Tabreed announces acquisition of 80% share in Emaar District Cooling System in Dubai

By District Energy posted 04-07-2020 07:43

  

Tabreed News

Summary

150,000 RT downtown network serves iconic properties including the Burj Khalifa, the world’s tallest building.

Tabreed has announced the acquisition of an 80% stake in Emaar Properties PJSC’s Downtown Dubai district cooling business at a cost of AED 2.48 billion (USD 675m). Emaar will retain a 20% stake as part of the long-term partnership with Tabreed.

The destination is home to the iconic Burj Khalifa – the world’s tallest building, The Dubai Mall, The Dubai Fountain, Dubai Opera and other landmark residential, commercial and hospitality developments. The long-term concession will exclusively provide up to 235,000 RT of cooling. 

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 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. 

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. We are proud to be a partner of choice for Emaar and to serve their iconic developments in Downtown Dubai.” 

With this transaction, Tabreed’s extensive portfolio of iconic developments now 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.

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