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On 14 October 2022, pursuant to Law No. 22 of 2022 (which repealed Decree No. 10 and any other legislation to the extent that it contradicts with its provisions) (“Law No. 22”), the Company was established in its current form,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) announced its readiness for significant participation in the Water, Energy, Technology, and Environment Exhibition (WETEX) 2024 in Dubai. Empower, the world's largest district cooling services provider, will showcase its latest technologies and highlight its global leadership in district cooling development. The company plans to present its major projects, which have won international awards, and provide comprehensive explanations of their sustainable practices aimed at reducing carbon footprints and protecting the environment. Empower's CEO, Ahmad Bin Shafar, emphasized the company's commitment to offering an exceptional experience at the exhibition, stressing the importance of the event for integration across the energy sector and fostering collaboration between commercial and technical sectors. He also noted the growing demand for district cooling systems driven by the need for sustainable and cost-effective solutions.

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News Update From Emirates Central Cooling Systems Corporation PJSC

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News Update From Emirates Central Cooling Systems Corporation PJSC

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Emirates Central Cooling Systems Corporation PJSC (Empower), the world's largest district cooling services provider, successfully concluded the summer season of 2024 without any service interruptions. Despite high temperatures, Empower maintained high operational efficiency and reliability. The company implemented a proactive action plan, including extensive maintenance and infrastructure upgrades, to ensure uninterrupted service. Empower's CEO, HE Ahmad Bin Shafar, highlighted the company's commitment to reliability and sustainability. Empower also ran a summer campaign, 'Set and Save at 24°C,' to help customers optimize energy consumption. The company continues to focus on providing high-quality district cooling solutions and enhancing customer trust.

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Emirates Central Cooling Systems Corporation PJSC (Empower) has successfully concluded its summer campaign, "Set and Save at 24°C," aimed at optimizing district cooling consumption and reducing customer bills. The campaign encouraged customers to set their air conditioning to 24°C to conserve energy and lower costs. Empower's CEO, HE Ahmad Bin Shafar, expressed gratitude to customers for their cooperation, emphasizing the importance of reducing energy consumption for environmental sustainability and aligning with Dubai's "Green Economy for Sustainable Development" initiative. The campaign, now in its ninth year, provided over 138,000 customers with tips to reduce energy waste and lower utility bills, contributing to a greener economy and supporting Dubai's goal of becoming the world's lowest carbon city by 2050.

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Emirates Central Cooling Systems Corporation PJSC (Empower) reported a 41% increase in new customer registrations via electronic platforms over the past five years and issued nearly 20,000 No Objection Certificates (NOCs) in the first half of this year. Additionally, there was an 11% rise in bill payments through electronic channels in the same period. Empower noted a 21% increase in the issuance of NOCs, which enhance business efficiency and productivity. CEO HE Ahmad Bin Shafar highlighted that these achievements reflect the company's commitment to sustainable growth and alignment with Dubai's technological advancements and national strategies. Empower's customer base grew to over 138,000 in the first half of the year.

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Emirates Central Cooling Systems Corporation PJSC (Empower) has awarded a contract to design its second district cooling plant in Jumeirah Village, Dubai. Construction is set to begin in the first quarter of 2025. This project is part of Empower's larger initiative to establish six next-generation plants in Jumeirah Village, covering Jumeirah Village Circle (560 hectares) and Jumeirah Village Triangle (242 hectares), with a total cooling capacity of 256,000 tons. The new plant will have a production capacity of approximately 37,000 refrigeration tons (RT) and will use advanced cooling technologies to optimize energy efficiency and reduce water consumption. It will serve a variety of properties, including residential buildings, commercial complexes, and hotels. Jumeirah Village is a popular area in New Dubai, known for its green spaces and amenities. Empower's CEO, Ahmad Bin Shafar, stated that the new plant aligns with the company's strategic plans to meet the growing demand for sustainable district cooling services. The design aims to adhere to high global standards and integrate seamlessly with Dubai's urban identity, supporting the UAE's green economy initiatives and the 'Smart Dubai' initiative. Empower continues to expand its services across Dubai to cater to various major projects.

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Empower, the world's largest district cooling services provider, celebrates Emirati Women's Day under the theme 'We Collaborate for Tomorrow,' aligning with the UAE President's 'Year of Sustainability' initiative for 2024. CEO Ahmad Bin Shafar emphasized the crucial role of Emirati women in sustainable development and climate change efforts, noting their leadership in sustainability initiatives within the organization. Emirati women hold senior positions and make up over 62% of the female workforce at Empower. Bin Shafar praised their significant contributions to the nation's development and highlighted the UAE's commitment to gender equality and women's empowerment. He acknowledged the leadership's support in providing opportunities and fostering gender balance in the workplace.

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Emirates Central Cooling Systems Corporation PJSC (Empower), the world's largest district cooling services provider, reported a 20% increase in district cooling consumption and a 44% rise in contracts in the first half of 2024 compared to the same period in 2023. This growth is attributed to high occupancy rates in existing real estate projects in Dubai and a significant increase in new large real estate projects. Empower's connected capacity reached 1.53 million refrigeration tons (RT), and contracted capacity grew to over 1.72 million RT. The company now holds over 80% of the Dubai district cooling market as of the end of 2023. Empower attributes this growth to customer confidence and the environmental benefits of district cooling.

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Emirates Central Cooling Systems Corporation PJSC (Empower), the world's largest district cooling services provider, has commenced construction of a new district cooling plant in Dubai’s Deira district. The plant, with a capacity of 39,000 refrigeration tons (RT), will serve over 46 buildings within the Deira Waterfront development, part of the Deira Enrichment Project aimed at transforming the district with residential communities, commercial spaces, and offices while preserving its heritage. The plant will incorporate advanced technologies like Thermal Energy Storage (TES) and Treated Sewage Effluent (TSE) to optimize energy usage and conserve water. Construction is progressing on schedule, with completion in two phases. The first phase, with a capacity of approximately 20,000 RT, is expected to be operational by June 2025. Empower, holding over 80% of the Dubai district cooling market, plans to continue significant investments to expand its operations in Dubai. This includes upgrading facilities and staff to meet growing demand. CEO Ahmad bin Shafar emphasized the company's commitment to providing reliable, high-quality district cooling services and expanding its infrastructure and customer base, aiming to reach around 140,000 customers by year-end.

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