Dubai Financial Market (DFM) listed Dubai Investments has agreed to sell a 50% stake in Emirates District Cooling Company (Emicool) to Actis for $1b in corporate value and $653m in equity value… now that’s pretty cool.
Quick history lesson: Emicool was acquired by Dubai Investments after it purchased a 50% stake in Union Properties for $136m in January 2018.
Emicool, which was founded in 2003, currently provides district cooling services to a number of key places and communities in Dubai, including Green Community, Mirdif Hills, Jumeirah Bay Island, and Palazzo Versace, as well as the Expo Village and conference and exposition centre at the Expo 2020 site.
Dubai Investments says that the deal, which is the region's largest in the district cooling market, will help it expand its operations throughout the Middle East and North Africa.
Why it matters
The Middle East's district cooling sector is expected to increase at a compound annual growth rate of more than 9% between 2022 and 2028, after reaching $4b in 2021. Meanwhile, Dubai Investments, which has roughly $6b in assets, is now pursuing worldwide expansion goals.
