Union Properties Co. UPP

0.82 -0.01 -0.97 %

Union Properties close to Emicool sale

(1/11/2018 8:24:00 AM)

Dubai-based real estate developer Union Properties is in the final stage of selling its stake in regional district cooling company Emicool, it said on Wednesday.

Emicool, a joint venture between Union and Dubai Investments, provides chilled water for air conditioning systems in commercial, industrial and residential buildings.

In a statement, Union said it had received several offers from various UAE-based companies, and will be announcing the buyer in the coming days.

Ahmed Yousef Khouri, Union’s CEO, said: “The move further strengthens our focus on core operations, and tapping into new sectors.”

Union is primarily a regional property developer whose landmark projects span MotorCity, Dubai Autodrome, Green Community and Uptown MotorCity as well as Limestone House and Index Tower in the DIFC area. Union also provides project and facilities management services.

Emicool said it boosted productivity 13 percent in 2016 and 18 percent in 2017, and is seeking to expand in Saudi Arabia and other countries in the region.

Arab News