Invest in Empower
Emirates Central Cooling Systems Corporation (Empower) was established on 23 November 2003 as a corporate entity pursuant to Dubai Law No. (10) of 2003, as amended by Dubai Law No. (3) of 2010 and commenced commercial operations on 15 February 2004. On 14 October 2022, pursuant to Dubai Law No. (22) of 2022, the Company was established in its current form, as a public joint stock company (PJSC) to succeed Emirates Central Cooling Systems Corporation.
Since its inception, Empower has promoted the implementation of district cooling technology in the United Arab Emirates, leading the market in deploying a more sustainable method to cool buildings. Empower serves 156,000 corporate and individual customers in 1,747 buildings with a connected capacity of more than 1.66 million refrigeration tons (RT) and a contracted capacity of over 1.94 million RT.
Empower is backed by the esteemed Dubai Electricity and Water Authority PJSC (DEWA), the exclusive provider of electricity and water. As a key partner and parent company, DEWA brings best-in-class industrial expertise and strong utility know-how, owning 80% of the shares of Empower.
On 24th October 2022, the company announced its intention to float 10% of its total issued share capital on the Dubai Financial Market (DFM). This was followed by two successful upsizing announcements, which saw a total of 20.0% of Empower’s total issued share capital offered. Empower was officially listed on the DFM on 15th November 2022.
According to the International District Energy Association, Empower is currently the world's largest district cooling services provider and is a clear leading player in the district cooling market in Dubai, with a market share of more than 80% of the total connected capacity of the district cooling market in Dubai.
District cooling is an efficient energy system for large-scale, high-density developments, such as business districts, airports, university campuses, residential towers, shopping malls and hospitals. The district cooling system relies on a centralised cooling plant that provides chilled water that is used to cool buildings within its connected network. The plant supplies chilled water through a network of underground-insulated pipes.
Empower currently serves more than 132,000 corporate and individual customers in more than 1,500 buildings. Empower has a diversified client portfolio consisting of Dubai's key industrial sectors, including Residential, Commercial, Retail, Hospitality, Healthcare, Education and Entertainment, and its operational model is focused on transforming traditional processes of air conditioning into one which is energy efficient and supports UAE's efforts to achieve its carbon neutrality goals.
Empower is a strategic asset fuelling the UAE's growth engine. Operating in Dubai, the company possesses a robust, well-diversified portfolio, serving some Dubai's most iconic landmarks across a variety hospitality and residential sector.
These include Empower is the exclusive cooling provider to some of Dubai's most iconic and landmark projects, including the Burj Al Arab, Dubai International Financial Centre, Emirates Towers, Museum of the Future and Palm Jumeirah.
With the Dubai 2040 Urban Master Plan projecting an increase in land areas for hotels and tourism by 134% by 2040, as well as an increase in residents and daytime population to 5.8 million and 7.8 million, respectively, Empower is poised for sustained and stable long-term growth.
Looking ahead, Empower is well poised to benefit from secured growth opportunities within existing and new developments as well as inorganic opportunities in Dubai and beyond. The company aims to secure additional growth from the extension of existing master developments, and it expects to add a connected capacity of at least 370,000 RTs as medium-term target based on secured growth capacity, plus additional RT capacity that may crystallize from the Group's growth avenues and expansion projects.
The Management team is comprised of an experienced bench of individuals familiar with the company, the district cooling sector and its expected evolution. For more information, please visit the management section.
Empower is backed by two of Dubai’s most eminent companies; Dubai Electricity and Water Authority PJSC ("DEWA") which owns 56% of the shares of the Company, and Emirates Power Investment LLC ("Emirates Power") (an indirectly wholly owned subsidiary of Dubai Holding LLC) ("Dubai Holding"), which owns 24% of the shares of the company.
On 24th October 2022, the company announced its intention to float 10% of its total issued share capital (equivalent to a total of 1,000,000,000 number of Shares) on the Dubai Financial Market ("DFM"). This was followed by two successful upsizing announcements, which saw a total of 2,000,000,000 ordinary shares ("Offer Shares"), equivalent to 20.0% of Empower’s total issued share capital, offered. Empower was officially listed on the DFM on 15th November 2022.