District cooling pioneer to provide 3,400 TR cooling services to premier residential and commercial project
RAK, September 10, 2006: RAK Properties, the leading real estate developer in the emirate of Ras Al Khaimah, has signed an agreement with the National Central Cooling Company (Tabreed) to provide cooling services with a capacity of 3,400 Tons of Refrigeration (TR) for its Julfar Towers mixed-use development.
Tabreed, the award-winning Middle East district cooling technology pioneer, will supply cooling for the prestigious Julfar Towers project from its Al Manar scheme.
"Julfar Towers is one of RAK Properties' premier projects in the region, aimed at developing the emirate of RAK into a primary tourist destination," said Mohammed Al Qadi, Managing Director, RAK Properties. "Aligning ourselves with Tabreed, the world's largest district cooling company proves that RAK Properties is proactive in its commitment to provide top notch developments for its projects, to match the spurt in the emirate's real estate sector."
Ras Al Khaimah is undergoing tremendous change, all of which is triggered by the emirate's Deputy Ruler & Crown Prince, HH Sheikh Saud bin Saqr Al Qasimi and led by the vision of HH Sheikh Saqr Bin Muhammad Al Qasimi, Ruler of Ras Al Khaimah.
The sudden boom in the real estate sector is being spearheaded by RAK Properties, with most of the premier projects being handled by it.
"With the signing of this agreement, RAK Properties has demonstrated its commitment to delivering environmentally-friendly technologies to its communities," said Tabreed's Chief Executive Officer, Dany Safi.
Tabreed employs the concept of district cooling which works by piping chilled water from a centralized plant to the buildings that require to be cooled. Designed to be more efficient than conventional air-conditioning, Tabreed's projects use either gas or electricity from the local grid to cool any site. This technology uses 40% less energy as compared to conventional cooling methods.
Landlords are attracted to the maintenance-free, economic and environmentally friendly cooling benefits of the technology, while tenants enjoy reduced ambient noise and better temperature control in their homes, making it the perfect solution for all cooling requirements.
The Julfar Towers consists of two 43-storey towers, one residential, which has 349 apartments and one office, which has 468 offices, on the same podium.
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Notes to EditorsRAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company that operates in a sector that is enjoying an economic boom. It is established to implement the emirate's plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers - a 43-storied twin office and residential project at a cost of AED500 million - in February 2006 followed by Mina Al Arab - spread over 30 million sq. feet at a cost of AED 10 Billion - in May 2006.
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, Al Khobar and Muscat. The company has been growing at a very rapid pace and was awarded two gold awards in 2004 by the International District Energy Association in the USA for new customers by the number of buildings it serves and by the cooling load. The company has recently been assigned a BBB- rating with a stable outlook by Standard and Poor's - the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research and data.
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.
For further information, please contact:
Lina Anani
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in
Middle East and North Africa
Dubai,
UAE
Tel: +971-4-3344550, Fax: +971-4-3356080
E-Mail: l.anani@asdaa.com
© Press Release 2006
