TOKYO, Japan, 15 May 2023: Marubeni Corporation said it has entered into a joint venture with Saudi Arabia-headquartered Ajlan & Bros for Trading and with Qatar-headquartered United District Energy International (UDEI) on January 19 to enter into the District Cooling business in the Kingdom of Saudi Arabia. Making the announcement through a Press release it sent to Climate Control Middle East on May 15, Marubeni said the company formed through the JV has been incorporated as Diarona District Energy Limited.
Marubeni said demand for District Cooling in the Kingdom is expected to expand due to factors such as continuous population growth and urbanisation, vigorous real estate development and increased motivation for energy conservation. Marubeni said the three companies aim to meet local demand by combining Marubeni’s knowhow in infrastructure business development and operation in the Kingdom; UDEI’s extensive experience in District Cooling; and Ajlan’s local network, by virtue of its involvement in a wide range of businesses in the Kingdom.
Marubeni said it formulated its long-term vision for climate change in March 2021 and has positioned a green strategy as one of its basic policies for enhancing corporate value in its mid-term management strategy, ‘GC2024’. Through the tripartite initiative, Marubeni said, it will expand its community-based utility service business, accelerate the process of decarbonisation, and contribute to the sustainable economic development of the Kingdom.