 |
| Source: Emicool website. |
Emicool's Chairman Abdulaziz Bin Yagub Al Serkal said the refinancing agreement with DIB would help to expand Emicool’s business and further cement the company’s leadership position as a top-tier district cooling service provider in the region.
"Emicool has mapped up ambitious growth plans and continued expansion of its production capacity. As the demand for district cooling grows across the region, it has become imperative for Emicool to optimise production capacity and further enhance its technological capabilities to meet market requirements efficiently,” he said.
Adib Moubadder, CEO of Emicool, added: “Emicool has proven its capabilities as a leader in the district cooling industry over the years. We provide continuous chilled water cooling services to over 15,000 customers, with the most efficient and highest quality service to support the growth of Dubai’s infrastructure with sustainable development and innovative technologies. This refinancing will help us further expand our operations geographic reach and technological excellence in the UAE, and other parts of the region.”
Dr Adnan Chilwan, CEO of Dubai Islamic Bank, noted that the UAE is witnessing renewed economic momentum with infrastructure development attracting local and international investors. "In our view, primary infrastructure development projects are the cornerstone of sustainable growth, a key element of the strategy of the country.
"DIB has always played a pivotal role in leading and facilitating such transactions and is linked to many landmark deals with some of the top corporates across the country. Emicool’s business model and their long-term strategic vision, ties in well with DIB’s own growth plans, and further solidifies our position as a bank of choice in this sector,” he said.
Naveed Ali, Chief of Corporate Banking at Dubai Islamic Bank, said: “We are pleased to support Emicool for this refinancing arrangement and partnering with them in their growth ambitions. Over the past year we have been able to leverage our substantial experience in arranging complex financing deals, while maintaining a strong focus on managing risks, to expand our portfolio. Emicool is another important partner in this regard, and we believe that they have the leadership and right strategy in place to carry out their expansion plans.”
Emicool, a joint venture of Dubai Investments and Union Properties, is currently offering district cooling services in locations such as Dubai Investments Park, Dubai Motor City, Dubai Sports City, Uptown Mirdiff and Palazzo Versace and D1 Tower at Al Jaddaf, with an installed capacity of 330,000 tonnes of refrigerant. Emicool expects to expand into Saudi Arabia and Qatar in the future.
Naveed Ali, Chief of Corporate Banking at Dubai Islamic Bank, said: “We are pleased to support Emicool for this refinancing arrangement and partnering with them in their growth ambitions. Over the past year we have been able to leverage our substantial experience in arranging complex financing deals, while maintaining a strong focus on managing risks, to expand our portfolio. Emicool is another important partner in this regard, and we believe that they have the leadership and right strategy in place to carry out their expansion plans.”
Emicool, a joint venture of Dubai Investments and Union Properties, is currently offering district cooling services in locations such as Dubai Investments Park, Dubai Motor City, Dubai Sports City, Uptown Mirdiff and Palazzo Versace and D1 Tower at Al Jaddaf, with an installed capacity of 330,000 tonnes of refrigerant. Emicool expects to expand into Saudi Arabia and Qatar in the future.