Dubai – Mubasher: Emirates Central Cooling Systems Corporation (Empower) on Wednesday announced awarding contracts totalling AED 62 million ($16.8 million) in value in the first quarter of 2017.
The main reason behind the rise in the number and value of contracts “is the customers’ growing trust in the district cooling service, in terms of its efficiency compared to conventional cooling services,” the district cooling services provider said in a statement.
Customers increased to 65,000 by the end of 2016, Empower said, highlighting that the number of its customers and contracts has only seen an increase in 2017.
“We are very delighted to have closed the first quarter on a grand note,” said Empower CEO Ahmad Bin Shafar, indicating that this was an important milestone for his company, which reinforces its presence and progress.
“These contracts will further support our commitment to increase environmental efficiency. We will continue to maintain a strong focus on our delivery and set new standards for district cooling in the country which will not only spell success for us but the country as a whole,” he added.
The district cooling service provider underscored its commitment to bolstering the UAE’s efforts to become the country with the lowest carbon footprint in the world by 2050, the top official stated, noting that district cooling requires specialist knowledge and that Empower “is well equipped to provide best-in-class services” owing to its advanced knowledge and highly qualified professionals.
Adoption of technology to reduce carbon emissions and district cooling installation and industrial activities have increased recently, boosting the Middle East’s district cooling market, according to the statement.
Valued at $11.2 billion in 2015, the global district cooling market is forecast to expand at a compound annual growth rate (CAGR) of 5.1% to reach $17.3 billion in 2024, a report by Transparency Market Research (TMR), a global market intelligence company, has said.
