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Tabreed signs AED 2.48bn deal to acquire district cooling system

Tabreed signs AED 2.48bn deal to acquire district cooling system
Tabreed's production capacity in Dubai has risen to 278,801 RT
Tabreed
TABREED
-3.86% 3.24 -0.13
Emaar
EMAAR
-0.49% 8.15 -0.04

Dubai – Mubasher: The National Central Cooling Company (Tabreed) has inked an agreement with Emaar Properties to acquire 80% of Emaar's Downtown Dubai district cooling system at a value of AED 2.48 billion ($675 million).

Through this long-term partnership, the two companies will offer 235,000 refrigeration tonnes (RT) of cooling to Dubai’s most prominent projects and destinations through the world's largest integrated energy-efficient cooling system, which currently has a contracted capacity of 150,000 RT, according to a press release on Monday.

Following the completion of the acquisition, Tabreed's production capacity in Dubai has risen to 278,801 RT, making its total production increase by 12.6% to 1.338 million RT from 83 plants.

The chairman of Tabreed, Khaled Abdulla Al Qubaisi, said: "This acquisition, in the world’s largest district cooling market, is a further testament to our financial strength and leading market position. We are well placed to take advantage of growth opportunities and expect our enhanced presence within the Dubai market to further enable us to reach our long-term objectives.”

Meanwhile, the chairman of Emaar Properties, Mohamed Alabbar, noted: "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."