DUBAI- Dubai Investments has acquired additional 50% stake in Emirates District Cooling, Emicool, from Union Properties for AED500 million. Following this acquisition, Dubai Investments owns 100% stake in Emicool.
Khalid bin Kalban, Managing Director and CEO of Dubai Investments, said, "The transaction strengthens Dubai Investments’ portfolio in the utility service domain, growing its asset base, and is expected to boost future profitability and deliver value to shareholders. Emicool has carved a niche in the district cooling sector, and Dubai Investments’ acquisition will spur its growth and expansion plans amidst surging demand in the region. The transaction will have a positive impact on Dubai Investments’ consolidated financials with EBITDA expected to increase by AED110 million. Total assets would go up by AED1.8 billion while liabilities would increase by AED1.2 billion." Established in 2003 and headquartered in Dubai Investments Park, Emicool currently provides district cooling services to over 19,000 customers in the UAE. Emicool is planning to increase its plant capacity to 500,000 Tonnes of Refrigeration by 2020, with the ramp up in construction leading to increased demand for district cooling services across UAE and the region.
© Copyright Emirates News Agency (WAM) 2018.