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Dubai's Emaar Properties hires advisors for sale of district cooling unit - sources

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Dubai's Emaar Properties hires advisors for sale of district cooling unit - sources
A logo of Dubai's Emaar Properties, builder of the world's tallest tower, is seen at an under-construction building, in Dubai, UAE March 3, 2016. REUTERS/Ahmed Jadallah   -   Copyright  Ahmed Jadallah(Reuters)
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By Hadeel Al Sayegh

DUBAI (Reuters) – Dubai’s Emaar Properties has hired advisors including Standard Chartered for the sale of its district cooling business, sources told Reuters.

Established in 2004, the unit provides cooling services to key projects in the United Arab Emirates, according to the company’s Linkedin page.

Emaar was not immediately available to comment when contacted by Reuters on Sunday, while Standard Chartered declined to comment.

The developer of the world’s tallest skyscraper, the Burj Khalifa, last year hired the London-headquartered bank for the disposal of five hospitality assets, which were sold to Abu Dhabi National Hotels.

Emaar, which is 32% owned by the emirate’s government, is seeking to sell non-core assets, Emaar’s chairman Mohammed Alabbar said in a interview with CNBC Arabia in July last year.

The company’s core businesses focus on property development, retail and hospitality. Earlier this month the group reported a 7.2% jump in first-quarter profit, helped by a significant jump in sales.

Emaar said it made 1.74 billion dirhams (372.91 million pounds) in the three months to March 31 compared with 1.63 billion a year earlier.

(Reporting by Hadeel Al Sayegh; Editing by David Holmes)

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