Dubai – Mubasher: Dubai Investments has divested a 50% stake in Emirates District Cooling Company (EMICOOL) to Actis, an investor in sustainable infrastructure, at a corporate value of AED 3.7 billion ($1 billion).
The joint venture is in line with Emicool's vision to become a leading provider of sustainable and efficient district cooling services in MENA, according to a press release on Tuesday.
The deal, which is one of MENA's largest transactions in the district cooling industry, supports the growing demand for district cooling in the region.
The Vice-Chairman and CEO of Dubai Investments, Khalid bin Kalban, commented: "Over these years, Dubai Investments focused on re-engineering the cost of operations, invested in plant development, enhanced technological know-how, and created a strategic asset that has added significant value to the UAE’s district cooling sector."
Meanwhile, Actis Partner, Adrian Mucalov, said: "Actis also sees a clear opportunity for Emicool to become a regional leader in sustainable district cooling and related services."
