Tabreed buys 80% stake in Emaar cooling assets and looks at new opportunities – The National

Tabreed buys 80% stake in Emaar cooling assets and looks at new opportunities – The National

Tabreed buys 80% stake in Emaar cooling assets and looks at new opportunities. Chief executive Bader Al Lamki says company has appetite for more deals. Dubai's Tabreed bought a majority stake in Emaar Properties' Downtown Dubai district cooling business for Dh2.48 billion on Monday and said it is looking at new opportunities in its core markets to boost growth.. The company is well placed to ride out the current economic downturn in the wake of the coronavirus pandemic and is looking at long-term growth, Mr Al Lamki said.. We have flexibility and look at case by case," Mr Al Lamki said.. The long-term concession will exclusively provide up to 235,000 refrigeration tons of cooling to the development.. After the transaction, Tabreed's total capacity increases by 12.6 per cent to 1,338,602 RT from 83 plants.. "The acquisition materially improves Tabreed's position in Dubai, the world's largest district cooling market and contributes to improve Tabreed's operating diversity," the ratings agency said.. The deal is Tabreed's second acquisition this year.. In January, the company bought cooling plants in Masdar City and said it will explore the development of large-scale cooling plants in Sharjah through a venture with environmental management company Bee'ah.. Tabreed is