Ever wondered how Dubai, bang in the middle of a scorching desert, manages to keep its buildings cool? The answer goes beyond air conditioners to something called district cooling—a system where a central plant circulates chilled water through pipes in buildings to provide thermal relief.

Tabreed, or the National Central Cooling Company PJSC as it is known on the Dubai Financial Market, has a big role to play in that system. The utility firm, whose major shareholders include sovereign wealth fund Mubadala Investment Company (41.9%) and France's Engie SA (40%), has hooked up large swathes of downtown Dubai to its …