Union Properties 'in final stages' of selling stake in Emicool

The buyer for Union Properties' entire stake in the company will be announced in the next few days
Looking to the future, Khouri said that Union Properties will be focused on the further development of its business in other key sectors.
By Bernd Debusmann Jr
Wed 10 Jan 2018 09:19 AM

Real estate developer Union Properties is in the final stage of selling its entire stake in cooling service provider Emirates District Cooling (Emicool), the company announced on Tuesday.

According to Union Properties, it has received “several” offers to buy its entire stake from several UAE-based companies, and is currently finalising the necessary legal formalities. The buyer will be announced in the next few days.

“The sale of Union Properties’ stake in Emicool LLC is another important milestone for us, and will contribute to our new strategy to enhance our investments, diversify our revenue streams, expand our business, and venture into new markets,” said Ahmed Yousef Khouri, group CEO of Union Properties.

“At a time when Union Properties is undergoing a new phase of growth, this move further strengthens our focus on core operations, and tapping into new sectors.”

Looking to the future, Khouri said that Union Properties will be focused on the further development of its business in other key sectors.

Emicool provides district cooling for a number of residential, commercial and industrial areas in the UAE, including MotorCity, Dubai Investments Park, Sports City, the Palazzo Versace hotel and Damac Hills.

According to Emicol, it increased its overall productivity 13 percent in 2016 and 18 percent in 2017, and is currently seeking to expand its operational capacity to over 500,000 metric tonnes by 2020.

For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Last Updated: Wed 10 Jan 2018 09:21 AM GST

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.