Dubai-based district cooling provider EMPOWER to list on DFM

By Shilpa Annie Joseph, Official Reporter
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His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, has announced the listing of Emirates Central Cooling Systems Corporation (EMPOWER), the world’s largest District Cooling Services provider, on the Dubai Financial Market (DFM).

According to the statement, the listing comes under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

The listing is a part of the strategy of Dubai’s Securities and Exchange Higher Committee to boost the size of the stock market in the emirate to $816 billion (AED3 trillion) in the coming period.

Established in 2003, Empower is a joint venture between Dubai Electricity and Water Authority (DEWA) and Tecom Investments. Empower provides district cooling services to households and commercial buildings, shopping malls, hospitals, and schools.

According to the statement, from a modest beginning in 2004 with a single temporary plant serving DIFC, EMPOWER is currently the world’s largest District Cooling Services provider.

With 84 plant rooms and a network extending over 350 kilometers, EMPOWER has a cooling capacity of more than 1.64 million refrigeration tons and serves more than 140,000 corporate and individual consumers.

The Securities and Exchange Higher Committee’s strategy intends to list government and state-owned companies on DFM as part of its plans to speed up new listings in various sectors including energy, logistics, and retail, in addition to adopting innovative financial tools and instruments that can respond to the current needs of investors.

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