Emirates Central Cooling Systems Corporation (Empower), a joint venture between Tecom Investments and Dubai Electricity and Water Authority (Dewa) and the largest district cooling services provider in the Middle East, has urged regional and local banks to enhance their funding to district cooling industry which is considered one of the safest industries in terms of risks and return on investment (ROI).
Ahmad Bin Shafar, CEO of Empower, added: “Key players in the district cooling industry in the UAE and the Gulf have succeeded in building a world-class district cooling infrastructure. The demand has risen rapidly in the UAE in the last decade, which lowers the risks of such investments significantly compared to other opportunities.”
Demand for district cooling has been increasing rapidly in the last decade. In the UAE, it was first used in the 1970s at the Dubai International Airport. It began to be adopted commercially in 1998 with the real estate boom in the country. The adoption rate in this technology has remarkably increased in the past five years especially amongst large scale projects.
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