Emirates Central Cooling Systems Corporation PJSC

Logotype for Emirates Central Cooling Systems Corporation PJSC
Ticker/ISIN
EMPOWER
AEE01134E227
Market/Country
Dubai Financial Market
United Arab Emirates

About Emirates Central Cooling Systems Corporation PJSC

Empower was established on 23 November 2003 as a corporate entity pursuant to Dubai Law No. (10) of 2003 (“Law No. 10”) and amended by Dubai Law No. (3) of 2010 (“Law No. 3”) and commenced commercial operations on 15 February 2004.

On 14 October 2022, pursuant to Law No. 22 of 2022 (which repealed Decree No. 10 and any other legislation to the extent that it contradicts with its provisions) (“Law No. 22”), the Company was established in its current form, as a public joint stock company to succeed Emirates Central Cooling Systems Corporation. 

Company's Activities are detailed in AOA and Listing Prospectus.

Latest Pressrelease Summaries from Emirates Central Cooling Systems Corporation PJSC

Empower, the world's largest district cooling services provider, has launched a smartphone app for its customers to manage their accounts more easily. Available on both Android and Apple devices, the app can be downloaded from the Apple Store and Google Play Store. It is designed to enhance customer convenience and service experience by offering a range of features such as easy registration, account access, bill payment, and real-time service tracking. The app aims to provide a user-friendly experience for individual and corporate customers, enabling them to manage their services seamlessly. CEO Ahmad bin Shafar emphasized the importance of using technology to meet customer expectations for remote access to services.
Emirates Central Cooling Systems Corporation PJSC (Empower), the world's largest district cooling services provider, has reiterated its commitment to environmental protection by using treated water in its district cooling operations to conserve fresh water resources. This announcement coincides with World Water Day on March 22. Empower's CEO, Ahmad bin Shafar, stressed the importance of water for sustainable development and climate change adaptation. Empower has increased its Reverse Osmosis treatment capacity to improve water recycling efficiency, with 8.3% of water used in 2024 coming from recycled sources, primarily treated sewage effluent. This initiative aligns with Dubai's mandate to use alternative water sources in district cooling to protect water reserves. Empower calls for public efforts to conserve natural resources for future generations.
The Emirates Central Cooling Systems Corporation PJSC (Empower) held its Annual General Meeting (AGM) in Dubai, with a quorum of 89.9% of the company's paid-up share capital. The AGM approved a cash dividend distribution of AED 437.5 million for the second half of 2024, equivalent to 43.75% of the company's paid-up capital. The meeting, chaired by Saeed Mohammed Al Tayer, reviewed the company's performance, financial statements, and auditor's report for the year ending December 31, 2024. Empower, listed on the Dubai Financial Market since 2022, reported a record revenue of AED 3.26 billion and a net profit of AED 908 million for 2024. The company has committed to an annual payout of AED 850 million during the first two fiscal years post-listing, which was successfully distributed in two installments in 2024. Following this two-year commitment, Empower's shareholders approved annual dividend payments of AED 875 million for 2025 and 2026, to be disbursed in April and October each year.
Emirates Central Cooling Systems Corporation PJSC (Empower), the world's largest district cooling services provider, has signed an agreement to supply district cooling services to the Palm Gateway project in Palm Jumeirah, Dubai. The service will have a capacity of 9,470 refrigeration tons and is expected to start in the second quarter of 2026. Palm Gateway is a luxury residential development consisting of three interconnected towers with modern amenities. Empower's CEO, Ahmad Bin Shafar, stated that this agreement reflects the trust of real estate developers in Empower's services, which consume up to 50% less energy than conventional systems. Empower aims to support Dubai's sustainability goals by reducing carbon emissions and enhancing energy efficiency.
Emirates Central Cooling Systems Corporation (Empower), a leading district cooling services provider, has increased the employment of Emirati nationals in professional and administrative roles, achieving significant growth in Emiratisation by the end of 2024. Female employees make up 45.37% of Empower's Emirati workforce, while male employees represent 54.63%, demonstrating the company's commitment to gender balance and national talent development. CEO Ahmad bin Shafar highlighted Empower's focus on enhancing UAE human capital, increasing engagement in strategic sectors, and equipping Emiratis for future challenges. Empower's strategic plan aligns with the UAE government's vision to boost Emiratisation and recognizes the importance of integrating Emirati women into the workforce as equal partners in the nation's development.
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Emirates Central Cooling Systems Corporation PJSC (Empower), the largest provider of district cooling services globally, has entered into an agreement with the Dubai Multi Commodities Centre (DMCC) to supply environmentally friendly district cooling services to the next phase of Uptown Dubai. This phase will have a capacity of 24,675 refrigeration tons. The signing took place at DMCC's headquarters, with key figures from both organizations present. Uptown Dubai is a smart district featuring mixed-use towers and various amenities, strategically located in the southern part of Dubai. Empower's JLT District Cooling project, which includes multiple plants and a comprehensive pipeline network, is designed to support new projects, enhancing investor confidence in their sustainable services. Empower's CEO, Ahmad Bin Shafar, highlighted the importance of the partnership in contributing to sustainability goals and reducing carbon emissions.
Empower Insulated Pipe Systems (ELIPS), a subsidiary of Emirates Central Cooling Systems Corporation, has expanded its market presence in the Gulf and Middle East, now operating in Saudi Arabia, Bahrain, Oman, Qatar, Kuwait, and Egypt, alongside its existing UAE operations. Over the past 16 years, ELIPS has produced over 880 kilometers of insulated pipe systems, with a 40% production increase in the last five years, serving more than 300 clients and completing over 240 projects. Chairman Ahmad bin Shafar noted the company's strategic expansion into global markets, emphasizing its use of competitive, advanced technologies to meet diverse market needs. ELIPS aims to become the leading supplier for district cooling and oil and gas sectors, focusing on sustainability and manufacturing without carbon-emitting materials. Its Dubai-based factory is the largest in the UAE, featuring advanced robotics technology.

