Tabreed, the leading UAE-based international district cooling developer has announced the acquisition of a 80% stake in Emaar Properties PJSC’s Downtown Dubai district cooling business at a cost of AED 2.48 billion (USD 675m).
Emaar, one of the world’s largest real estate companies and a global property developer, will retain a 20% stake as part of the long-term partnership with Tabreed.
The long-term concession will provide up to 235,000 RT of cooling to the developments with the largest integrated energy efficient cooling scheme in the world.
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