National Central Cooling Company PJSC (DFM:TABREED) (Tabreed) is in exclusive talks to buy regional mall operator Majid Al Futtaim Holding LLC's cooling assets, two sources close to the matter said. Tabreed has appointed Standard Chartered (STAN.L) to advise on the transaction, the sources, who declined to be named because the matter is not public, told Reuters. Tabreed and Majid Al Futtaim did not immediately respond to requests for comment.

Standard Chartered declined to comment. District cooling firms deliver chilled water via insulated pipes to cool offices and industrial and residential buildings. HSBC (HSBA.L) was advising Majid Al Futtaim, which develops shopping malls across the Middle East, Reuters reported in 2020.

One of the sources, who spoke to Reuters in 2020, had said Majid Al Futtaim could seek about 500 million dirhams ($136 million) for the unit, which comprises chillers connected to its hotels and shopping malls.