Union Properties announced on Wednesday that it is in the “final stages” of selling its stake in Emicool, a Dubai-based provider of district cooling services. The company said in a statement that it is currently finalising the deal and will announced the buyer in a few days.
The company added that it had received several offers to buy its full stake from other UAE-based companies.
Ahmad Yousuf Khouri, Group CEO of Union Properties, said: “The sale of Union Properties’ stake in Emicool LLC is another important milestone for us, and will contribute to our new strategy to enhance our investments, diversify our revenue streams, expand our business, and venture into new markets. At a time when Union Properties is undergoing a new phase of growth, this move further strengthens our focus on core operations, and tapping into new sectors.”
He said that Union Properties will be focusing on developing its business further in other key sectors.
Emicool LLC said in the statement that it has been steadily increasing its overall productivity, which rose 13% in 2016 and 18% in 2017.