Ahmed bin Saeed: The acquisition is an embodiment of Mohammed bin Rashid's vision that "everyone in Dubai succeeds and wins"

Empower acquires Nakheel district cooling for 860 million dirhams

Ahmed bin Saeed witnessed the signing of the agreement in the presence of Mohammed Al Shaibani and Saeed Al Tayer.

From the source

In the presence of His Highness Sheikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority, President of Dubai Airports, Chief Executive Officer of Emirates Airlines and Group, and Chairman of the Dubai Supreme Council of Energy, the Emirates Central Cooling Systems Corporation (Empower), the largest provider of district cooling services in the world, signed An agreement to acquire Nakheel’s district cooling units, with a total cooling capacity of 110,000 refrigeration tons and a total transaction value of 860 million dirhams.

The agreement stipulates that Empower will acquire Nakheel's cooling units that serve 18,000 customers in 17 major projects across 19 plants in various regions of Dubai, and will manage and operate them and carry out all their activities, functions, operations and obligations.

The signing of the agreement was witnessed by the Director of the Court of His Highness the Ruler of Dubai, CEO and Board Member of the Government Investment Corporation of Dubai, Chairman of Nakheel, Mohammed Al Shaibani, Managing Director and CEO of Dubai Electricity and Water Authority and Saeed Mohammed, Chairman of the Board of Directors of the Emirates Central Cooling Systems Corporation (Empower). fly.

The acquisition agreement was signed by Ahmed bin Shafar, CEO of the Emirates Central Cooling Systems Corporation (Empower), and Numan Atallah, CEO of Nakheel.

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy, stressed that “Empower’s acquisition of Nakheel’s district cooling services reflects the booming business environment in Dubai and the diversity of the number of acquisitions in all fields, a vivid embodiment of the vision of the owner His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, exemplified by the good news that His Highness gave a few days ago by saying that “everyone in Dubai succeeds and wins, and the next is always more beautiful and greater.” Dubai on the global sustainable development map.

Mohammed Al Shaibani said, "This strategic move allows us to focus on our core business and enhance the services provided to investors, residents, partners and customers in one of the largest malls and retail destinations in Dubai."

Saeed Al Tayer added: “In line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum to promote sustainable development, and the Dubai Energy and Water Demand Management Strategy 2030, of which district district cooling is one of the foundations, given its contribution to enhancing energy efficiency in Dubai, comes This new deal constitutes a bright page in Empower's record of success, and is a consolidation of its local, regional and global leadership, and for Empower to become the mirror of the growth and prosperity of the entire Dubai industrial sector, whether it is rich in investment opportunities or its ability to permanently develop and expand the scope of investment activities linked to the present and future. The vital district cooling sector.

He stressed that this type of qualitative partnerships exceeds its investment title in its meanings and contents, especially as we are keen that the deal be a strong impetus aimed at improving the efficiency of the energy sector and achieving a qualitative leap in standards to meet the growing demand for district cooling services and sustain the momentum of creating environmentally sustainable communities in all regions. across the emirate, which is mainly in line with Dubai's vision to be one of the most sustainable cities in the world, and to be a role model in energy efficiency.

Ahmed bin Shafar pointed out that (the Corporation)’s acquisition of all of Nakheel’s district cooling activities constitutes an important turning point in the history of Empower and bears us a greater responsibility, regardless of the financial gains. The nature of the projects, the diversity of their uses, and the growth in the number of customers benefiting from their services, the latest of which is the joining of Nakheel projects to the Empower portfolio, most notably (The Gardens, Nakheel Mall, Dragon Markets, Jumeirah Islands, Al Mirfa Market in Palm Deira, The Circle Mall and Al Khail Avenue Mall).

District Cooling Services

Ahmed bin Shafar, CEO of the Emirates Central Cooling Systems Corporation (Empower), said that Empower's superiority in meeting the demand for district cooling services made it the largest player in the district cooling industry in the world, through its vision, expansion plans and investment in infrastructure and technologies. Modern even ahead of its counterparts in the world.

Bin Shafar confirmed that part of the acquisition deal will be self-financed and the rest will be financed by local and international banks with which Empower has close strategic relations.

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