Page 476 - SOBHA REALTY QUARTERLY PR REPORT - JANUARY-MARCH 2024 (ENGLISH )

About Empower

District cooling companies, growing at a rapid pace in the Middle East, deliver chilled water
through insulated pipes to offices, residences, and industrial buildings to run air-conditioning
systems. Its benefits include reduced capital and operating costs, lower set-up costs,
substantially lower electricity use and lower maintenance, and more sustainability as it enables
the use of alternative and cheaper fuels, according to Empower’s website.
Empower dominates Dubai’s market with an 80 percent share, focusing on essential sectors,
including 64 percent residential and 15 percent commercial buildings. For the nine months
ending on 30 September 2023, Empower’s revenue and EBITDA grew by 9.5 percent and 7.5
percent, respectively. In Q3 2023, the company achieved significant milestones, completing the
acquisition of Dubai Airport district cooling assets and commencing services for Dubai’s
international airport. Empower also awarded contracts for a next-generation district cooling
plant and expanded the pipeline network in Jumeirah Beach Hills, providing 48,000 RT cooling
capacity.
The company added nearly a dozen new buildings to its portfolio during the quarter, including
projects like Sobha Real Estate’s S Tower. Empower received Gold Certification from the U.S.
Green Building Council for its Za’abeel plant, recognising its commitment to environmentally
friendly practices. This marks the second time the company has received this LEED-based
certification.
During the period, the company entered into nearly 25 new agreements with building owners,
expanding its environmentally friendly district cooling services and adding around 26,000 RT to
its contracted capacity. The third quarter of 2023 saw a 22 percent rise in electronic
registrations for the company’s services compared to the same period in 2022, indicating a
growing demand for Empower’s district cooling services.

https://www.arabianbusiness.com/powerlists/dubai-100-2024