The Public Investment Fund (PIF) announced today the completion of its acquisition of a 30% stake in the Saudi Tabreed District Cooling Company ("Saudi Tabreed"), a leading provider of sustainable district cooling schemes for some of the largest projects in Saudi Arabia. The investment supports PIF's efforts to grow and develop the local utilities and low-carbon sectors. Saudi Tabreed offers highly efficient solutions that drive reductions in power consumption and the costs of operation and maintenance by encouraging alternatives to traditional air conditioning systems. District cooling is one of the most energy-efficient solutions due to its ability to conserve natural resources and make major contributions to the reduction of greenhouse gases. Saudi Tabreed currently manages 779,000 tonnes of refrigeration (TR) via contracts with companies in Saudi Arabia, including Saudi Aramco's 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, a key part of Saudi Arabia's Vision 2030. Yazeed Al-Humied, Deputy Governor and Head of MENA Investments at PIF, said: "Our investment in Saudi Tabreed will support the achievement of PIF's economic diversification goals, especially in light of the anticipated growth in Saudi Arabia's district cooling market. The investment is also fully aligned with PIF's strategy to enable promising sectors in the country and supports Saudi Arabia's transition to sustainable and more efficient sources of energy." Mohammed Abunayyan, Saudi Tabreed Chairman of the Board, commented: "PIF's 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's energy transition and sustainability targets. We are committed to working together as we move forward in our mission to enhance Saudi Arabia's urban development through innovative, advanced, and highly efficient district cooling solutions." 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 developing 70% of Saudi Arabia's renewable energy by 2030. PIF has investments in renewable energy companies such as ACWA Power and the Sudair and Al Shuaibah Solar Energy projects and the development of electric vehicles through investments in Lucid Motors, Ceer and E1.
