Tabreed plans to raise Islamic funds

The UAE’s national central cooling company, Tabreed, has announced its decision to start raising Islamic funds to partial finance future projects and expansion.

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By  Eudore Chand Published  December 30, 2003

The UAE’s national central cooling company, Tabreed, has announced its decision to start raising Islamic funds to partial finance future projects and expansion. The company said it has retained Abu Dhabi-based The National Investor as sole advisor and sole arranger on the proposal to issue ‘Sukuks’. It plans to list them on the Luxembourg Stock Exchange. The company is contemplating approaching the capital markets in the first quarter of 2004, market conditions permitting. “We are excited about working with The National Investor in contemplating one of the first corporate Islamic Sukuk Offerings to be listed in Luxembourg,” said Karl Marietta, Tabreed’s director of finance. Tabreed has offered district cooling as a utility in the UAE for over five years, pioneering energy efficient gas-fired and electric-powered district cooling solutions in the UAE and across the region. The National Investor is a leading UAE-based regional advisory and investment firm with a track record in advisory, fundraising, private equity and asset management. The National Investor is backed by 60 UAE based shareholders and is actively involved in investment banking, private equity, and asset management.

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