{"id":87951,"date":"2024-01-15T00:00:00","date_gmt":"2024-01-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/tabreed-terminates-capitalmed-contract-with-egypt-over-fx-concerns\/"},"modified":"2024-01-15T00:00:00","modified_gmt":"2024-01-15T00:00:00","slug":"tabreed-terminates-capitalmed-contract-with-egypt-over-fx-concerns","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/01\/15\/tabreed-terminates-capitalmed-contract-with-egypt-over-fx-concerns\/","title":{"rendered":"Tabreed terminates CapitalMed contract with Egypt over FX concerns"},"content":{"rendered":"

Tabreed pulls the plug on Egypt contract, citing FX concerns:<\/strong> DFM-listed district cooling firm Tabreed<\/a> has terminated a contract to build a heating and cooling plant for an Egyptian medical complex as Egypt\u2019s foreign exchange challenges make the project \u201cfinancially unsustainable,\u201d CEO Khalid Al Marzooqi told Asharq Business<\/a>. While the investment costs were in USD, its return was pegged in EGP, he explained.<\/p>\n

BACKGROUND- <\/strong>Tabreed landed an AED 306.4 mn (USD 83.4 mn) contract<\/a> in September 2022 to design, build, and operate a heating and cooling plant in Cairo for CapitalMed, a unit of Egyptians for Healthcare Services<\/a> (EHCS). The contract came just months after Tabreed entered the Egyptian market<\/a> with a contract to provide cooling services for mixed-use developer Marakez\u2019s D5M shopping center in East Cairo.<\/p>\n

How did EGP volatility impact the contract?<\/strong> Tabreed had asked EHCS to modify the water tariff rate set in the contract in response to the steeper-than-expected currency devaluation, but the latter declined the request, prompting the Emirati firm to withdraw from the project, Asharq reported, citing a source it says is in the know. <\/p>\n

Moving forward: <\/strong>While Tabreed\u2019s Chief Financial Officer Adel Al Wahedi said in July that the company was \u201cslowing down\u201d plans<\/a> for additional investment in Egypt as it waits for a stable outlook on the EGP, Al Marzouqi told Asharq that Tabreed is \u201cstill committed to investing in the Egyptian market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Tabreed was to design, build, and operate a heating and cooling plant for CapitalMed under an AED 306.4 mn (USD 83.4 mn) contract<\/p>\n","protected":false},"author":1,"featured_media":87952,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1557],"tags":[591,593,23,592,7,25,365],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-capitalmed","tag-egp-devaluation","tag-egypt","tag-egyptians-for-healthcare-services","tag-enterpriseam-uae","tag-investment-watch","tag-tabreed","wpautop","entry"],"acf":{"mongo_id":"9e34ce59-a435-462f-b5ef-c6175f64b723","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/906.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Tabreed terminates CapitalMed contract with Egypt over FX concerns","related_issue":[87940],"teaser":"Tabreed was to design, build, and operate a heating and cooling plant for CapitalMed under an AED 306.4 mn (USD 83.4 mn) contract","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.7cec58e6-c316-4d0f-b2db-fe2884279688.mp3"},"yoast_head":"\nTabreed terminates CapitalMed contract with Egypt over FX concerns - 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