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Dubai-based district cooling company Emirates Central Cooling Systems Corporation (Empower) is finalising its initial public offering (IPO) plan for the second half of this year, according to reports.
Empower is a joint venture between utilities giant Dubai Electricity and Water Authority (DEWA) and Tecom Investments.
Saeed Mohammed Al Tayer, managing director of DEWA, said: “Empower IPO is soon but not in the current quarter,” Reuters reported, citing an Al Arabiya TV interview.
In February, Empower chief executive Ahmad bin Shafad had told Khaleej Times that an IPO was to be expected by the fourth quarter of 2022.
The move is part of a raft of Dubai’s state entities, including DEWA, Salik and Tecom, going public, in a bid to double the size of the capital market to AED 3 trillion ($816.75 billion)
Empower with a share of 79.5% in Dubai’s district cooling market has recorded a 13% growth last year in the number of buildings connected to its plants, reaching a total of 1,413 buildings in the residential, commercial, healthcare, hospitality, education, retail, entertainment and other sectors.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
