Business /

Dubai's Empower buys developer Nakheel's district cooling units for Dh860m

Empower gets to be one of the biggest names in region's district cooling with this deal

Last updated: August 23, 2021 | 13:09

Gulf News Report

2 MIN READ

All of the Nakheel owned district cooling plants will transfer to Empower as part of the Dh860 million deal.

Supplied

Also In This Package

Photos: Tattoo artist morphs into devil look-alike

Eco-friendly vehicles offer quieter Maasai Mara safaris

Rare blue moon to light up UAE skies tonight

From the Editors: COVID fines an effective deterrent

These are America’s top self-made businesswomen

Photos: Robot guide leads visitors in a Greek cave

Dubai: The Dubai district cooling company Empower is buying Nakheel’s district cooling unit - with a total cooling capacity of 110,000 refrigeration tons (RT) - for Dh860 million. Nakheel’s district cooling systems serves more than 18,000 customers in 17 projects through 19 plants across Dubai, including those at the Palm.

Empower will now manage and operate them and carry out all future obligations. The acquisition agreement was signed by Ahmad bin Shafar, CEO of Empower, and Naaman Atallah, CEO of Nakheel. The financing of the acquisition will be through a mix of company’s funds and finance from local and international banks with which "Empower is having close strategic relations".

Empower’s portfolio will include The Gardens, Nakheel Mall, Dragon Mart, Jumeirah Islands, Souk Al Marfa -Deira Islands, The Circle Mall, Al Khail Avenue Mall and others.

The acquisition took place in the presence of Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports, 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 Saeed Mohammed Al Tayer, Managing Director and CEO of Dubai Electricity and Water Authority and Chairman of the Board of Directors of Empower.

“The positive implications of such partnerships far exceed their investment dimensions," said Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA and Chairman of Empower. "We are keen that the deal would give thrust to improving the efficiency of the energy sector, achieving a qualitative breakthrough in the standards of meeting the growing demand for district cooling services, and nourishing the momentum of establishing environmentally sustainable communities across the emirate."

18,000

The number of customers that Nakheel provides district cooling services to across its projects. These plants will now consolidate under Empower.

Get the latest news and updates straight to your inbox