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News Update From Emirates Central Cooling Systems Corporation PJSC

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Emirates Central Cooling Systems Corporation (Empower) and the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) have formed a global partnership with the aim of expanding the district cooling industry and improving energy efficiency within the cooling and heating sector. The partnership will involve the development of a standard based on the current District Cooling Guide, intended to be applicable worldwide and compatible with various district cooling activities. The standard aims to provide environmental, climatic, and economic benefits for investors, customers, and the public by ensuring safe, effective, and economical cooling services. A second meeting will be held in Chicago in January 2024 to finalize the agreement on standardizing the District Cooling Guide.

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News Update From Emirates Central Cooling Systems Corporation PJSC

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Ahmad Bin Shafar, CEO of Emirates Central Cooling Systems Corporation (Empower), has been awarded the CEO Middle East Award 2023 in the Energy sector. This is the third time Bin Shafar has received this accolade, highlighting his role in developing the district cooling industry in the Middle East and his leadership in making Empower the world's leading district cooling services provider. This achievement also signifies a milestone for Empower, which recently debuted on the Dubai Financial Market with an oversubscription rate of 47 times, and now commands over 80% of Dubai's cooling market. Bin Shafar's commitment to sustainability and innovation has been integral to these successes and has positioned the UAE as a global leader in sustainable technologies.

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The District Cooling Operators Association has expanded to Qatar, with Qatar Cool and Marafeq Qatar joining the association. The announcement was made during the association's ninth meeting, held in Dubai in conjunction with COP28. The meeting was attended by key figures in the district cooling industry, including the President and CEO of the International District Energy Association (IDEA). The association expressed confidence in the new members' ability to contribute to its goals, which include increasing operational efficiency, protecting natural resources, and reducing carbon footprints.

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News Update From Emirates Central Cooling Systems Corporation PJSC

Disclosure: Results of BOD meeting

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Emirates Central Cooling Systems Corporation (Empower) is participating as a strategic sponsor in the Water, Energy and Environment Technology Exhibition (WETEX 2023), taking place from November 15-17 in Dubai. Empower will showcase its key projects and initiatives in smart transformation and carbon emission reduction in the cooling sector. The company will also present its advanced plant rooms, developed using state-of-the-art technologies. Empower is keen to contribute to WETEX 2023, which is the largest exhibition for sustainability and clean energy technologies in the region. The event is expected to offer new cooperation opportunities and enable the conclusion of strategic partnerships.

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Disclosure: Changing the timing of the Board of Directors meeting

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Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling service provider, will participate in the 2023 United Nations Climate Change Conference (COP28) by hosting the District Cooling Summit 2023. The summit, organized in partnership with the International District Energy Association, aims to highlight the role of district cooling in achieving energy efficiency, meeting Sustainable Development Goals, and mitigating climate change. The event, to be held on December 5, will feature global industry experts discussing the implementation and optimization of district cooling. The summit will also spotlight the UAE's leadership in adopting sustainable cooling solutions. The agenda includes panel discussions on energy transition, low-carbon solutions, and financing for district cooling infrastructure, among other topics.

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