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Dubai's Emaar denies reports of district cooling business's sale

Reports of Standard Chartered being hired to arrange the sale of Emaar District Cooling are 'factually inaccurate'

Emaar is the developer behind Burj Khalifa.
CW archives
Emaar is the developer behind Burj Khalifa.

Dubai real estate developer Emaar Properties, the company behind the world's tallest tower, Burj Khalifa, denied reports that it had hired advisors, including Standard Chartered, to plan the sale of its district cooling business, Emaar District Cooling.

According to a report by Construction Week's sister title Arabian Business, an Emaar spokesperson said the information was “factually incorrect”.

Emaar Properties recorded one of its highest quarterly sales in Dubai in Q1 2019, worth $1.6bn (AED5.9bn), which marked a 53% increase from the $1.063bn (AED3.906bn) it posted in Q1 2018.

The rise was primarily due to a 123% increase in sales to international customers, which doubled to $720m (AED2.6bn) in Q1 2019 from $323 million (AED1.187bn) in Q1 2018.

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Construction Week - Issue 747
Aug 03, 2019