Dubai’s Emaar Properties sold its 80% stake in its cooling business in the prime Dubai Downtown area to National Central Cooling Co. (Tabreed) for USD 675 mn, Invest-Gate reports.

Moreover, Emaar will maintain a 20% share in the business through a long-term partnership with Tabreed, the leading UAE-based district cooling developer said in a bourse statement.

The long-term concession will exclusively provide up to 235,000 RT of cooling to the downtown district cooling business with the largest integrated energy-efficient cooling scheme in the world.

The destination is home to the iconic Burj Khalifa, the Dubai Mall, the Dubai Fountain, Dubai Opera, and other residential, commercial and hospitality developments.