National Central Cooling Company PJSC (Tabreed), the UAE-based international district cooling developer, has announced the acquisition of a 80 per cent stake in Emaar Properties PJSC?s (Emaar) Downtown Dubai district cooling business at a cost of US$680mn
Emaar will retain a 20 per cent stake as part of the long-term partnership with Tabreed.
Downtown Dubai is Emaar?s flagship mega-development at the heart of the city with Burj Khalifa, The Dubai Mall, The Dubai Fountain, Dubai Opera and other landmark residential, commercial and hospitality developments around it. The long-term concession is set to provide up to 235,000 RT of cooling to Dubai?s one of the most prestigious developments with the largest integrated energy efficient cooling scheme in the world.
The district cooling scheme provides 150,000 RT of contracted capacity through a network that distributes chilled water produced in three already built interconnected district cooling plants. It is 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.
With this transaction, Tabreed?s portfolio includes the Burj Khalifa, Dubai Mall, Dubai Opera, the RTA?s Dubai Metro, Abu Dhabi Global Market, Etihad Towers, Yas Island, Aldar HQ, World Trade Centre Abu Dhabi, Cleveland Clinic Abu Dhabi, The Sheikh Zayed Grand Mosque, Bahrain Financial Harbour, Knowledge Oasis Muscat and the Jabal Omar Project in the holy city of Mecca.
