Dubai is seeking a buyer for the cooling system operations of its biggest airport as Gulf Arab states lean on asset sales and debt to shore up their finances.
The government entity overseeing the main airport’s infrastructure has hired Standard Chartered Plc as adviser on the transaction, with the entire business valued at around $750 million, according to people familiar with the matter, who asked not to be identified because details are private. As part of the deal, investors obtain a long-term lease to operate the assets, they said, offering steady returns for the duration of the contract.
The company is looking to offer a controlling stake and is approaching local and international district cooling specialists, as well as global infrastructure players, the people said. Talks are at an early stage and there is no guarantee a deal will be reached.
StanChart declined to comment. Dubai’s media office didn’t reply to messages seeking comment.
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