The board of directors of Dubai Investments has approved the transaction to dispose 50 percent of shares in its wholly-owned subsidiary Emirates District Cooling (Emicool), according to a stock exchange filing. 

The Dubai Financial Market (DFM)-listed  firm expects to gain a profit of 465 million dirhams from the sale.

Investment Corporation of Dubai, the emirate's sovereign wealth fund, holds 11.5 percent stake in Dubai Investments.

(Writing by Seban Scaria; editing by Cleofe Maceda)