City Cool L.L.C, a leading UAE-based District Cooling Provider and a subsidiary of Al Rajhi Investment Group, announced today that it has signed an agreement with the leading property firm in the region, The Land to provide state-of-the-art District Cooling infrastructure for Ajmakan project, one of the largest and prestigious real estate developments in Riyadh, Saudi Arabia.
The contract calls for City Cool to provide 40, 000 tones of refrigeration to cool Ajmakan through state of the art district cooling plants. The district cooling plants will consist of large centrifugal chillers -- widely recognized as the most energy-efficient means of providing cooling for large-scale developments.
City Cool’s scope of services at the Ajmakan development include the cooling of multiple buildings linked via a chilled water piping network.
City Cool’s district cooling solution which puts environment the first will help the occupants of the property development to reduce consumption of electricity upto 50% and to lower thousands of tons of CO2 (carbondioxide) emissions. The project is scheduled for completion in 2012.
“We are committed to providing the residents of our prestigious project, Ajmakan with the benefits of environment-friendly technologies and hence we opted for District cooling. City Cool was our natural choice for they had done exemplary work as a district cooling service provider for mega projects in the region. This has given us the confidence to select City Cool as the District cooling partner for Ajmakan”, said, Karim Jabbour Chief Executive Officer, The Land.
Commenting on the deal, Eng. Ibrahim Al- Rajhi, Chairman of City Cool said, “We are proud to have won this landmark deal in Saudi Arabia. By leveraging on our expertise and technology and our dedicated team of resources, we assure that we would be able to provide a unique energy-efficient and state of the art district cooling infrastructure for the Ajmakan development”.
“There is a lot of potential for District cooling in Saudi Arabia which is driven by the massive construction boom and the increasing demand for sustainable building solutions that call for energy and water conservation. Besides, Saudi offers an excellent infrastructure in terms of availability of power and other natural resources for the district cooling market to flourish”, added Eng. Ibrahim Al-Rajhi.
City Cool continues to ride on a wave of success as a key provider of district cooling solutions to prestigious developments in the Kingdom. Ajmakan is City Cool’s second major District cooling project in Saudi Arabia .Earlier, this June, the company was awarded the SR 630 million district cooling project for Emaar’s Bay la sun development in the Kingdom.
Ajmakan, that was launched last May, is one of the biggest real estate projects in Saudi Arabia and is located in Al Khuzama Quarter, one of Riyadh's most distinctive areas, on an area of around 1,750,000 square meters, with a total project value of about SR6.5bn.
The giant project comprises a fully integrated commercial zone with business centers, elite villas, palaces and a prestigious five-star hotel with advanced facilities. Furthermore, the commercial zone features a state of the art infrastructure, spacious streets, in addition to other services and facilities introduced to the Kingdom for the first time.
District Cooling System is built on the concept of centralizing the production of thermal energy in the form of chilled water and then distributing the chilled water to a range of residential, commercial and
government buildings through a network of underground pipes instead of using one local system for each building, thus creating both economic and environmental benefits. This results in reduced ambient noise and better temperature control for residents in their homes, while building owners or landlords can gain from reduced capital, operating and maintenance costs and substantial savings in electricity usage, since DCS uses only about 50 per cent of the energy required for conventional air-cooled chiller systems.
About The Land
The Land Real Estate Investment and Development (The Land) was founded in 2004 with the objective of bringing in-depth experience and a commitment to professionalism and integrity to the Middle East
real estate and construction industry.
Established by the Al Rajhi Investment Group, The Land is investing US$6.15 billion in major developments in Saudi Arabia (US$3 billion), Jordan (US$250 million), Bahrain (US$500 million), Palestine (US$200 million) and Qatar (US$2.2 billion), where it is the largest private investor in The Pearl-Qatar, the country’s first freehold development offered to international investors.
The Land’s property portfolio is expected to grow upto US$20 billion and the company has plans to expand into new territories with developments planned in Romania and Belarus.
Founded on the pioneering principles of detecting, developing rewarding real-estate investments throughout the Middle East, The Land offers its customers all-round satisfaction from project inception to project completion. The Land continues to grow successfully by creating a ‘total solutions’ synergy amongst its group companies:
• The Land Real Estate Investment & Development (www.theland-holding.com)
• Masharii Project Management and Business Development (www.masharii.com)
• Al-Arrab Contracting Company (www.arrab.com.sa)
• Operators Facility and Property Management (www.operators.com)
About City Cool
City Cool a subsidiary of the renowned Al Rajhi Investment Group, is a leading provider of unique District Cooling and Water Utilities services, to support the growth and betterment of the region. By combining effectively, tradition and innovative technology, City Cool is able to offer energy-efficient, cost-effective and environment-friendly solutions to cater to the cooling infrastructure and power requirements of mega projects in real estate developments. With a team of highly skilled and dedicated resources, the company provides expertise in every phase of District Cooling and Water Utility Systems, from designing and installation to operation and maintenance. City Cool has an established presence in the UAE, the Kingdom of Saudi Arabia and the Kingdom of Bahrain. For more details, visit, www.city-cool.com
About Al Rajhi Investment Group
Al Rajhi Investment Group (www.alrajhi-group.com) is a well established diversified business group
located in KSA and UAE. With interests ranging from upstream and downstream petrochemicals, building materials, real estate and contracting, to infrastructure businesses.Al Rajhi Investment Group has successfully made direct investments in a number of companies – to name a few, Tameer Real Estate Company, Injaz Company: Al Rajhi Construction LLC Company, Al Rajhi Petrochemical Group, DC PRO Engineering Al Rajhi Utilities Development Company, MADA Gypsum Company (MGC), Clad Tech International, Saudi Waterproofing Company (TechnoBit), Mabani Steel Company, Precast Technologies Company (PreTech), Gulf Packaging Industries (GPIL) and Gulf Farabi Petrochemical Company Limited (GFP).
