Dubai – Mubasher: Emirates Central Cooling Systems Corporation (Empower) on Wednesday announced the settlement of its AED 147 million ($40 million) semi-annual loan instalment two months ahead of its maturity on 31 December.
The settled loan instalment is a part of a “syndicated loan facility from a consortium of international and local banks and financial institutions”, according to a company statement.
“We have significant capital expenditures needed to expand our capacity in various projects such as Jumeirah Village South and Business Bay, which will be funded through a mix of debt and internal accruals,” said Ahmed Bin Shafar, Empower’s CEO.
“Out of the total loan portfolio of approximately AED 2.6 billion, Empower has already settled AED 1.7 billion which demonstrates the robustness and sustainability of Empower’s business model,” the top official added.
Empower offers eco-friendly services to property developments such as Jumeirah Group, Business Bay, Jumeirah Beach Residencem and Dubai International Financial Centre (DIFC).
