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TDIC Appoints Dalkia and Arcapita Joint Venture for one of the Middle East's Largest District Cooling Plant Operations

(Manama, February 19, 2011) - Tourism Development & Investment Company (TDIC), the master developer of tourism, cultural and residential projects in Abu Dhabi, has awarded the contract for the district cooling plant operation on Saadiyat to a joint venture partnership between Dalkia and Arcapita. The project will incorporate three plants, and will be one of the Middle East’s largest district cooling plant operations, providing a combined capacity of fifty thousand tonnes of refrigeration (177 MW), and servicing a 27km2 area.

Dalkia and Arcapita have been awarded a 29 year concession, with responsibility for the design, build, finance, operation and maintenance of the plants. These will provide cooling to the hotels in the Saadiyat Beach District, including the Park Hyatt Abu Dhabi Hotel and Villas, and St Regis Saadiyat Island Resort, both of which are due to open later this year, in addition to the Saadiyat Marina Apartments and Saadiyat Cultural District, comprising the Zayed National Museum, Guggenheim Abu Dhabi, Louvre Abu Dhabi and Performing Arts Centre.

Andrew Seymour, Director of Infrastructure, TDIC, said, “The awarding of contracts for the cooling plants is an important step forward in the infrastructure development of Saadiyat, as we prepare for the opening of the island’s first hotels later this year, and look forward to further projects coming on line in the near future. TDIC’s objective in the cooling element of Saadiyat’s infrastructure was to develop a strategy that will provide cost-effective, efficient cooling services across the 1.6 million m2 built up area, while managing the issues of water conservation and environmental output. Dalkia and Arcapita’s expertise in district cooling made them the most appropriate fit for Saadiyat’s cooling needs.”

“District cooling technology makes long-term, sustainable and environmentally-aware cooling strategies far more achievable, especially in the Middle East, one of the world’s most challenging climates. Dalkia’s expertise in overall energy management will contribute significantly to reducing Saadiyat Island’s environmental impact, including the use of sewage-treated water in the cooling process. We welcome the opportunity to create a model cooling environment for Saadiyat, which is set to become an important new leisure, commercial and residential destination.” said Olivier Barbaroux, Chairman of Dalkia.

Atif A. Abdulmalik, Chief Executive of Arcapita, added, “The addition of this very prestigious project into our portfolio of district cooling investments is excellent news for our investors. It will also give us good positioning as we proceed in our partnership with Dalkia to build out further projects in this region”.

During the concession period, Arcapita will provide the majority of financing for the project, while Dalkia which manages 819 energy networks across 42 countries worldwide, will own 15% of the joint venture, perform engineering works, manage the construction of the plants and operations. The companies will recover their investment by charging each of the island’s properties for the provision of cooling. Both organisations have extensive experience in the Middle East.

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