Dubai plans to list district cooling firm, Emirates Central Cooling Systems Corp., – known as Empower – on the Dubai Financial Market as part of efforts to boost its stock market and attract more listings, the Dubai Media Office tweeted on Saturday.
According to the tweet, the decision was made under the directives of Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Maktoum bin Mohammed, the UAE’s Deputy Prime Minister and Minister of Finance.
Brief background on Empower
Founded almost 20 years ago, Empower is a venture between Dubai Electricity & Water Authority and Tecom, a part of state-owned Dubai Holding. The UAE-based company provides district cooling services to homes and commercial buildings, shopping centres, hospitals and schools, with a total cooling capacity of 1.64 million refrigeration tonnes.
Earlier this year, Empower acquired Nakheel’s district cooling plants and inked an agreement to acquire the district cooling systems of the Dubai International Airport.