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The company plans to offer 30 per cent to 40 per cent of Emirates District Cooling in the second half of next year

Dubai Investments (DI), the state-backed company with interests in real estate and manufacturing, is planning an initial public offering of its district cooling unit next year, reviving plans stalled in the aftermath of Dubai's property decline seven years ago.

The company plans to offer 30 per cent to 40 per cent of Emirates District Cooling in the second half of next year and a further 20 per cent one year to 18 months later, Khalid bin Kalban, chief executive officer of Dubai Investments, said in an interview

A financial advisor will probably be hired by year's end after KPMG and PricewaterhouseCoopers conducted a review of Emicool's readiness for an IPO and potential valuation, he said.

"In the second quarter, we will see how the market is developing, but we definitely want to IPO no later than year-end, next year," Bin Kalban said.

Emicool has exclusive rights to service developments built by Dubai Investments and Union Properties, which also owns 50 per cent of the company. The utility is also in talks to acquire two smaller rivals with a combined value of one billion dirhams ($272 million.) Those deals could help more than double Emicool's market value to about Dh3.5 billion, according to Bin Kalban, who declined to name the acquisition targets.

The company has exclusivity in Dubai developments with hundreds of homes such as Dubai Investments Park and Motor city, he said. The firm is servicing Sports City and is in talks with Damac Properties' to supply Akoya, where US republican presidential candidate Donald Trump is building mansions and a golf course, he said. Revenue increased 15 per cent in 2014 and is expected to match that this year, Bin Kalban said.

Investment Corporation of Dubai ICD is Dubai Investments' largest shareholder.