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Empower to invest $122mn in Maritime City cooling services | |
| Sumita Pawar |
Dubai-listed district cooling company Empower will invest AED 450 million ($122.5 million) to provide cooling services to Dubai Maritime City (DMC), following an agreement between the two entities, according to the report.
According to the report, the cooling capacity of the project, which will cover 43 buildings in DMC, is more than 63,000 refrigeration tonnes (RT).
The services will be provided in two stages by two plants located in the city and using systems that are new and advanced in terms of technology.
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The first phase will supply cooling energy to 27 buildings with a capacity of more than 28,000 RT, and the second phase will supply 35,000 RT of cooling energy to 16 buildings.
Ahmad bin Shafar, who is CEO of Empower, and Sultan bin Sulayem, who is Group Chairman and CEO of DP World, signed the agreement. DP World is a leading provider of integrated smart logistics solutions that help trade flow around the world.
Report mentioned, this agreement is significant as it is the first of its kind following the successful listing of Empower on the Dubai Financial Market.
It shows that the business world trusts Empower to provide district cooling services that are good for the economy, society, the climate, and the environment.The agreement also shows that Empower has an advanced and sustainable business model that it can use to grow its business and make its projects bigger.
According to the report, Dubai Maritime City, part of DP World, is strategically located between Port Rashid and Dubai Dry Docks. It aims to develop and support maritime trade while improving freight and marine services. It is one of the most popular places in Dubai for freehold land.The city has high-end homes, 5-star hotels, modern office towers, shops, and many other services that make life better and help people work in one place.
Ahmad bin Shafar said, "The Dubai Maritime City project is considered one of the prominent real estate projects in Dubai." It reflects the pioneering role of Dubai in developing sustainable projects and aims to invest in the marine spaces overlooking the coast of the Arabian Gulf in Dubai, including residential, hotel, commercial, and other vital facilities that support the tourist and commercial destinations of the emirate. "We are pleased to partner with Dubai Maritime City in developing their project and providing it with environmentally friendly and energy-efficient district cooling solutions that save electricity up to 50 percent compared to conventional air conditioning systems."
He also said that the company shows that there is a strong demand in the real estate industry for investments in environmental sustainability, which helps the company grow.
Bin Sulayem said, "We are happy to work with Empower to provide the Dubai Maritime City project with district cooling systems that are sustainable and good for the environment.""Our relationship with the company helps us translate our commitment to green building standards in Dubai and support the environmental direction and sustainable development goals in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai."
According to him, this agreement aligns with DP World’s sustainability strategy, represented in the company’s programme "Our world, Our future," to join the list of efforts to implement projects and conduct our operations in a responsible manner.