Acquires world’s largest district cooling scheme in Downtown Dubai
National Central Cooling Company (Tabreed) has announced the acquisition of a 80% stake in Emaar Properties Downtown Dubai district cooling business at a cost of AED 2.48 billion (US$ 675m). Emaar retain a 20% stake as part of the long-term partnership with Tabreed.
Downtown Dubai is Emaar’s flagship mega-development at the heart of the city. 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 3 already built interconnected district cooling plants; shortly followed by a 4th 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% to 1,338,602 RT from 83 plants.
“Tabreed is an international powerhouse in district cooling, with over 22 years of experience, operational excellence across 83 plants and investments in six countries. This acquisition, in the world’s largest district cooling market, is a further testament to our financial strength and leading market position,” affirmed Khaled Abdulla Al Qubaisi, Chairman, Tabreed.
“This is a key transaction for both Emaar and Tabreed. Emaar values the strategic partnerships we establish, making a concerted effort to nurture and deepen these alliances,” asserted Mohammed Alabbar, Chairman, Emaar Properties.
