Emaar properties
Emaar reported a net profit of Dh1.7 billion ($474 million) in the first quarter of 2019, compared to a net profit of Dh1.6 billion ($442 million) in the first quarter of 2018. Image Credit: Gulf News Archives

Dubai: Dubai’s Emaar Properties has hired advisors including Standard Chartered for the sale of its district cooling business, sources familiar with the situation told Reuters, as part of a broader plan to offload non-core activities.

Emaar Chairman Mohammad Al Abbar had said in an interview with CNBC Arabia in July last year that the group, which is 32% owned by the emirate’s government, is seeking to sell assets beyond its main businesses.

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

Emaar dismissed the report relating to its cooling unit.

The information is factually incorrect,” an Emaar spokeswoman said. “We do not comment on market rumours and speculation.” Standard Chartered declined to comment.

Established in 2004, Emaar District Cooling provides services to key projects in the United Arab Emirates, according to the company’s LinkedIn page, though it gave no further detail on the size of the business.

Emaar’s core businesses focus on property development, retail and hospitality. Earlier this month the group reported a 7.2% jump in first-quarter profit to 1.74 billion dirhams ($474 million) on the back of a significant jump in sales.