Dubai’s Emaar sells majority of cooling business to Tabreed for $675m

DUBAI: 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 percent 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 tons of cooling to the area which includes the world’s tallest tower, the Burj Khalifa, and the Dubai Mall shopping center.