Tabreed acquires $675m stake in Emaar’s district cooling business

Abu Dhabi’s Tabreed has acquired an 80 per cent stake in Emaar’s Downtown Dubai District cooling business for AED2.48bn ($675m).

Emaar will retain the 20 per cent stake as part of a long-term agreement with Tabreed.

The long-term concession agreement will cover the production of up to 235,000 refrigerated tonnes (RT) of cooling to the numerous real estate developments in the Downtown area, including the world’s tallest tower Burj Khalida, Dubai Mall and the Opera house in addition to residential and commercial office buildings.

The Downtown Dubai district cooling scheme currently provides 150,000 refrigerated tonnes (RT) of capacity through three interconnected district cooling plants. A fourth plant is currently under construction.

Following the Emaar transaction, Tabreed now has total RT capacity in Dubai of 278,801 RT, and a total capacity of 1,338,602 RT from 83 district cooling plants across the UAE.