Dubai-backed cooling firm Empower to acquire ‘one or two’ companies to meet demand: CEO

The statements, as reported by Argaam, come as the company prepares to be listed in the stock market

  
Empower CEO Ahmad Bin Shafar with the rendering of the district cooling company's planned new headquarter building, which is set to be completed by 2021

Empower CEO Ahmad Bin Shafar with the rendering of the district cooling company's planned new headquarter building, which is set to be completed by 2021

CAIRO: Dubai-owned cooling company Empower is set to acquire “one or two companies in the UAE” in order to meet growing demand, its chief executive officer Ahmad Ibn Shafar said.

The statements, as reported by Argaam, come as the company prepares to be listed in the stock market.

“The idea of listing has now become more appealing because of the rise in the value of Empower’s market assets, the acquisition plans it signed, and the expansion plans inside and outside the UAE during the next phase,” Ibn Shafar said.

The Dubai company will also announce a strategic partnership with the government of Sharjah to provide cooling services.

Ibn Shafar expects to achieve a profit growth of more than 10 percent in 2021.

Empower has increased its production capacity from 1.64 million tons of refrigeration since the beginning of 2021 to 1.85 million tons in October 2021, the CEO said.

The company, which has 106 stations, currently serves 160,000 customers, growing from 140,000 in 2020.

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