The Bahrain District Cooling Company B.S.C. (c) (Tabreed Bahrain) and Gulf International Bank B.S.C. (GIB) signed in Manama today a US40 million, 13-year term loan facility.
The loan facility has been arranged and fully underwritten by GIB. Present at the signing ceremony were Mr. Abdulrahman Mohammed Saif Jamsheer, Chairman of Tabreed Bahrain, Dr. Khaled M. Al-Fayez, GIB's Chief Executive Officer, and representatives from the Company's shareholders: the National Central Cooling Company PJSC (Tabreed UAE), Esterad Investment Company B.S.C. (Bahrain) and A. A. Bin Hindi (Bahrain).
Commenting on the signing of the loan facility, Dr. Al-Fayez said: "District cooling is a relatively new concept in the GCC, but it has been successful in the United Arab Emirates. This technology is expected to spread across the region in the next few years, since it offers customers a reliable service at a competitive price."
Dr. Al-Fayez added: "Given Tabreed Bahrain's ownership, professional management and important customer base, which includes the Bahrain World Trade Center and the Bahrain Financial Harbor, we think the company is in a good position to achieve its business objectives." He congratulated Tabreed Bahrain on its success in establishing a leading position in the Kingdom's market and wished the company further growth in the future.
Mr. Abdulrahman Jamsheer, said: "the signing of the financing agreement with GIB today is a landmark event as it signals the launch of the first district cooling plant for Tabreed Bahrain in the Kingdom. We look forward to continuing our cooperation with GIB and other banks in Bahrain to finance the future plants which are currently under study by Tabreed Bahrain."
Mr. Dany Safi, Chief Executive Officer of Tabreed UAE and Managing Director of Tabreed Bahrain, said: "Tabreed Bahrain, which is just two years old, is on the threshold of an exciting growth phase. We have a unique and enviable position of being Bahrain's only district cooling company and already have projects underway. This loan will be used to finance the construction of cooling plants for the company's major contract wins, which include the prestigious Bahrain World Trade Centre".
Tabreed Bahrain is the leading and first district cooling company in the Kingdom of Bahrain. It was established as a closed joint stock company as per the provisions of the Bahrain Commercial Companies Law No. 21 of 2001 and Ministerial Order No. 6 of 2002. Tabreed Bahrain has an authorised capital of BHD20 million and a paid up capital of BHD10 million.
Gulf International Bank B.S.C. is a leading merchant bank in the Middle East with its principal focus on the Gulf Cooperation Council (GCC) states. It is one of the largest regional banks in the GCC, with more than 26 billion of its own assets and in excess of 18 billion of clients' assets under management. With a proven track record spanning more than 30 years, GIB provides client-led, innovative financial products and services to a wide customer base in the region, including investment banking, asset management, project and structured finance and Islamic banking.