ENGIE announces Tabreed acquisition of Dubai district cooling scheme
Leading UAE-based international district cooling developer Tabreed, whose largest shareholders include ENGIE, has announced the acquisition of an 80% stake in Emaar Properties PJSC’s (DFM: Emaar) Downtown Dubai district cooling business at a cost of AED 2.48 billion (USD 675m). Emaar, one of the world’s largest real estate companies and a global property developer, will retain a 20% stake as part of the long-term partnership with Tabreed.The long-term concession will exclusively provide up to 235,000 RT (refrigeration tonnes) of cooling to Dubai’s most prestigious developments with the largest integrated energy-efficient cooling scheme in the world.
Environmental highlights – (12 months ended 31 December 2019):- Contributed to saving 2.06 billion kilowatt/hours across the GCC – enough energy to power 117,500 homes in the UAE every year.
- These power savings prevented the release into the atmosphere of 1.23 million metric tons of carbon dioxide – the equivalent of eliminating the emissions from 268,000 vehicles annually.
- New operations will be eliminating an additional 180,000 metric tons of CO2.