Abu Dhabi, 4 October 2022 – Dentons has advised longstanding client, National Central Cooling Company PJSC (Tabreed), one of the largest UAE-based international district cooling developers, on a US$83 million contract to provide district cooling to Egypt’s new healthcare city.
Tabreed signed the agreement with developer Egyptians for Healthcare Services to provide district cooling to CapitalMed, its new healthcare city project. The transaction forms part of Tabreed’s plan to expand its presence in Egypt, the Arab world’s most highly populated country.
Under the long-term concession agreement, Tabreed will fund, construct and operate a bespoke district energy plant to meet the cooling and heating demands for CapitalMed, with 19,500 refrigeration tonnes (RT) of cooling required for the first phase and a concession of between 28,000 RT and 30,000 RT for the entire development.
This transaction follows hot on the tail of Tabreed’s recent execution of a concession to provide cooling services to the Katameya Mall development in Egypt, on which Dentons advised. Dentons has also recently advised Tabreed on its concession for the district cooling services at the Al Mouj development in Oman.
Commenting on the transaction, Abu Dhabi partner, Tabreed relationship partner and team lead, Jon Nash said: “Assisting Tabreed on this transaction has been a wonderful experience. It is not only a significant deal in its own right, but one that paves the way for future projects in Egypt. We were able to support the Tabreed team on all aspects of the transaction by leveraging our market leading projects expertise alongside Dentons’ Cairo office’s Egyptian law support. We are looking forward to supporting long standing client Tabreed as it continues to invest in Egypt and other new growth markets.”
