Tabreed buys 80% stake in Emaar’s Downtown district cooling assets for Dh2.48bn – The National

Tabreed buys 80% stake in Emaar’s Downtown district cooling assets for Dh2.48bn – The National

Tabreed will control 80 per cent of one district cooling scheme, one of the biggest in the world, while Emaar will retain the remaining stake as part of longer term partnership with Tabreed, the firms said in joint statement to the Dubai Financial Market , where their shares trade.. The long-term concession will exclusively provide up to 235,000 Refrigeration Tonnes (RT) of cooling to the development.. Following the transaction, Tabreed's total capacity increases 12.6 per cent to 1,338,602 RT from 83 plants.. The company is well placed to take advantage of growth opportunities and expects its enhanced presence within Dubai will help it achieve its long-term objectives, he noted.. 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 joint venture with environmental management company Bee'ah.. Tabreed is also consolidating a number of service offerings to set up a new entity, Tabreed Energy Services, offering consultancy services, as well as operation and maintenance services for cooling plants.. The company is also eyeing new opportunities to boost growth across the GCC, India and Egypt, either through acquisitions