The Bahrain District Cooling Company (Tabreed Bahrain) and Gulf International Bank (GIB) have signed a $40 million, 13-year loan facility.

The loan will be used to finance the construction of cooling plants for the company’s major contract wins, which include the prestigious Bahrain World Trade Centre.
 Abdulrahman Mohammed Saif Jamsher, chairman of Tabreed Bahrain, said the financing agreement with GIB was a landmark event as it signalled the launch of the first district cooling plant for Tabreed Bahrain in the kingdom.
“We look forward to continuing our cooperation with GIB and other banks in Bahrain to finance future plants which are currently under study by Tabreed Bahrain,” he said.
Dany Safi, CEO of National Central Cooling Company (Tabreed UAE) and managing director of Tabreed Bahrain, said: “Tabreed Bahrain, which is just two years old, is on the threshold of an exciting growth phase. We have a unique and enviable position of being Bahrain’s only district cooling company and already have projects underway.”
Tabreed Bahrain has an authorised capital of BD20 million ($53 million) and a paid up capital of BD10 million. Its shareholders are Tabreed UAE, Esterad Investment Company (Bahrain) and AA Bin Hindi (Bahrain).
Commenting on the signing of the facility, GIB’s CEO, Dr Khaled Al-Fayez, said: “District cooling is a relatively new concept in the GCC region, but it has been successful in the UAE. This technology is expected to spread across the region in the next few years, since it offers customers a reliable service at a competitive price.”
He added: “Given Tabreed Bahrain’s ownership, professional management and important customer base, which includes the Bahrain World Trade Centre and the Bahrain Financial Harbour, we think the company is in a good position to achieve its business objectives.”