The UAE district cooling firm Tabreed is the latest to confirm it will allow a 100 percent foreign investor stake in the company, thus joining Aramex, Abu Dhabi National Hotels, and the investment company Amanat. Emaar should join their ranks shortly after a September 21 shareholders meeting.
On September 12, Tabreed held a shareholder’s meeting that went on to amend Article (7) of the Articles of Association. The earlier foreign owner limit was capped at 49 percent. (Current actual foreign buyer stake in the company is just over 4 percent.
The Abu Dhabi wealth fund Mubadala is the major shareholder in Tabreed. “Tabreed is a hugely valuable company to Mubadala, which has been the majority shareholder since 2011, and what this revision to the Articles of Association does is maximize flexibility and ensure optimum share marketability, in turn making Tabreed’s future more secure than ever,” said Khaled Abdulla Al Qubaisi, Chairman of Tabreed.