Dubai cooling specialist Empower raising cash for expansion



The Dubai district cooling specialist Empower is raising Dh1 billion (US$3.67bn) for new projects as the company gears up for expansion.

Empower said it had already raised Dh600 million in loans from one local and one international bank and it was in discussions with another local bank to raise a further Dh400m.

The joint venture between Dubai Technology and Media Free Zone (Tecom) Investments and Dubai Electricity and Water Authority (Dewa), which celebrates its tenth birthday this year, said that it had paid down its original Dh1.3bn in outstanding loans to Dh480m.

Empower yesterday posted net profits of Dh190m - an increase of 17 per cent compared with the previous year.

The profits came on the back of sales of Dh701m - an increase of 5 per cent compared with the previous year.

"We can't stop here and say 'khalas' we have to continue," Ahmed Bin Shafar, the chief executive, said during a press conference to announce the company's financial results yesterday. "The district cooling market in the UAE is worth a total of Dh15bn, and we calculate that over the next five to six years it will grow to around Dh42bn."

He added that Empower's strategy was to increase its market share in the UAE before expanding into other regional markets.

"We want to expand into the GCC and are talking with developers, but we now have to formulate how, either through a joint venture or some other way. Are we going to move? Yes. When? Not until we are on solid ground," Mr Bin Shafar added. "I don't want to get into the situation others had."

The company said its annual cooling capacity had increased 8 per cent over the year to 400,000 refrigeration tons and its workforce grew 9 per cent.

Mr Bin Shafar said that the company was looking at conducting an initial public offering "two to three years down the road" and that it was also looking at taking over other district cooling companies.

In response to continued customer concerns about spiralling bills, Mr Bin Shafer blamed increased water and electricity costs and added that the company hoped to reduce bills in future by optimising production. "There is no future increase on the horizon," he added.

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Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

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There are about 3.1 million NRIs living overseas

Indians have urged political parties to extend the right to vote to citizens residing overseas

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Proxy voting means that a person can authorise someone residing in the same polling booth area to cast a vote on his behalf.

This option is currently available for the armed forces, police and government officials posted outside India

A bill was passed in the lower house of India’s parliament or the Lok Sabha to extend proxy voting to non-resident Indians

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Up to £125,000 – 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; More than £1.5m – 12%

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Company name: OneOrder
Started: March 2022
Founders: Tamer Amer and Karim Maurice
Based: Cairo
Number of staff: 82
Investment stage: Series A

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Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.

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Company/date started: 2015

Founder/CEO: Mohammed Toraif

Based: Manama, Bahrain

Sector: Sales, Technology, Conservation

Size: (employees/revenue) 4/ 5,000 downloads

Stage: 1 ($100,000)

Investors: Two first-round investors including, 500 Startups, Fawaz Al Gosaibi Holding (Saudi Arabia)

COMPANY PROFILE

Company name: Klipit

Started: 2022

Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant

Based: Dubai, UAE

Industry: Digital receipts, finance, blockchain

Funding: $4 million

Investors: Privately/self-funded

Our legal advisor

Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.

Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation. 

Education: Sagesse University, Beirut, Lebanon, in 2005.

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Asia Cup 2022

What
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When
Sunday, September 11, from 6pm

Where
Dubai International Stadium

How to watch
Catch the live action on Starzplay across Mena region.

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