|06 April, 2020

Dubai's Emaar sells majority of cooling business to Tabreed for $675mln

Emaar will retain a 20% share in the business through a long-term partnership with Tabreed

Image used for illustrative purpose. The corporate logo of EMAAR is seen in Dubai, United Arab Emirates, December 28, 2018.

Image used for illustrative purpose. The corporate logo of EMAAR is seen in Dubai, United Arab Emirates, December 28, 2018.

REUTERS/ Hamad I Mohammed

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% 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. ($1 = 3.6729 UAE dirham)

(Reporting by Alexander Cornwell; Editing by Muralikumar Anantharaman) ((Alexander.Cornwell@thomsonreuters.com;))

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