Dubai Investments, a leading, diversified investment company listed on the Dubai Financial Market (DFM), has acquired additional 50 per cent stake in Emirates District Cooling (Emicool) from Union Properties for Dh500 million ($136 million).

Following this strategic move, Dubai Investments now owns the whole of Emicool's stake, said the company in a statement.

Khalid Bin Kalban, the managing director and chief executive of Dubai Investments, said: "The transaction strengthens Dubai Investments’ portfolio in the utility service domain, growing its asset base, and is expected to boost future profitability and deliver value to shareholders."

"Emicool has carved a niche in the district cooling sector, and Dubai Investments’ acquisition will spur its growth and expansion plans amidst surging demand in the region. The transaction will have a positive impact on Dubai Investments’ consolidated financials with Ebitda expected to increase by Dh110 million," stated Bin Kalban.

Total assets, he said, would go up by Dh1.8 billion while liabilities would increase by Dh1.2 billion.

Established in 2003 at Dubai Investments Park, Emicool currently provides district cooling services to over 19,000 customers across the UAE including DIP, Dubai Motor City, Dubai Sports City, Uptown
Mirdif, Palazzo Versace, Damac Hills and Mirdif Hills in Dubai.

It aims to increase its plant capacity to 500,000 tonnes of refrigeration by 2020, with the ramp up in construction leading to increased demand for district cooling services across UAE and the region.-TradeArabia News Service