Emaar Properties has sold an 80% stake in its cooling business in the prime Dubai Downtown area to National Central Cooling Co (TABREED) for 2.48 billion dirhams ($675 million), the companies said on Monday.
Emaar will retain a 20% share in the business through a long-term partnership with Tabreed, they said in a statement to the Dubai bourse.
The downtown district cooling business, through a long-term concession, will provide up to 235,000 refrigerated tonnes of cooling to the area which includes the world’s tallest tower, the Burj Khalifa, and the Dubai Mall shopping centre.
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