Empower buys cooling firm for $500 million in latest Dubai asset shuffle | Reuters:
"Dubai district cooling firm Empower bought Palm Utilities from a unit of Dubai World DBWLD.UL for $500 million on Sunday, part of a shuffle of assets between companies ultimately owned by Dubai's government or the emirate's ruler.
Acquiring Palm Utilities, which includes Palm District Cooling, will give Empower about 70 percent of the United Arab Emirates' district cooling market, a company statement said.
District cooling is a centralized system for chilling large buildings, such as offices, factories and tower blocks, instead of having a large number of individual air conditioning units.
Empower will immediately take over all operations, assets and liabilities of Palm Utilities, which was previously owned and operated by Istithmar World."
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