Built to inform

Sign up for the daily newsletters

No, Thank you

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.

Most popular

Awards

Construction industry conversations around digitisation must evolve
The Middle East construction industry’s approach to tech must evolve and focus on how can

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 754
Nov 23, 2019