Empower signs deal for Meydan City district cooling services in Dubai

 

As per the deal, Empower will be cater to the 750 existing and upcoming buildings within Meydan master community providing 382,000 refrigeration tons (RT) district cooling and acquire an existing district cooling plant for a value of AED100 million ($27.2 million).

 

The agreement was signed by Ahmad Bin Shafar, CEO of Empower, and Issam Galadari, CEO of Meydan City Corporation, the master developer of Meydan, in the presence of Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority, Chairman of Dubai Airports and Emirates and Chairman of the Dubai Supreme Council of Energy.

 

Mohammed Ibrahim Al Shaibani, Chairman of Meydan City Corporation, and Saeed Mohammed Al Tayer, Managing Director and CEO of Dubai Electricity and Water Authority and Chairman of the Board of Directors of Empower were also present at the ceremony.

 

Under this deal, the Dubai group will provide the entire Meydan master community with its environment- friendly district cooling services to meet the needs of the existing and upcoming projects including “Meydan One”, “Meydan Avenue” and “Royal Pearl”, "MBRAMC – District 1", "Medan Horizon" and "Meydan Business Park". Currently, Meydan Racecourse projects, which include “Meydan Boat House”, “The Gallery”, “Meydan Hotel”, “Meydan Receiving Barn”, “DHL Building” and others, are being supplied with district cooling energy through the existing district cooling plant with a total capacity of 45,000 RT, of which, 25,000 RT are connected to these projects.

 

According to Empower, the new acquisition deal reflects company’s firm plans for the future of district cooling sector, represents a qualitative surge in the growth of the company and its projects portfolio, features an expansion of its services and an increase in its market share in Dubai to reach 79.5%.

 

In addition, Empower is also set to invest more than AED1.6 billion ($435 million) to build four district cooling plants and construct the pipeline network in the development to meet the demand for energy efficient district cooling services.

 

Sheikh Ahmed said the district cooling industry represents as the cornerstone of the sustainable development of modern cities.

 

"Competency in developing and providing world-class district cooling services to customers is a legitimate goal that Dubai is keen to encourage, through the booming investment climate and positive legislative and legal structures, he added.

 

Al Shaibani said agreement was a strategic decision that allows Meydan to focus on its core business and reinforces the company’s commitment to ensuring the comfort and wellbeing of residents, tourists and visitors.

 

It also reflects Meydan’s confidence in Empower’s ability to supply world-class services at the development.

 

Al Tayer pointed out that Empower district cooling solutions adopts the best practices and technologies.

 

"This agreement enables both parties to carry out their tasks to the fullest, and 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," he noted.

 

Bin Shafar said: "We are proud of the new strategic partnership established with Meydan – a well-known group with multi investments portfolios. The acquisition of Meydan district cooling systems reflects Empower's diligence on attaining excellence in providing district cooling services and its pioneering role in adopting advanced technologies and solutions of artificial intelligence in its operations, to ensure the highest customer happiness, conservation of natural resources and rationalization of energy consumption."

 

"The deal also shows Empower’s effective contribution to the important goal of making Dubai the city with the lowest carbon footprint in the world, in line with the directives of the wise leadership that aims to achieve the objectives of the Dubai Clean Energy Strategy 2050," he added.