Dubai's Empower lands district cooling deal for Meydan district; will invest Dh1.6b in new plants
Meydan district cooling buy gives Empower a near 80% marketshare in Dubai
Dubai: Dubai’s Empower has landed its second major district cooling deal, having been signed to provide services to Meydan, the racetrack and mixed-use development operator. The deal is valued at Dh100 million and entail 382,000 refrigeration tonnes (RT) of district cooling capacity.
Empower will invest more than Dh1.6 billion to build four district cooling plants and construct a pipeline network there. Empower had just last week acquired the district cooling capacities operated by Nakheel for Dh860 million.
"Empower's acquisition of the district cooling allows Meydan to enhance its efforts to continue developing the city to reach its main goal of completing the remaining urban, tourist, recreational and residential icons under construction," said Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA and Chairman of Empower.
There are 750 existing and upcoming buildings at the Meydan district, now emerging as one of the most popular investor spots in Dubai’s property market. These include the Meydan One and Meydan Avenue, as well as District 1. Plus, there are Meydan’s racecourse projects.
Ahmad Bin Shafar, CEO of Empower, said: “We are proud of the new strategic partnership established with Meydan – a well-known group with multi investments portfolios.”