Emaar Properties had traditionally owned its hotel sites but in 2019 it decided to sell off five prime hotel buildings. The properties – the Address Dubai Mall, Address Boulevard, Address Dubai Marina, Vida Downtown and Manzil Downtown hotels – contain about 1,000 hotel rooms and were sold to Abu Dhabi National Hotels for Dh2.2 billion.
The company s hospitality arm continues to manage the properties. Emaar Properties is also divesting other assets deemed to be non-core to pursue growth opportunities elsewhere.
The company divested its district cooling business in Downtown Dubai for Dh2.48bn to National Central Cooling Company, also known as Tabreed, in April last year. Tabreed bought an 80 per cent stake in Emaar’s cooling assets.
The National Central Cooling Company (Tabreed) has announced the signing of an agreement with Miral to provide district cooling services to SeaWorld Abu Dhabi, a first-of-its-kind marine life theme park being developed by Miral on Yas Island. Tabreed will connect the new SeaWorld Abu Dhabi developme ..
UAE cooling giant Tabreed targets overseas growth in 2021 arabianbusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from arabianbusiness.com Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
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(Reuters) - Major stock markets in the Gulf were mixed when they closed on Thursday, with trading volumes modest because of the absence of many foreign investors for Christmas.
FILE PHOTO: An investor monitors a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014
Saudi Arabia’s benchmark index fell 0.2%, hit by a 0.7% fall in Al Rajhi Bank and a 0.8% decline in the country’s largest lender National Commercial Bank.
The kingdom’s oil exports fell by 18.9 billion riyals ($5.04 billion) in October, down by nearly a third, while non-oil exports fell 0.3%.
The Saudi economy is forecast to shrink by 5% this year, according to the International Monetary Fund.
(23 December 2020)
Divestment of Saadiyat Cooling and Saadiyat District Cooling is in line with Aldar’s asset management strategy to actively pursue profitable investment exits and redeploy capital into growth opportunities
Aldar Properties PJSC has signed an agreement to divest its two district cooling assets on Abu Dhabi’s Saadiyat Island to National Central Cooling Company PJSC (Tabreed) for a total consideration of AED 963 million.
Aldar had purchased a 100% stake in Saadiyat District Cooling LLC (SDCL) and an 85% stake in Saadiyat Cooling LLC (SCL) as part of a wider acquisition of assets from Tourism Development and Investment Company (TDIC) in 2018.
The transaction is expected to complete in the first quarter of 2021, unlocking an internal rate of return of over 40% on the original equity investment by Aldar, who has actively managed the asset since its acquisition in 2018. Proceeds will be used to finance further growth of Aldar’s diversified portfolio of