Saudi Tabreed Achieves Financial Closure of SAR 1.84 Billion Project to Provide District Cooling to Saudi Aramco

AL KHOBAR, Saudi Arabia, May 5, 2010 - Saudi Tabreed celebrated the financial closure of the SAR 1.84 Billion
District Cooling Project with Saudi Aramco on BOO basis. The project has been
financed by Banque Saudi Fransi and is first of its kind in KSA, being done
on a limited recourse project-financing basis. Under the project, Saudi
Tabreed shall develop, own and operate a District Cooling System to provide
cooling services to Saudi Aramco's office complex in Dhahran area.

Saudi Tabreed shall design, construct, finance, own, operate and maintain
a centralized cooling plant and a network to supply chilled water to the
Saudi Aramco buildings with a cooling capacity of 27,000 Tons expandable to
32,000 Tones Refrigeration under a 25 Year concession.

The agreement between Saudi Aramco and Saudi Tabreed was signed on
February 21st, 2010. Commenting in the occasion, Mr. Mohammed Bin Abdullah
Abunayyan, Chairman of Saudi Tabreed stated that "This project reflects the
keenness of Saudi Aramco to protect the environment. By using a district
cooling system, which consumes almost half the electrical energy consumption
as compared to that for traditional methods of cooling, and thus would help
reducing the greenhouse gas carbon dioxide and its impact on global
warming."

Mr. Abunayyan also highlighted that it was of immense pride for Saudi
Tabreed to be working on developing the project for an internationally
acclaimed company such as Saudi Aramco. He stated that the representatives of
Saudi Aramco showed immense professionalism during the discussions and
finalization of the Project. This also reflected the keenness of Saudi Aramco
towards the participation of the private sector and in the development of
current and future projects planned by the company.

Saudi Tabreed founded in 2005, is majority owned by the Arabian Company for
Water and Power Development (ACWA Holdings), which specializes in development
of large infrastructure projects, particularly power and water projects. The
other key shareholder of Saudi Tabreed is National Central Cooling Company
UAE, "Tabreed", which is the pioneer in development and operations of number
of district cooling systems in MENA region.

Contact: Mr Absulsalam +96638872744

Mr Absulsalam +96638872744