Saudi Tabreed Valuation, Funding & Investors

Saudi Tabreed is valued at $833M as of December 2022.

Last Saudi Tabreed valuation

$833M

Undisclosed stage · Dec 2022

Last Saudi Tabreed funding round

$250M

Undisclosed stage · Dec 2022

Cumulative funding Saudi Tabreed raised

$250M

across 1 funding round

Key investors in Saudi Tabreed

  • Saudi Arabia's Public Investment Fund
  • Tabreed

Saudi Tabreed Overview

About Saudi Tabreed

Saudi Tabreed is a Riyadh-headquartered district cooling specialist established in 2008 as a joint venture with Emirates District Cooling. It develops, owns, and operates energy-efficient cooling plants on a build-own-operate model, serving high-profile sites including King Abdulaziz International Airport in Jeddah, Riyadh Metro stations, Kingdom Centre tower, and multiple government complexes across Saudi Arabia.


Founded

2006

HQ

Saudi ArabiaDammam

Status

Privately held

Customer focus

B2B & B2G

Revenue model

Services

Valuation

$833M (Dec 2022)

Saudi Tabreed Valuation

Saudi Tabreed is currently valued at $833M, based on its undisclosed-stage round in December 2022.

The $250M round was led by Saudi Arabia's Public Investment Fund.

Saudi Tabreed valuation by funding round

Saudi Tabreed valuation by funding round
DateStageValuation
Dec 2022Undisclosed stage$833M

Saudi Tabreed Funding History

Saudi Tabreed has raised a total of $250M across 1 funding round, plus 1 secondary share sale.

Saudi Tabreed funding rounds

Saudi Tabreed funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Dec 2022SecondaryTabreed (lead)$15M--
Dec 2022Undisclosed stageSaudi Arabia's Public Investment Fund (lead)$250M$833MSaudi Tabreed, a subsidiary of UAE-listed National Central Cooling Company (Tabreed), provides sustainable district cooling services in Saudi Arabia, serving major projects including the Red Sea Project, Saudi Aramco facilities, and urban developments like Jabal Omar in Mecca and King Abdullah Financial District, with a contracted capacity of 751,000 tons of refrigeration. Saudi Tabreed operates as a closed joint stock company with prior shareholders including Vision International Investment Co., Tabreed UAE, IDB Infrastructure Fund (II) “Mena Utilities,” and Al Mutlaq Group. In December 2022, Saudi Arabia's Public Investment Fund (PIF) acquired a 30% stake in Saudi Tabreed through a private placement of shares, with the transaction value estimated by Bloomberg at $250 million, though not officially disclosed. Concurrently, Tabreed purchased additional shares from Al Mutlaq Group for Industrial Investments for SAR 55 million ($14.62 million), increasing its ownership to 21.8%. A separate earlier acquisition by Tabreed in 2019 increased its stake to 28% for SAR 129 million, but this predates the PIF deal. The deal aligns with PIF's focus on sustainable investments and supports Saudi Vision 2030 by enhancing energy-efficient cooling infrastructure in key mega-projects. The PIF transaction was formalized with announcements around late 2022 to early 2023, including a February 2023 notice confirming the 30% equity acquisition.

Who has invested in Saudi Tabreed?

2 investors have backed Saudi Tabreed across its funding rounds, including Saudi Arabia's Public Investment Fund and Tabreed.

Lead investors include Tabreed and Saudi Arabia's Public Investment Fund.


Saudi Tabreed Investors

Investors in Saudi Tabreed by funding rounds participated
InvestorHQRoundsRoleFirst check

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Saudi Tabreed Competitors

Saudi Tabreed competitors include listed companies like JANAF, Excelerate Energy, Sinopec Kantons Holdings and Kenya Pipeline Company, and private ones like Órigo Energia and Sustech.

Public and private companies comparable to Saudi Tabreed
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
JANAFCroatiaCroatiaPublicly listed$137M$74M$928M-
Excelerate EnergyUnited StatesUnited StatesPublicly listed$1.2B$416M$1.1B2.6x
Sinopec Kantons HoldingsChinaChinaPublicly listed$84M-$1.2B-
Kenya Pipeline CompanyKenyaKenyaPublicly listed$317M-$1.3B-
Órigo EnergiaBrazilSão PauloPrivate--$816M-
SustechJapanTokyoPrivate--$800M-

Saudi Tabreed Public Comps

Saudi Tabreed is still privately-owned, but its public comps include Channel Infrastructure NZ, Paratus, CrossAmerica Partners, Pason Systems, ABRAJ Energy Services, Next Geo, ARKO Petroleum, Dor Alon Energy, Tetra Technologies and ProFrac.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Channel Infrastructure NZ$78M$54M13.0x11.7x19.1x17.1x
Paratus$153M-9.8x5.6x-14.1x
CrossAmerica Partners$3.7B$188M0.5x0.4x9.1x10.5x
Pason Systems$300M$93M2.6x2.5x8.3x6.8x
ABRAJ Energy Services$383M$127M2.9x2.7x8.6x8.1x
Next Geo$316M$80M2.6x2.1x10.4x8.0x
ARKO Petroleum$5.6B$139M0.3x0.3x11.9x10.8x
Dor Alon Energy$2.1B$169M1.0x-11.9x-

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Common questions about Saudi Tabreed

When was Saudi Tabreed founded?Saudi Tabreed was founded in 2006.
Where is Saudi Tabreed headquartered?Saudi Tabreed is headquartered in Dammam, Saudi Arabia.
Is Saudi Tabreed publicly listed?No, Saudi Tabreed is a private, VC-backed company.
What is Saudi Tabreed's valuation?Saudi Tabreed was last valued at $833M in its undisclosed-stage round in December 2022.
How much funding has Saudi Tabreed raised?Saudi Tabreed has raised $250M across 1 funding round.
What was Saudi Tabreed's last funding round?Saudi Tabreed's last funding round was a $250M undisclosed-stage round in December 2022, led by Saudi Arabia's Public Investment Fund.
Who are Saudi Tabreed's investors?Saudi Tabreed's investors include Tabreed and Saudi Arabia's Public Investment Fund.
Which companies are comparable to Saudi Tabreed?Companies comparable to Saudi Tabreed include JANAF, Excelerate Energy, Sinopec Kantons Holdings, Kenya Pipeline Company, Órigo Energia and Sustech.

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