Emaar Properties set up new subsidiary
Regional real estate major Emaar Properties Sunday announced further diversification into the services sector with the launch of its fully owned subsidiary EDC LLC.
The new company will construct and operate gas and electric district cooling plants to provide both existing and new Emaar communities with efficient and environmentally friendly district cooling services.
Fred Durie, Senior Director, Emaar Properties, said: “The setting up of EDC is a logical extension of Emaar’s core competencies of providing integrated services to master planned developments.
“EDC has acquired world class expertise in the field of district cooling plants. This has allowed us develop advanced energy systems which will indeed optimise energy usage and reduce power and maintenance costs.”
EDC will be Emaar Properties’ fourth fully-owned operating subsidiary. It already owns and manages Dubai Bank, focused on retail and commercial banking, EMRILL, a joint venture with the UK-based Carillion which provides innovative property and facilities management services, and its technology and communications company, Sahm Technologies. Emaar is also the majority single shareholder of Amlak Finance, UAE’s first mortgage finance company.
Emaar is the only UAE company that made it to the newly created Dow Jones Arabia Titans Index 50 list of regional blue-chip companies. The company also jumped from 30th to 19th place in this year’s Gulf Business magazine’s Top 150 list of major companies in the region. (menareport.com)
© 2004 Mena Report (www.menareport.com)
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