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On 14 October 2022, pursuant to Law No. 22 of 2022 (which repealed Decree No. 10 and any other legislation to the extent that it contradicts with its provisions) (“Law No. 22”), the Company was established in its current form,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

Emirates Central Cooling Systems Corporation PJSC (Empower), the world's largest district cooling services provider, has announced its diamond sponsorship of the International District Energy Association (IDEA) conferences and exhibitions in 2025 for the second year in a row. This sponsorship is part of Empower's Sustainable Sponsorship Program and includes major events such as IDEA Campus Energy 2025. The initiative aims to enhance collaboration and expertise exchange with key stakeholders in the energy and district cooling sectors, emphasizing Empower's role in driving sustainability in the industry. Empower's CEO, H.E. Ahmad Bin Shafar, highlighted the company's commitment to innovation and resilience in energy systems, while IDEA President Rob Thornton expressed gratitude for Empower's support and strategic vision. The sponsorship allows Empower to showcase its global leadership in efficient energy and district cooling solutions and the UAE's leadership in addressing energy and climate challenges.
Emirates Central Cooling Systems Corporation PJSC (Empower) has begun operations at its new District Cooling plant in Jumeirah Beach Hills, Dubai. The plant, upon full completion, will have a total production capacity of 48,000 refrigeration tons (RT) and will serve prominent hospitality and residential projects in the Jumeirah area, including the Burj Al Arab and Jumeirah Beach Hotel. The plant adheres to international standards and sustainable building practices, integrating with the local architectural aesthetics. Empower's CEO, Ahmad Bin Shafar, highlighted the company's commitment to providing high-quality, environmentally friendly cooling services, reinforcing Jumeirah's status as a premier residential and tourist destination.
Emirates Central Cooling Systems Corporation PJSC (Empower), the largest district cooling services provider globally, has achieved a second Guinness World Record for the Largest Cooling Plant Coverage in its Business Bay district cooling project in Dubai. This project currently serves 188 buildings, including residential, commercial, and hospitality facilities, and is one of the largest district energy projects worldwide, with a capacity of 451,540 refrigeration tons. Empower's network spans 52.4 kilometers and utilizes advanced technologies, including thermal energy storage and treated sewage effluent. This achievement follows a previous record for the Highest Capacity District Cooling Plant. Empower's CEO, Ahmad Bin Shafar, highlighted the dedication of their teams and their commitment to efficiency, quality, innovation, and sustainability, aligned with the UAE's vision for the future.
The UAE Ministry of Energy and Infrastructure has signed a Memorandum of Understanding (MoU) with Emirates Central Cooling Systems Corporation (Empower) to explore and enhance partnership opportunities for district cooling services in the northern emirates. The agreement aims to improve quality of life, promote sustainability, and support the UAE's Net Zero 2050 Strategy by expanding environmentally-friendly district cooling systems. The MoU was signed by His Excellency Eng. Sharif Al Olama from the Ministry and His Excellency Ahmad Bin Shafar, CEO of Empower, highlighting a commitment to national interests and citizens' well-being. Both parties emphasize their dedication to achieving the UAE's energy goals, particularly in clean energy and sustainability, aligning with the objectives outlined in COP28 and the country's climate neutrality target by 2050.
Forbes Middle East has recognized H.E. Ahmad Bin Shafar, CEO of Emirates Central Cooling Systems Corporation (Empower), as a top sustainability leader in the energy and utilities sector across the Middle East. He is one of 107 leaders honored for their contributions to sustainability, with the UAE leading the list. The evaluation considered various sustainability efforts, including ESG reports and energy efficiency. This is Bin Shafar's second recognition by Forbes Middle East this year. He emphasized the importance of district cooling systems in sustainable development and highlighted Dubai's goal to increase environmentally friendly cooling systems to 40% of its total capacity by 2030.
Emirates Central Cooling Systems Corporation (Empower) reported strong financial results for the third quarter of 2024, with total revenue reaching AED 2.451 billion, marking an 8.0% increase compared to the previous year. The company's EBITDA for the nine months ending September 30, 2024, was AED 1.124 billion, reflecting a 4.7% growth. Pre-tax net profit rose by 5.0% to AED 719 million. Empower attributed this exceptional growth to increased demand for its services in Dubai, driven by a booming real estate market and a rise in new development projects.
Emirates Central Cooling Systems Corporation PJSC (Empower), a leading district cooling services provider, has been recognized by Moro Hub, part of Digital DEWA, for its efforts in reducing carbon emissions by 42,415.92 kilograms over three years. This achievement was made possible through Empower's participation in Moro’s Green Data Centers program. Empower has received its second certification from Moro, following an earlier Green Certification, highlighting its commitment to environmental sustainability. H.E. Ahmad Bin Shafar, CEO of Empower, emphasized the importance of responsible environmental practices and the positive impact of the strategic partnership with Moro in advancing sustainability initiatives. The new certification acknowledges Empower's leadership in sustainability within the district cooling industry and reinforces its commitment to reducing carbon footprints.
Emirates Central Cooling Systems Corporation (Empower) and its subsidiary ELIPS have successfully renewed their ISO certifications for 2024. They were re-certified for ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 after passing audits conducted by Bureau Veritas. Empower also upgraded to the ISO 27001:2022 standard for its Information Security Management System. This renewal highlights both companies' commitment to quality, environmental standards, and information security. H.E. Ahmad Bin Shafar, CEO of Empower and Chairman of ELIPS, emphasized their dedication to meeting customer needs and aligning with the UAE's vision for excellence and innovation.

