Sorouh and Tabreed form Joint Venture Company

Sorouh Real Estate, one of the UAE's leading real estate developers, announced the forming of a Joint Venture Company with Tabreed to provide District Cooling to sectors of Sorouh's Shams development in Abu Dhabi.

United Arab Emirates: Tuesday, January 15 - 2008 at 11:43
PRESS RELEASE

From left to right: Dani Safi, CEO, Tabreed; Abubaker Seddiq Al Khouri, Managing Director at Sorouh Real Estate.

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Shams Abu Dhabi, located on Al Reem Island, is a landmark development within the UAE. Once completed, the development will offer 55,000 residents a self-contained community with a unique combination of modern comfort and natural living. Featured within Shams Abu Dhabi are several unique projects, including the Gate District.

The Joint Venture company, named 'S & T Cool District Cooling Company', will provide district cooling to sectors No. 5 & 6 of the Shams development and will also include a 13.5 kilometer long chilled water network to 50 plots within these sectors, including the Gate District.

Acknowledged as pioneers in the district cooling industry in the Middle East, Tabreed will be responsible for the design and construction of the district cooling plant and network, which will begin immediately, with the network scheduled for completion in the first quarter of 2009. Over the years, district cooling technology has become widely recognized as an important development in helping to conserve energy and has been proven to reduce greenhouse gas emissions in many cases.

Abubaker Seddiq Al Khouri, Managing Director at Sorouh Real Estate said,

'The formation of this joint venture company emphasizes Sorouh's keenness on providing a more efficient infrastructure network to Shams Abu Dhabi project and assures offering the best district cooling technology to residents of Sorouh's development.'

'In Sorouh, we have found a partner who shares Tabreed's values of delivering the best of district cooling technologies for the benefit of all stakeholders, its investors and the environment. By selecting district cooling, Sorouh has demonstrated its commitment to supporting sustainable energy solutions', said Dani Safi, CEO, Tabreed.

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About Sorouh Real Estate P.J.S.C.
Abu Dhabi based Sorouh was established on June 26, 2005 with a capital of Dhs2.5bn. Today it is one of the largest real estate developers listed on the Abu Dhabi Securities Market with a market cap close to Dhs21bn. It is one of the most widely held issues with approximately 45,000 shareholders. Sorouh's corporate vision is to 'bring communities to life in perfect balance.' Its real estate projects are master-planned and designed to meet all core needs of human wellbeing. Sorouh employs in excess of 184 highly qualified professionals operating in the field of master-planning and master-development.

Sorouh now has in excess of Dhs45bn of projects under development. These include:

Al Ghadeer, an oasis of easy living on the border between Abu Dhabi and Dubai. Expected to be home to over 18,000 people the 3million sq m site is a complete community featuring affordable homes yet offering easy access to the UAE's commercial centres airports and ports. SHAMS Abu Dhabi, Sorouh's flagship project is an Dhs25bn landmark development on Reem Island. A complete new city of 55,000 residents, SHAMS Abu Dhabi will be a self sustaining city of canals and parks which integrates world-class master planning practices and extends the lush green of Abu Dhabi's landscape.

The Gate District on SHAMS Abu Dhabi is a cluster of 8 towers located at the entrance to SHAMS Abu Dhabi. Now architecturally renowned worldwide the Dhs11bn residential, office and retail development is designed as a gateway to the peninsula from Reem Island. The Gate District also includes the 74 storey Sky Tower which will be a pinnacle of luxury for its residential and commercial occupants when completed.

Sorouh is also developing the Golf Gardens overlooking the Abu Dhabi Championship Course, the Abu Dhabi Aviation Authority residential project, Al-Shamkha national housing project and the Tala Tower as well as Saraya on the Abu Dhabi Corniche.

About Tabreed

Tabreed - is a UAE public joint stock company established in June 1998 and is now one of the world's largest district cooling utilities. Tabreed provides district cooling services throughout the GCC countries with offices in Dubai, Abu Dhabi, Ras Al Khaimah, Doha, Manama, Khobar and Muscat. The company has been growing at a very fast pace and has been recently awarded two gold awards by the International District Energy Association in the USA for new customers by the number of buildings it serves and by the cooling load.

Tabreed pioneers energy efficient gas-fired and electric-powered district cooling solutions in the UAE and across the region. The company offers customers the highest quality service through an integrated energy system devised to help them optimize their energy usage and reduce power and maintenance costs.

For more information please contact:
Sorouh Real Estate P.J.S.C.
Tel: +971 2 444 0006
Fax: +971 2 444 0066

Or

Yousser Natheer
Junior Account Executive
Hill & Knowlton
Tel.: +971 4 3344930
Fax: +971 4 334 4923/33

Posted by Anne-Birte Stensgaard, Senior News Editor
Tuesday, January 15 - 2008 at 11:43 UAE local time (GMT+4)

Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.

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