The shareholders of the National Central Cooling Company (Tabreed) have voted to allow 100 percent foreign ownership of the company.
In a statement, Tabreed said that the previous cap on foreign ownership was 49 percent, in line with UAE law stipulating that foreign companies could operate onshore in the Emirates only with a UAE national or wholly-owned UAE company owning 51 percent of the share capital.
Tabreed is majority-owned by Abu Dhabi’s state-owned fund Mubadala.
Khaled Abdulla Al Qubaisi, Chairman Tabreed, said the move is expected to “provide greater opportunities to benefit from foreign investment”.
“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,” Al Qubaisi said.