Saudi Press

Saudi Arabia and the world
Sunday, Jun 01, 2025

PIF acquires 30% stake in Saudi Tabreed to boost sustainable cooling in the Kingdom

PIF acquires 30% stake in Saudi Tabreed to boost sustainable cooling in the Kingdom

The Public Investment Fund on Sunday announced the acquisition of a 30 percent stake in the Saudi Tabreed District Cooling Co., a leading provider of sustainable district cooling schemes for some of the largest projects in Saudi Arabia.
Saudi Tabreed offers highly efficient solutions that drive reductions in power consumption and the costs of operation and maintenance and encourage alternatives to traditional air conditioning systems.

District cooling is recognized as one of the most energy-efficient solutions due to its ability to conserve natural resources, significantly contributing to reducing greenhouse gases.

According to a PIF statement, the cooling provider currently manages 779,000 tons of refrigeration via contracts with major companies in the Kingdom, including Saudi Arabian Oil Co.’s Dhahran district cooling plant, the Jabal Omar facility in Makkah, the district cooling scheme at King Khalid International Airport in Riyadh, and a centralized facility at the AMAAD Business Park in Dhahran.

Saudi Tabreed also serves The Red Sea Project, a vital part of Saudi Arabia’s Vision 2030.

“Our investment in Saudi Tabreed will support the achievement of PIF’s economic diversification goals, especially in light of the anticipated growth in Saudi Arabia’s district cooling market,” said Yazeed A. Al-Humied, deputy governor and head of MENA Investments at PIF.

“The investment is also fully aligned with PIF’s strategy to enable promising sectors in the country, and supports Saudi Arabia’s transition to sustainable and more efficient sources of energy,” he added.

“PIF’s investment further enhances our position as a market leader in Saudi Arabia. With added credibility and stronger financial performance, being part of the PIF portfolio significantly expands our ability to support the country’s energy transition and sustainability targets,” said Mohammed Abunayyan, chairman of the board, Saudi Tabreed.

“We are committed to working together as we move forward in our mission to enhance Saudi Arabia’s urban development through innovative, advanced, and highly efficient district cooling solutions.”

PIF has a strong track record of investing in the low-carbon sector, including electric vehicles and solar energy projects, as part of a commitment to developing 70 percent of the Kingdom’s renewable energy by 2030.

The fund has significant investments in renewable energy companies, such as ACWA Power and the Sudair and Al Shuaibah Solar Energy projects, and in developing electric vehicles through investments in Lucid Motors, Ceer and E1.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
Michael Jordan to Serve as Analyst for NBA Games
×