Dubai deputy ruler Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum has announced the listing of Emirates Central Cooling Systems Corporation (Empower) on the Dubai Financial Market (DFM), according to official sources.
The listing of the world’s largest district cooling services provider on the market reportedly follows a directive in this regard by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum.
Empower was established in 2003 to apparently enable the real-estate sector to efficiently utilize energy resources through district cooling services.
The company is said to currently have a 79 percent market share in Dubai’s district cooling sector.
It initially has only a single temporary plant serving DIFC in 2004.
With 84 plant rooms and a network extending over 350 kilometers, Empower now reportedly has a cooling capacity of more than 1.64 million refrigeration tons.
The capacity helps serve more than 140,000 corporate and individual consumers, said the official sources.
Empower’s listing on the DFM is said to be 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.
The Securities and Exchange Higher Committee’s strategy seeks to list government and state-owned companies on 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.