MANAMA, 20 May 2007 — Bahrain-based Arcapita Bank and French energy firm Dalkia have agreed to develop district cooling projects in GCC states, focusing on Saudi Arabia, Bahrain, Kuwait and Qatar. They have already started two projects worth $200 million, with Arcapita holding an 85 percent stake. The partners plan to invest $1 billion in joint projects over the next three years.
Arcapita and Dalkia will form project specific joint ventures to provide GCC real estate projects with essential utilities services, leading with technologically-advanced district cooling services. District cooling is increasingly being adopted as the preferred cooling technology for developers for its energy efficiency.