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News Update From Emirates Central Cooling Systems Corporation PJSC

Disclosure: BOD meeting

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DFM News

DFM News

News Update From Emirates Central Cooling Systems Corporation PJSC

Disclosure: Press release

Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, and the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) have signed a Memorandum of Understanding to develop a third-generation District Cooling System. The agreement was signed at the ASHRAE Conference 2024 in Chicago. The project, part of Empower's strategic roadmap, aims to strengthen the global leadership of Empower and the UAE in the field of district cooling. The research will focus on transitioning from traditional district cooling systems to innovative third-generation models, with a focus on AI-driven energy management and sustainable, environmentally-friendly cooling solutions.

1. Attached Document

DFM News

DFM News

News Update From Emirates Central Cooling Systems Corporation PJSC

Disclosure: Press release

Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, has signed a Memorandum of Understanding (MoU) with the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) to develop a global standard for district cooling. The standard will be adopted by countries with emerging district cooling infrastructure by 2025. The MoU was signed at the ASHRAE Conference 2024 in Chicago, USA. The goal of this collaboration is to improve environmental, economic, and social conditions through the adoption of district cooling in diverse urban environments and communities worldwide.

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DFM News

DFM News

News Update From Emirates Central Cooling Systems Corporation PJSC

Disclosure: Press release

Dubai-based Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, will participate in the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) Conference and Expo 2024 in Chicago, USA. The event, which runs from 20 to 24 January, will allow Empower to gain insights into energy-efficient cooling solutions and technologies. The conference features professional events such as dialogue sessions, panel discussions, and educational workshops. Empower and ASHRAE aim to sign an agreement at the conference to work on the District Cooling Guide for the development of a District Cooling Standard, which could have significant environmental, climatic, and economic benefits.

1. Attached Document

DFM News

DFM News

News Update From Emirates Central Cooling Systems Corporation PJSC

Disclosure: Press release

Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, has announced its diamond sponsorship of leading district cooling conferences and exhibitions in 2024, including events hosted by the International District Energy Association (IDEA). The sponsorship includes IDEA Campus Energy2024 in San Francisco, IDEA2024 in Orlando, and other webinars and workshops throughout the year. Empower is the first Middle Eastern organization to take on the role of a diamond sponsor for international conferences. The events attract delegations and experts from over 30 countries. Empower aims to strengthen its global position and build cross-continental connections through this sponsorship.

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AbhiShareBhachan

AbhiShareBhachan

Commented on RealEstateKings Transaction regarding Emirates Central Cooling Systems Corporation PJSC

Interesting move on Emirates Central Cooling Systems. A bold step in Utilities amidst a volatile market. Keep an eye on sector trends. #InvestSmart
FinanceBroAED

FinanceBroAED

Commented on RealEstateKings Transaction regarding Emirates Central Cooling Systems Corporation PJSC

Wow, 75 shares in Emirates Central Cooling? Someone's not afraid of a little heat in the market! Let's hope it doesn't leave you cold, mate!
DFM News

DFM News

News Update From Emirates Central Cooling Systems Corporation PJSC

Disclosure: Press release

Emirates Central Cooling Systems Corporation (Empower), the world's largest district cooling services provider, recently held a meeting with hotel operators in Dubai to discuss new plans and share sustainability initiatives. The meeting was part of the response to the outcomes of the COP28 event hosted by the UAE. The attendees visited the Dubai Healthcare City District Cooling plant to learn about Empower's success in providing sustainable cooling services. Empower currently provides its environmentally friendly cooling services to over 21% of hotels in Dubai, including high-profile properties like the Burj Al Arab and the Atlantis The Royal. The meeting also discussed ideas and methods for environmental protection, water usage efficiency, and maintenance processes in district cooling operations.

1. Attached Document

DFM News

DFM News

News Update From Emirates Central Cooling Systems Corporation PJSC

Disclosure: Press release

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.

1. Attached Document

DFM News

DFM News

News Update From Emirates Central Cooling Systems Corporation PJSC

Disclosure: Results of BOD meeting

1. Attached Document