UAE’s Tabreed makes inroads locally with EGP 1.6 bn CapitalMed contract
The UAE’s Tabreed lands EGP 1.6 bn CapitalMed contract: Dubai-listed district cooling firm Tabreed will design, build and operate a heating and cooling plant at the Badr city medical complex as part of an AED 306.4 mn (EGP 1.6 bn) contract signed with project developer Egyptians for Healthcare Services (EHCS), it said in a disclosure to the Dubai stock exchange (pdf). Shaker Consultancy will join Tabreed on the project design, according to a press release (pdf).
Tabreed likes it here: The agreement comes as Tabreed looks to expand its local operations, after entering our market in February with a contract to provide cooling services for Marakez’s D5M Mall in New Cairo.
About CapitalMed: The EGP 18 bn private medical complex aims to serve as many as 20 mn people and include a general hospital and 19 specialist centers. Construction has begun on the first phase, which should open its doors next year. The International Finance Corporation came on board in June to help EHCS design, structure, budget, and manage the project, as well as to manage the equity side of its financing. EHCS Chairman and Managing Director Hassan El Kalla has described it as “the largest-ever development for healthcare in Egypt.”