Dubai's Emaar denies plan to sell district cooling business

Emaar denial follows claims that Burj Khalifa developer had hired Standard Chartered to arrange the sale of cooling business
Dubai's Emaar denies plan to sell district cooling business
Emaar Properties is the builder of the world-famous Burj Khalifa in Dubai.
By Shane McGinley
Mon 27 May 2019 02:54 PM

Dubai developer Emaar Properties has denied a report on Sunday it is planning to sell its district cooling business.

The Reuters news agency claimed sources had told them the developer had hired advisors, including Standard Chartered, to arrange the sale of Emaar Distict Cooling.

However, an Emaar spokesperson denied the report, claiming “the information is factually incorrect”.

Emaar Properties in March recorded one of its highest ever quarterly sales in Dubai in Q1 2019 at $1.628 billion (AED 5.979 billion), a 53 percent increase from $1.063bn (AED3.906bn) in the same period as 2018.

The rise in numbers was largely due to a 123 percent surge in sales to international customers, which more than doubled to $720 million, compared to $323 million (AED1.187bn) in Q1 2018.

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