Dubai Conglomerate’s Venture to Buy Palm’s Cooling Provider
Photographer: Karim Sahib/AFP/Getty Images
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Dubai state developer Nakheel sold its business that supplies chilled air to such local landmarks as artificial palm-shaped islands, according to people familiar with the matter.
Emirates Central Cooling Systems Corp, a joint venture between a unit of Dubai Holding and a state-owned utility, has acquired Nakheel’s cooling operations, the people said. The assets are worth around 1 billion dirhams ($272 million), they said, asking not to to be identified because the information is private.