Dubai Properties may buy Union Properties stake in Emicool
Dubai Investments, the investment holding company, may buy the Emirates District Cooling (Emicool) stake put up for sale by real estate developer Union Properties, according to chief executive Khalid bin Kalban. Emicool, set up in 2003, is jointly owned by Union Properties and Dubai Investments. The JV partners have the “first right of refusal” and Dubai Investments has already exercised the option, according to Mr bin Kalban. Union Properties has received several offers for its shareholding in Emicool from UAE firms, it said in a regulatory filing to the Dubai Financial Market. Union Properties is currently finalising the legal formalities, and will be announcing the buyer in the upcoming days. Emicool’s core operations are to provide district cooling services for residential, commercial and industrial areas, as well as distributing, transporting and selling cold water used in cooling equipment for individual and corporate clients.
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