© Reuters. Logo of Dubai’s Emaar Properties, builder of the world’s tallest tower, is seen at an under-construction building, in Dubai

By Hadeel Al Sayegh

DUBAI (Reuters) – Dubai’s Emaar Properties has hired advisors including Standard Chartered (LON:) for the sale of its district cooling business, sources told Reuters.

Established in 2004, the unit provides cooling services to key projects in the United Arab Emirates, according to the company’s Linkedin page.

Emaar was not immediately available to comment when contacted by Reuters on Sunday, while Standard Chartered declined to comment.

The developer of the world’s tallest skyscraper, the Burj Khalifa, last year hired the London-headquartered bank for the disposal of five hospitality assets, which were sold to Abu Dhabi National Hotels.

Emaar, which is 32% owned by the emirate’s government, is seeking to sell non-core assets, Emaar’s chairman Mohammed Alabbar said in a interview with CNBC Arabia in July last year.

The company’s core businesses focus on property development, retail and hospitality. Earlier this month the group reported a 7.2% jump in first-quarter profit, helped by a significant jump in sales.

Emaar said it made 1.74 billion dirhams (372.91 million pounds) in the three months to March 31 compared with 1.63 billion a year earlier.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

READ  Bayer says won't tolerate unethical behaviour as France probes Monsanto file

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Please enter your comment!
Please enter your name here