Empower secures $127.8m loan from Dubai Islamic Bank

Dubai: Empower, the district cooling company, said on Sunday it has secured a $127.8 million (Dh469.4 million) loan from Dubai Islamic Bank (DIB).

The loan facility, to be paid back over half yearly instalments over five years, will be used to fund Empower’s district cooling area in Dubai’s Business Bay area, according to Sunday’s statement.

Empower said that the loan is a cost-effective measure to sustain company growth. The loan is the first Islamic financing facility taken out by Empower.