Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, today announced the listing of Emirates Central Cooling Systems Corporation (EMPOWER), the world’s largest District Cooling Services provider, on the Dubai Financial Market (DFM).
EMPOWER was established in 2003 to enable the real estate sector to efficiently utilise energy resources through District Cooling Services. The company currently has a 79% market share in Dubai’s District Cooling sector.
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 kilometres, EMPOWER has a cooling capacity of more than 1.64 million refrigeration tons and serves more than 140,000 corporate and individual consumers.
The listing is a part of the strategy of Dubai’s Securities and Exchange Higher Committee to increase the size of the stock market in the Emirate to AED3 trillion in the coming period.
The Securities and Exchange Higher Committee’s strategy seeks to list government and state-owned companies on the Dubai Financial Market (DFM) as part of its plans to accelerate 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.
News Source: Dubai Media Office