Skip to content Skip to Search
Skip navigation

Empower reports 41.3% rise in buildings using district cooling

By Pramod Kumar
Empower
Empower delivered district cooling services to 1,522 buildings in the emirate last year

Dubai-based Emirates Central Cooling Systems Corporation (Empower) reported a 41.3 percent growth in the number of buildings using its district cooling services over the last five years. 

The number of buildings reached 1,413 by the end of 2021, 13 percent higher year-on-year, the company said in a statement.

In 2021, Empower’s district cooling market share stood at 80 percent in Dubai.

The residential sector tops the list of the company’s clients with 64 percent, followed by commercial (15 percent) and hospitality (14 percent), serving more than 17 percent of hotels in Dubai.

The statement said that the healthcare sector made up three percent, while the remaining four percent was distributed among the retail, education, and entertainment sectors. 

Empower, which is 70 percent owned by Dubai Electricity and Water Authority, reported a revenue of AED 1.15 billion ($310 million) and a net profit of AED 432 million, rising 16 percent and 11 percent year-on-year, respectively, in the first half of 2022.

DEWA also reported in July that Empower plans to spend around AED 3 billion expanding its district cooling capacity and network.

Reuters reported in May that sources told it Empower has invited investment banks to pitch for roles in its planned initial public offering.

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]