EMICOOL to construct two new cooling plants for Dubai Motor City development

Plants to provide an additional 92,000 tons of refrigeration

Dubai - UAE January 22, 2008: Emirates District Cooling Company LLC (EMICOOL), a subsidiary of M'Sharie, the private equity arm of Dubai Investments PJSC, announced that it has been awarded the construction of two new District Cooling Plants in the prestigious Dubai Motor City development. The plants, once completed, will be able to provide up to ninety-two thousand tons of additional refrigeration to the development.

The construction of both plants has been awarded to Drake and Scull; Plant 7 will be completed by June 2008, while Plant 8 will be completed by February 2010. The plants will be constructed at a cost of 600 million Dirhams and can individually generate up to forty-six thousand tons of refrigeration each.

"The total installed District Cooling (DC) capacity in the UAE is expected to reach four million tons of refrigeration (TR) by 2012," said Adib Moubadder, General Manager of EMICOOL. "We at EMICOOL are excited to face up to the challenge of significantly meeting the growing expectations of the UAE District Cooling market and are confident that our expertise and experience in this field as well as the cutting-edge technology that we possess, will vastly benefit us in achieving our goals in the coming years."

By way of its expanded production capacity, EMICOOL will be able to provide chilled water to five major projects within Dubai Motor City that are currently under development. These are the Dubai Autodrome, the Up Town at Motor City, the Green Community Motor City, Business Park, and the Formula 1 Team Park. The range of projects and the variety of development provides a hedge against down term in any particular segment of the market, which furnishes EMICOOL with a diversified off-taker portfolio. Dubai Motor City, which is located along Emirates Road, covers an area of 3.53 square kilometers.

Another key project that EMICOOL is presently focused upon is the Dubai Investments Park (DIP). Recent months have seen EMICOOL investing heavily in DIP and adding an additional cooling capacity of 8000 refrigeration tons to Plant No.4 to bring the plant's total cooling capacity to 22,500 refrigeration tons. Similar developments are taking place at Plant No. 1 which has recently acquired a new Thermo Storage Tank.

EMICOOL is a joint venture between M'Sharie and Union Properties PJSC. It is a utility service provider that provides a highly developed district cooling system that is much more cost effective when compared to conventional cooling systems and processes. With this advanced district cooling system, combined with state-of-the-art technology from the USA, EMICOOL is able to supply chilled water for the entire Green Community, Ewan Residence and other residential/commercial developments in Dubai Investment Park.

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