UAE – Mubasher: Dubai is seeking a buyer for the $750 million worth cooling system operations of its largest airport as GCC states lean on asset sales and debt to shore up their finances, Bloomberg said.

The government entity overseeing the main airport’s infrastructure has hired Standard Chartered Plc as an adviser on the transaction, according to people familiar with the matter.

As part of the deal, investors obtain a long-term lease to operate the assets, offering steady returns for the duration of the contract.

The company is looking to offer a majority stake and is approaching local and international district cooling specialists, as well as global infrastructure players, the people said, adding that talks are at an early stage and there is no guarantee a deal will be reached.

Like its Gulf neighbours, the emirate is trying to contain the damage caused by the coronavirus pandemic amid a broader economic downturn linked to low oil prices.  

Dubai’s fundraising will perhaps focus on key sectors of its economy such as travel, logistics, and real estate, as the emirate is built on trade and tourism.

With a surface of more than 2 million square meters, Dubai’s international airport is one of the world’s biggest and busiest travel hubs. It homes Emirates airline, which helped bolster Dubai’s place as an international tourism and business centre.