and 12 megawatts (MW) of space heating will be provided.
Khalid Abdulla Al Marzooqi, CEO of Tabreed, noted: “Tabreed only entered the Egypt market in February this year, following the announcement of our project at Cairo’s new D5M mall.”
Al Marzooqi added: “Commencing operations in Egypt was an important strategic move that’s part of our long-term plans for sustainable growth beyond our traditional geographic borders, and this new signing with EHCS shows how committed Tabreed is when it comes to expansion.”
Additionally, he elaborated: “EHCS and Tabreed will work extremely well together, sharing common goals of maximum efficiency and a relentless pursuit of operational excellence.”
In February 2022, Tabreed’s unit penned a concession agreement worth AED 22 million to construct and operate district cooling assets in Egypt.
