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Dubai plans to list district cooling provider Emirates Central Cooling Systems Corporation – better known as Empower – on the Dubai Financial Market as part of efforts to boost its stock market and attract more listings amid a growing appetite for initial public offerings in the region, the Dubai Media Office said in a tweet on Saturday.
The listing comes under the directives of Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Maktoum bin Mohammed, the UAE’s Deputy Prime Minister and Minister of Finance, it added.
Under the directives of @HHShkMohd, @MaktoumMohammed announces the listing of Emirates Central Cooling Systems Corporation (Empower) on Dubai Financial Market (DFM). #Dubai
— Dubai Media Office (@DXBMediaOffice) December 11, 2021
Empower provides district cooling services to homes and commercial buildings, shopping centres, hospitals and schools, with a total cooling capacity of 1.64 million refrigeration tonnes.
Set up in 2003, Empower is a joint venture between Dubai Electricity and Water Authority and Tecom Investments.
On November 2, the emirate revealed plans to list 10 state-owned companies as part of its strategy to double the size of its capital market to Dh3 trillion ($816 billion) and attract foreign investment.
Dubai Water and Electricity Authority, the government-owned utility company, will be the first entity to go public on the DFM in the “coming months”, Sheikh Maktoum said on Twitter at the time.
On December 7, the emirate announced plans to list Tecom, the owner and operator of investment free zones in the emirate, on the DFM.
Salik, Dubai's road toll system will also be listed on the DFM, it was announced last month.
In November, the emirate also launched a market maker fund worth Dh2bn to encourage listings from sectors such as energy, logistics and retail.