DUBAI, In the presence of H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority, Chairman of Dubai Airports, and the Chairman of the Dubai Supreme Council of Energy, the Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, signed an agreement to acquire the district cooling systems of Dubai International Airport.
The district cooling systems were acquired for a total value of AED1.1 billion, through a combination of internal accruals and debt financing from local and international banks with which Empower has close strategic relations.
The acquisition agreement was signed by Ahmad bin Shafar, CEO, Empower and Khalifa Al Zaffin, Executive Chairman of Dubai Aviation City Corporation (DACC), in the presence of Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA and Chairman of Empower.
Under the acquisition agreement, Empower will own and manage all the existing District Cooling infrastructure of Dubai International Airport, with all its facilities and complexes, which have a total cooling capacity of 110,000 refrigeration tonnes (RT), that include five units, and this capacity covers the equivalent of 11 times the consumption of Burj Khalifa, the world’s tallest tower.
Sheikh Ahmed bin Saeed Al Maktoum, said, “The deal is a part of the AED25 billion Public-Private Partnership (PPP) project portfolio announced by the Government of Dubai’s Department of Finance (DOF) at the Dubai International PPP Conference which was held last month at the Expo 2020. With this acquisition, the Dubai Aviation City Corporation has made a big leap through its partnership with Empower, the global leader of the environmentally friendly district cooling industry and in adopting innovative technologies.”
He added, “The deal supports the DACC’s continuous endeavours to achieve its ambitious strategy emanating from both the UAE Vision 2021 for sustainable growth, and the Dubai’s unique vision to promote the values and standards of sustainability and environmental protection. Through this acquisition, both the parties seek to reaffirm Dubai’s leading global position by accelerating the pace of developments by strengthening partnerships, using advanced technologies and adopting innovation in all their activities.”
For his part, Al Tayer said, “The acquisition is in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to consolidate Dubai’s global position on the map of sustainable development. It is also an active part in the Dubai Demand Side Management Strategy 2030, of which district cooling is one of its prominent pillars.”
He explained that the acquisition agreement formulates a new concept of partnership between the two parties and transfers its investment outputs to a broader space that comprises the protection of the environment and natural resources, sustaining the momentum of creating environmentally sustainable communities throughout the Emirate, and recording unprecedented levels of performance in improving the efficiency of the energy sector, especially with regard to standards to meet the growing demand for district cooling services, which is mainly in line with Dubai’s vision to be the world’s most sustainable city.
Al Tayer continued, “Empower plays an eminent role in the Dubai’s economic development, and is striving to strengthen its leadership in the district cooling industry locally, regionally and globally, to reaffirm the extent of the growth and prosperity in Dubai’s industrial sector, that is rich in investment opportunities and ability to permanently develop and expand the scope of investment activities related to the present and future of the vital district cooling sector.”
For his side, Al Zaffin said, “We are immensely proud of what we have achieved within the DACC Group and our contribution to help establish the Emirate of Dubai as the foremost global aviation hub, with DXB firmly established as the largest international airport in the World. This strategic partnership with Empower is a testament to our ambition to deliver streamlined operations at DXB and continue the path of high growth. I am certain that Empower will serve Dubai International Airport according to the highest industry standards.”
For his part, Ahmad bin Shafar, said, “We see the acquisition as a long-term partnership with a reputable institution of significant importance on the developmental and economic levels, and Empower is ready with its teams to assume the responsibility imposed by this partnership and looks forward to fulfilling it to the fullest.”
He pointed out that Empower’s superiority and leadership in the district cooling industry and its remarkable success in adopting unprecedented technology in operations, production and provision of services, has made it a unique strategic partner for the largest institutions and mega projects, the latest of which is the Dubai International Airport with all its facilities and complexes.
Source: Emirates News Agency