News Formal

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

  • 📰 Reuters
  • ⏱ Reading Time:
  • 13 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 8%
  • Publisher: 97%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

AnayasaNevzat

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines