Dubai's Emaar sells 80% stake in cooling system for $675M:
Dubai’s state-backed developer Emaar said on Monday it sold an 80% share of its district cooling project around the Burj Khalifa, the world’s tallest building, for $675 million as the city-state’s property market suffers from the new coronavirus pandemic.
The sale to Tabreed, also known as the National Central Cooling Co., had been rumored for months amid the property market slowdown.
With the sale, Tabreed assumes majority ownership of a system of chilled water cooling plants that cool the Burj Khalifa, Dubai Opera and Dubai Mall during summer months that see temperatures rise above 45 degrees Celsius (113 degrees Fahrenheit).
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| A lone taxi cab drives over a typically gridlocked highway with the Burj Khalifa, the world's tallest building, in the skyline behind it in Dubai, United Arab Emirates, Monday, April 6, 2020. Dubai, one of seven sheikdoms in the United Arab Emirates, is now under a 24-hour lockdown over the new coronavirus pandemic. (AP Photo/Jon Gambrell) |
Dubai’s state-backed developer Emaar said on Monday it sold an 80% share of its district cooling project around the Burj Khalifa, the world’s tallest building, for $675 million as the city-state’s property market suffers from the new coronavirus pandemic.
The sale to Tabreed, also known as the National Central Cooling Co., had been rumored for months amid the property market slowdown.
With the sale, Tabreed assumes majority ownership of a system of chilled water cooling plants that cool the Burj Khalifa, Dubai Opera and Dubai Mall during summer months that see temperatures rise above 45 degrees Celsius (113 degrees Fahrenheit).
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