Dubai-based Emirates District Cooling (Emicool), a joint venture between Dubai Investments and
Union Properties, signed a 793 million dirham ($216 million) Islamic loan guaranteed by both parents, a
statement said on Sunday.
Structured in a sharia-compliant manner, the facility runs for ten years, according to the statement from Mashreq, one of the banks providing finance.
The cash will be used to refinance a 668 million dirham bridge loan and other facilities raised with banks on an
individual basis, which funded construction of cooling plants in the Motor City and Dubai Investment Park areas of the emirate.
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