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PIF-backed Tabreed explores Saudi listing this year

By Pramod Kumar
Saudi Tabreed currently manages 779,000 tonnes of refrigeration via contracts with major companies in the kingdom Saudi Tabreed/Twitter
Saudi Tabreed currently manages 779,000 tonnes of refrigeration via contracts with major companies in the kingdom

Tabreed District Cooling is planning to launch an initial public offering (IPO) on the Saudi stock market this year, according to a news report.

Backed by the Public Investment Fund (PIF), the refrigeration and cooling company has hired Citigroup and SNB Capital for a potential flotation, Bloomberg reported, citing informed sources.

While no final decisions have been taken, details on size and timelines are under discussion, sources said.

PIF acquired a 30 percent stake in Saudi Tabreed in 2022 to support the growth and development of the local utilities and low-carbon sectors.

The sovereign fund 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 percent of the kingdom’s renewable energy by 2030.

Dubai-listed National Central Cooling Company (Tabreed) holds a 21.8 percent stake in its Saudi affiliate, the news agency reported.

Saudi Tabreed currently manages 779,000 tonnes of refrigeration via contracts with major companies in the kingdom.

This includes Saudi Aramco’s Dhahran district cooling plant, Jabal Omar district cooling plant in Mecca, a district cooling scheme at King Khalid International Airport in Riyadh and a centralised cooling plant at the Amaad Business Park in Dhahran.

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