Emicool signs US$245 million refinancing facility with Dubai Islamic Bank

Emirates District Cooling LLC [Emicool] – one of the district cooling service provider in the region, has signed a US$ 245 million 12-year facility with Dubai Islamic Bank [DIB], the largest Islamic bank in the UAE, which will largely refinance its existing debt and also fund the company’s expansion plans.

The refinancing agreement was signed by Abdulaziz Bin Yagub Al Serkal, Chairman of Emicool, and Dr. Adnan Chilwan, CEO of Dubai Islamic Bank, recently .

Abdulaziz bin Yagub Al Serkal said, “The signing of the 12-year refinancing agreement with DIB will go a long way in expanding Emicool’s business and further cement the company’s leadership position as a top-tier district cooling service provider in the region. This reaffirms the success of Emicool’s strategic business model and is testimony to our rising market reputation and underlines the growth potential that we have on offer.” Commenting on the agreement, Dr. Adnan Chilwan, CEO of Dubai Islamic Bank, said, “Clearly the region, and in particular, UAE is witnessing renewed economic momentum with infrastructure development attracting local and international investors. In our view, primary infrastructure development projects are the cornerstone of sustainable growth, a key element of the strategy of the country. DIB has always played a pivotal role in leading and facilitating such transactions, and is linked to many landmark deals with some of the top corporate across the country. Emicool’s business model and their long-term strategic vision, ties in well with DIB’s own growth plans, and further solidifies our position as a bank of choice in this sector.” Emicool with its proven successful track record is currently offering district cooling services in strategic locations such as Dubai Investments Park, Dubai Motor City, Dubai Sports City, Uptown Mirdiff and Palazzo Versace and D1 Tower at Al Jaddaf with installed capacity of 330,000 tonnes of refrigerant. Emicool’s roadmap in the coming years includes expansion of operations to Saudi Arabia and Qatar.

Emicool is a joint venture of Dubai Investments PJSC – the leading investments company listed on the Dubai Financial Market, and Union Properties PJSC, a leading property investment developer in the UAE.

Source : WAM News Agency for United Arab Emirates