National Central Cooling Company (Tabreed) has won a top award at the Bond, Loans and Sukuk Awards Middle East held recently in Dubai, UAE.

A leading Emirati district cooling utility company, Tabreed said it has emerged as a partner of choice for organisations across the GCC in providing environment-friendly district cooling solutions.

The company had secured a club loan through a Dh1.5 billion ($408.35 million) Shari’a-compliant facility, spread over 10 years thus enabling the company to diversify its funding base and to extend its debt maturity profile and lower its financing costs.

The company had won the  'Local Currency Loan Deal of the Year' award at the Bond, Loans and Sukuk Awards Middle East held at the Ritz Carlton JBR, Dubai.

On the award win, CEO Jasim Thabet said: "This award confirms that our Shari’a-complaint loan is a best-in-class facility that not only ensures Tabreed stock is available to Islamic investors, but also adds value to existing shareholders. It recognises the hard work and dedication of the Tabreed team, participating banks, lawyers and advisors.”

"We are honoured to be recognised in the category for our achievements by a jury of the most influential international investors from leading banking and finance institutions," he added.

With 72 district cooling plants located throughout the region, Tabreed currently delivers over one million refrigeration tons to key developments in the region including iconic infrastructure projects such as Abu Dhabi’s Al Maryah Island, Yas Island, Sheikh Zayed Grand Mosque, Dubai Metro, Dubai Parks and Resorts, and the Jabal Omar Development in Makkah, Saudi Arabia.-TradeArabia News Service