This joint project is the second between Oasis Leasing and Tabreed, and reflects the working objective of the two partners to create business projects that build on each company's strengths.
Gordon Dixon, CEO of Oasis Leasing, said the deal is a natural extension of the use of leasing to develop the economic infrastructure of the UAE. "We are delighted to have concluded this transaction which represents a further strengthening of the partnership between two leading UAE companies. We are particularly pleased to have been able to use an Ijara facility through GIB. This is the second transaction we have concluded with Tabreed and we hope there will be many more to follow," Dixon said.
International award-winning Tabreed is buying the cooling plants to provide temporary cooling services to their clients prior to the construction and commission of a permanent plant.
"This is yet another customer-oriented initiative from Tabreed to ensure that our clients who have urgent cooling requirements get a quick and effective solution," said Dany Safi, CEO of the company.
The portable cooling plants can be used in new developments as interim cooling solutions, as temporary cooling plants during maintenance periods, or in smaller applications with limited demand for air conditioning. The cooling plants can be easily relocated to different projects as the need arises. The portable cooling plants were delivered to Tabreed in July 2006.
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Oasis Leasing, Tabreed and Gulf International Bank B.S.C. announce AED 55M deal for portable cooling plants
- United Arab Emirates: Monday, August 28 - 2006 at 14:15
- PRESS RELEASE
Oasis International Leasing, National Central Cooling Company (Tabreed), the UAE's leading district cooling provider and Gulf International Bank (GIB) announced today that they have signed an AED 55 million Islamic Ijara facility to finance the purchase of six portable cooling plants.
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Notes and media contacts
Formed in 1997, Oasis International Leasing PJSC is a successful company engaged in the big ticket leasing sector of the aviation, shipping and infrastructure industries. Oasis International Leasing is listed on the Abu Dhabi Securities Market.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, Ajman, Ras Al Khaimah, Doha, Manama, Al Khobar and Muscat. The company has been growing at a very rapid 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. Tabreed is a member of the International District Energy Association (IDEA), Association of Energy Engineers (AEE), International Association for Energy Economics (IAEE), International Institute of Refrigeration (IIR), American Gas Cooling Centre, Inc. (AGCC) and the Dubai Quality Group.
About GIB
GIB is a leading merchant bank with its principal focus on the GCC markets. With a proven track record spanning 30 years, GIB provides client-led, innovative financial products and services. The Bank's Islamic banking products include project financing, structured finance, syndicated lending and corporate finance, in addition to Islamic capital market products (Sukuk).
For further information:
From Oasis Leasing:
Bob Pearce
Asda'a Public Relations
Abu Dhabi
Tel 971 2 633 4133
Fax 971 2 633 3233
From Tabreed:
Rita Chahoud
Tel: +971-4-3404422
Fax: +971-4-3404420
From Gulf International Bank:
Abdullah Naneesh
Head of Corporate Communications
Tel: +973 17 522 479
Posted by Lara Lynn Golden, News EditorMonday, August 28 - 2006 at 14:15 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.
This article was updated on Tue May 01 2007.
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