Empower acquires 19 District Cooling Plants from Nakheel for AED 860 million

By District Energy posted 08-23-2021 10:38

  

Empower Press Release

Summary

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

The acquisition agreement stipulates that Empower will acquire all the assets of the Nakheel’s district cooling systems that serves more than 18,000 customers in 17 major urban projects through 19 plants across Dubai. Empower will also manage and operate them and carry out all the activities, functions, operations and obligations.

His Excellency Mohammed Ibrahim Al Shaibani, the Director General of the Dubai Ruler’s Court; CEO and Board Member of the Investment Corporation of Dubai, Chairman of the Board of Directors of Nakheel, and His Excellency Saeed Mohammed Al Tayer, Managing Director and CEO of Dubai Electricity and Water Authority and Chairman of the Board of Directors of Empower were also present at the signing of the agreement.

The acquisition agreement was signed by Ahmad bin Shafar, CEO of Empower, and Naaman Atallah, CEO of Nakheel.

His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Supreme Council of Energy, highlighted that Empower's acquisition of the entire cooling systems of Nakheel reflects the booming business environment in Dubai and the growth in number and type of the acquisition deals. This indeed embodies the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. This vision was further demonstrated by His Highness’ words a few days ago; “Everyone succeeds and wins in Dubai, and the next is always more beautiful and greater.” The deal also accentuates and adds to the position that Dubai occupies on the global sustainable development map.

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