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Emaar sells 80% of Downtown's district cooling scheme to Tabreed for Dh2.48 billion

Staff Report/Dubai
Filed on April 6, 2020 | Last updated on April 6, 2020 at 09.28 am
Tabreed, Emaar, Downtown, Burj Khalifa, Dubai Mall

(tabreed.ae)

Emaar will retain the remaining 20 per cent stake as part of the long-term partnership with Tabreed.

District cooling company Tabreed has acquired an 80 per cent stake in Emaar Properties' Downtown Dubai district's cooling business for Dh2.48 billion ($675m).

Emaar will retain the remaining 20 per cent stake as part of the long-term partnership with Tabreed.

Downtown Dubai is home to the iconic Burj Khalifa, the world's tallest building, The Dubai Mall, the most visited mall in the world, The Dubai Fountain, Dubai Opera and other landmark residential, commercial and hospitality developments.

The long-term concession will provide up to 235,000 RT of cooling to the developments with the largest integrated energy efficient cooling scheme in the world.

The district cooling scheme currently provides 150,000 RT of contracted capacity through a network that distributes chilled water produced in three already built interconnected district cooling plants, shortly followed by a 4th state-of-the-art plant that is currently under construction.

Following the completion of the transaction, Tabreed's presence in Dubai has increased to 278,801 RT and its total capacity has increased by 12.6 per cent to 1,338,602 RT from 83 plants.

Khaled Abdulla Al Qubaisi, chairman of Tabreed, said: "We are well placed to take advantage of growth opportunities and expect our enhanced presence within the Dubai market to further enable us to reach our longterm objectives."

Mohamed Alabbar, chairman of Emaar Properties, said: "This is a key transaction for both Emaar and Tabreed. Tabreed is one such example where we can identify with many synergies between the companies."

waheedabbas@khaleejtimes.com


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