Arab Finance: The UAE-based cooling solutions provider Tabreed is currently in negotiation to expand in the Egyptian market after its first district cooling plant started operations at Marakez’s Downtown Katameya Mall, the firm’s CFO Adel Al Wahedi told Asharq Business.

Al Wahedi noted that the company has been wary of investing in Egypt, given the volatility of the local currency, as their operations are long-term investments made in the local currency, not in foreign currency.

However, he pointed out that the company observed improved stability in the Egyptian market in recent weeks, striving for even greater stability.

Earlier this year, it was reported that Tabreed terminated the previously signed contract with the Egyptians for Healthcare Services (EHCS) to provide the latter’s medical city CapitalMed with cooling solutions due to concerns over the devaluation of the Egyptian pound.

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