The UAE district cooling market is projected to grow at a compound annual growth rate (CAGR) of nearly 10.12 percent between 2023 and 2028, Emirates Central Cooling Systems Corporation (Empower) said in its outlook published in its three and nine-month 2023 financial statement.

“The UAE is taking the lead in the development of district cooling as a significant energy-efficient solution and Empower is poised to utilise the opportunity by expanding its footprint across UAE and also explore other expansion opportunities,” the statement filed with the Dubai Financial Market said.

In the third quarter of 2023, Empower added nearly a dozen new buildings to its portfolio, with 70 percent of these being residential buildings, 20 percent commercial, and 10 percent mixed-use buildings, a related press statement said.

Projects in Dubai, such as the ‘S’ Tower of Sobha Real Estate on Sheikh Zayed Road and the final phase of Zabeel One, were connected to the Empower network.

The company signed nearly 25 new agreements with building owners in the third quarter, resulting in an addition of 26,000 RT.

“Empower continues to expand its operations, invest in its asset portfolio, and develop its infrastructure to meet the growing demand in Dubai’s district cooling market,” Ahmad bin Shafar, CEO of Empower, said in the press statement.

Empower holds more than 80 percent of Dubai’s district cooling market, the statement declared.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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