Dubai: Emirates District Cooling LLC (Emicool), a district cooling service provider in the region, said on Sunday it has signed a $245 million (Dh899 million) 12-year refinancing facility with Dubai Islamic Bank (DIB). DIB is projected to refinance Emicool’s existing debt and also fund the company’s expansion plans in the UAE and the region, which includes the expansion of operations to Saudi Arabia and Qatar, the district cooling company said in a statement. It is currently offering district cooling services in locations such as Dubai Investments Park, Dubai Motor City, Dubai Sports City, Uptown Mirdiff and Palazzo Versace and D1 Tower at Al Jaddaf.
The refinancing agreement was signed by Abdul Aziz Bin Yagub Al Serkal, Chairman of Emicool, and Adnan Chilwan, CEO of Dubai Islamic Bank, in the presence of Adib Moubadder, CEO of Emicool, and DIB executives.
“Emicool has mapped up ambitious growth plans and continued expansion of its production capacity. As the demand for district cooling grows across the region, it has become imperative for Emicool to optimise production capacity and further enhance its technological capabilities to meet market requirements efficiently,” stated Serkal.
Chilwan, CEO of DIB, added: “Emicool’s business model and their long-term strategic vision, ties in well with DIB’s own growth plans.”
