GulfBase Live Support
Dubai-based real estate developer Union Properties is in the final stage of selling its stake in regional district cooling company Emicool, it said on Wednesday.
Emicool, a joint venture between Union and Dubai Investments, provides chilled water for air conditioning systems in commercial, industrial and residential buildings.
In a statement, Union said it had received several offers from various UAE-based companies, and will be announcing the buyer in the coming days.
Ahmed Yousef Khouri, Union’s CEO, said: “The move further strengthens our focus on core operations, and tapping into new sectors.”
Union is primarily a regional property developer whose landmark projects span MotorCity, Dubai Autodrome, Green Community and Uptown MotorCity as well as Limestone House and Index Tower in the DIFC area. Union also provides project and facilities management services.
Emicool said it boosted productivity 13 percent in 2016 and 18 percent in 2017, and is seeking to expand in Saudi Arabia and other countries in the region.
Union Properties, a leading property developer in the UAE, has announced the delivery of all the residential units at its OIA Residences project, developed at the cost of Dh450 million (Dh123 million
Union Properties shareholders approved the developer's plans to shore up its finances through the issuance of up to Dh1 billion in sukuk and increase the company’s foreign ownership limit, as the fir
Union Properties, the Dubai-based developer that swung to a Dh2.38 billion loss last year, said on Sunday its shareholders dismissed the chairman, and two other board members at the annual general as
State-owned Abu Dhabi National Oil Company began production and loading of crude from its offshore Umm Lulu and Sarb fields with commercial shipment to start next month, according to a company spokes
Commercial Bank of Dubai (CBD) on Wednesday reported a net profit of Dh843 million for the first nine months of 2018, up 26.8 per cent compared to the same period last year.
For the third q
National Bank of Bahrain (NBB) said it delivered strong financial results and continued growth for the first nine months of 2018 marked by an 11.3 per cent rise in net profit, which reached 55 millio
Doha Bank recorded a net profit of QR737m for the third quarter of 2018 as against QR1.04bn for the same period last year after taking significant loan loss provision in relation to the bank’s overse
United Development Company (UDC), a leading Qatari shareholding company and master developer of The Pearl-Qatar, reported a net profit of QR416m on revenues of QR1.29bn for the nine months ended Sept