United Arab Emirates has listed the Emirates Central Cooling Systems Corporation (Empower) on the Dubai Financial Market.
Empower is the largest district cooling services provider in the world is now listed on the Dubai Financial Market, said Deputy Ruler of Dubai and Minister of Finance, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum.
He added that the listing comes within the plans of the Supreme Committee for the Development of Capital Markets and Exchanges in Dubai.
The committee aims to double the value of the financial markets in the emirate to 3 trillion dirhams during the next stage.
“Its listing on the Dubai Financial Market is a qualitative addition,” Sheikh Maktoum said. “The corporation’s achievements and results during the past stage are a clear and strong indication of its high growth rates.”
The Emirates Corporation for Central Cooling Systems “Empower” was established in 2003 with the aim of enabling the real estate sector to use energy resources efficiently through district cooling services, and Empower was able to achieve successive successes in a record time.
It has developed its facilities from one temporary facility in the Dubai International Financial Center to 65 facilities, and it holds the equivalent of 79% of the market share in Dubai.
Meanwhile, Empower is currently serving world-class projects such as Business Bay, Jumeirah Beach Residence, Dubai Healthcare City, Palm Jumeirah, Jumeirah Lakes Towers, Dubai Production City, Discovery Gardens, and Dubai Design District.
With 84 power plants and a network of more than 350 km, Empower works on more than 1,640 million refrigeration tons and serves more than 140,000 corporate and individual consumers.
Empower also signed an agreement to acquire district cooling plants affiliated with Dubai International Airport, with a total cooling capacity of 110,000 refrigeration tons, with a total value of 1.1 billion dirhams, which qualifies the corporation to achieve high growth rates during the coming period.
It is noteworthy that the strategy of the Higher Committee for the Development of Capital Markets and Exchanges in Dubai included the formation of a special committee to supervise the market and specialized courts for capital markets in Dubai, and the launch of a market maker fund to promote trading in the stock market.
In addition to announcing a group of strong listings that contributed to the market recording significant growth rates.