The Dubai-based district cooling firm, Empower, has secured financing worth US$127.8 million from Dubai Islamic Bank (DIB), marking the first Islamic loan taken out by the company.
Ahmad bin Shafar, Chief Executive Officer, of Empower, said, “The agreement between Empower and Dubai Islamic Bank is an important milestone as the first bilateral deal between the two entities.” The Business Bay district-cooling network will eventually consist of 350,000 refrigeration tonnes (RT) worth of capacity for business, retail and residential buildings.
Al Shafar added that DIB considers Empower a secure investment in which the agreement will provide them with cost-effective funding to sustain growth and drive the implementation of the landmark Business Bay project.
“DIB is on a established growth agenda successfully executing the next phase of its medium-term strategy,” said Dr. Adnan Chilwan, CEO of Dubai Islamic Bank. This new arrangement with Empower is testament to our focus in this area, and adds to the list of deals we have successfully completed to support the sustainable growth of this sector,” he added.
Empower is the world’s largest district cooling company with a capacity of one million RT of capacity across many landmark real estate projects in Dubai including Business Bay, Jumeirah Beach Residence, Dubai International Financial Centre, Dubai Healthcare City, Jumeirah Lake Towers, Palm Jumeirah and Discovery Gardens.
Source : WAM News Agency for United Arab Emirates
