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Report: Emaar Properties planning disposal of district cooling business

Emaar Properties PJSC tapped advisers, including Standard Chartered, for the divestment of its district cooling business, Reuters reported, citing sources familiar with the matter.

The move is part of the Dubai-based real estate company's broader plan to sell noncore assets and businesses to remain focused on property development, retail and hospitality, the May 26 report added.

Emaar District Cooling was set up in 2004 to provide services in Emaar's key projects in the United Arab Emirates, according to the report.

A spokeswoman for Emaar said the report on the cooling unit is "factually incorrect," while Standard Chartered declined to comment, the newswire added.