UAE’s National Central Cooling Company (Tabreed) has acquired an 80 per cent stake in Emaar Properties‘ Downtown Dubai district cooling business.
In an announcement made yesterday, the company said that it had acquired an AED2.48 billion (US$675 million) stake in the cooling business, adding that Emaar would retain a 20 per cent stake as part of the long-term partnership.
Downtown Dubai is Emaar’s flagship mega-development at the heart of the city that is home to, among other landmarks, the Burj Khalifa – the world’s tallest building.
According to the announcement, the long-term concession will exclusively provide up to 235,000 RT of cooling to the city’s most prestigious developments with the largest integrated energy-efficient cooling scheme in the world.
Khaled Abdulla Al Qubaisi, Chairman of Tabreed called it a historical achievement for the company and added that it would accelerate its growth trajectory.
He added, “This acquisition, in the world’s largest district cooling market, is a further testament to our financial strength and leading market position. 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 long-term objectives.”
Chairman of Emaar Properties Mohamed Alabbar also said that this was a very important partnership for both the companies and added, “Emaar values the strategic partnerships we establish, making a concerted effort to nurture and deepen these alliances.
“Tabreed is one such example where we can identify with many synergies between the companies, and we’re pleased to see our prosperous journey reach new heights. Downtown Dubai is a hallmark of pride for Emaar and we trust Tabreed feels the same way, serving and treating its constituents as their own.”
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