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Dubai-listed cooling company Empower will spend AED 102 million ($27.8) million to upgrade its district cooling plant in Jumeirah Beach Residence (JBR).
The company, which listed on Dubai Financial Market (DFM) in November, did not name the contractor, but said the work is expected to be completed by 2025.
The project will incorporate cutting-edge technologies to improve the energy efficiency and reliability of the cooling system, the company said in a statement to DFM.
The upgrade is the plant’s third since its completion 19 years ago, with the first taking place in 2016, and will contribute to achieving savings in energy, increasing efficiency and significantly reducing carbon emissions, and relieving pressure on the national power grid, the statement said.
The plant serves JBR and Bluewaters areas including the area’s many luxury hotels, such as Caesars Palace and the Address Beach Resort as well as attractions Ain Dubai and the Madame Tussauds Dubai.
Empower reported a net profit of AED 1 billion for 2022.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
