The National Central Cooling Company, Tabreed, has acquired an 80 per cent stake in Emaar Properties’ Downton Dubai district cooling business. The UAE-based district cooling developer announced the Dhs2.48 billion ($675 million) acquisition on Monday, noting that Emaar will retain a 20 per cent stake as part of the long-term partnership.

Downtown Dubai is Emaar’s flagship mega-development at the heart of the city. The destination is home to Burj Khalifa - the world’s tallest building, and other landmark residential, commercial and hospitality developments.

The long-term concession will exclusively provide up to 235,000 RT of cooling to Dubai’s most prestigious developments with the largest integrated energy efficient cooling scheme in the world.

The district cooling scheme currently provides 150,000 RT of contracted capacity through a network that distributes chilled water produced in three already built interconnected district cooling plants; shortly followed by a fourth state-of-the-art plant that is currently under construction.  Following the completion of the transaction, Tabreed’s presence in Dubai has increased to 278,801 RT and its total capacity has increased by 12.6 per cent to 1,338,602 RT from 83 plants. Commenting on the announcement, Khaled Abdulla Al Qubaisi, Chairman of Tabreed, said, “This is a historic achievement for Tabreed and a truly transformational transaction for the company, accelerating our growth trajectory and consolidating our position in Dubai.

“This acquisition, in the world’s largest district cooling market, is a further testament to our financial strength and leading market position. We are well placed to take advantage of growth opportunities and expect our enhanced presence within the Dubai market to further enable us to reach our long-term objectives.”

WAM