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Tabreed plans to double
capacity by 2009 with investment of up to Dh6b |
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Abu
Dhabi: National Central Cooling Company (Tabreed) is planning to
double its capacity by the year 2009, according to a top company
official."We have 24 plants with a capacity that exceeds 350,000 tonnes at present, while 14 more plants are under construction and are projected for operation in 2007, to increase the capacity to more than 400,000 tonnes," explained Dany Safi, the company's chief executive.
Tabreed is planning to invest Dh5 billion to Dh6 billion in expansion plans in the coming three years, in addition to the overseas operations in Jordan, Saudi Arabia, Qatar, Bahrain, and Oman which are estimated at Dh2 billion.
"We will soon announce a new projects overseas, while our UAE operations are witnessing a surge in the emirate of Abu Dhabi which is accounting for Dh4 billion worth of investments, and most of the 14 new plants are heres," he added.
The company is in the process of establishing a company in Kuwait, in addition to its existing real estate developer partner in Jordan, where the company is participating in the development of the centre of the city of Amman, establishing a 50,000 tonne plant, with heating capacity.
"Heating is our new target, and we will be approaching other overseas markets including Europe to establish new plants there, we have discussions with other countries in the Middle East as well in this respect," Safi explained.
Financing the expansion plans will be through various tools, including Islamic instruments, Safi explained negating any intention to resort to increasing the company's capital, which stands at Dh1 billion.
"The company's annual financial statements can be expected by the second half of February, and with a 70 per cent growth in the volume of our projects in 2006, we expect the results to be in a growth trend," he added.
The company has two plants in Bahrain, three in Qatar, while negotiations are ongoing for new projects in Oman and Kuwait.