19th January 2023: United District Energy International ‘UDEI’ the international arm of Qatar Cool, Marubeni Corporation and Ajlan & Bros Holding announce the signing of an agreement for the creation of a joint venture company called Diarona District Energy Limited, positioned in the Kingdom of Saudi Arabia. Today’s announcement is the furtherance and result of discussions of a strategic alliance in the district energy sector in the Kingdom. The Company’s objective is to become the reference in delivering sustainable cooling solutions through the application of District Cooling.
The new company will aim to bring together UDEI’s cutting-edge district cooling technologies and expertise, with Marubeni Corporation’s knowledge and experience in the development and operation of infrastructure projects and the energy sector, and Ajlan & Bros Holding’s diverse portfolio in real estate and technology.
Diarona District Energy Limited will have its headquarters located in Riyadh. Under the agreement, all parties will share their expertise and resources with the intent to leverage the three companies’ proficiency and provide best-in-class services to the Kingdom to establish itself as a leading district cooling provider in a fast-growing market.
Yasser Al-Jaidah, UDEI Director and Qatar Cool CEO, comments on the occasion, “With our experience and successes from Qatar Cool we are eager to expand upon this, and to be the driving force of sustainable cooling technology in Saudi Arabia. We are incredibly pleased to have entered a joint venture with Marubeni Corporation and Ajlan & Bros Holding, who share our desire to take on new challenges and expand the green energy sector. We will endeavor to create new value through the fusion brought by the blend of our different industries and look forward to Diarona District Energy Limited’s growth and success.”
Marubeni’s Satoru Harada, Executive Officer, Chief Operating Officer, Power Business Division commented, “We are very excited to start this new venture with our partners in an increasingly growing sector in the Kingdom. The entry into this joint venture and business is in line with Marubeni’s mid-term management strategy to become a forerunner in Green Business. Marubeni is looking forward to bringing its expertise and experience in developing major infrastructure projects in the Kingdom and the wider region to contribute to the growth of the joint venture and to deliver value to our customers.”
His Excellency Ali AlHazmi, Group Chief Executive Officer of Ajlan & Bros Holding added, “The creation of Diarona District Energy with such well-respected and internationally recognised partners as UDEI and Marubeni, is a demonstration of our commitment to building world-class business to support Vision 2030 and the prosperity of the Kingdom of Saudi Arabia. Moreover, we, at Ajlan & Bros Holding, believe in the strategic importance of the increased demand for water, power and district cooling requirements driven by the rapid growth of expanding industrial-based demand. Therefore, entering this strategic collaboration with our partners is a pivotal step towards enhancing all local measures to be in place and make sure that we are satisfying the major and critical requirements for such industry in the region and in the coming era driven by all strategic projects both in the Kingdom of Saudi Arabia and worldwide.
H.E Mr. Turki Al Khater, Chairman of Qatar Cool added “the synergy of these three prominent companies creates a strong foothold in the market and industry alike. UDEI is well-appointed and proficient in expanding into the KSA market, and together with Marubeni Corporation and Ajlan & Bros Holding will become a force of change. We are confident that this joint venture will see the success of Diarona District Energy Limited and we look forward to celebrating the achievements and milestones of the company and the new partnership.”