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Ahmad Bin Shafar, Chief Executive Officer, Empower

Empower settles first instalment of Doha Bank loan

: Saturday, June 28 - 2014 @ 12:52

Empower, the world’s largest district cooling service provider, announced that it has repaid the first installment of the AED 520 million loan to Doha Bank.

Commenting on the repayment, Ahmad Bin Shafar, Empower’s Chief Executive Officer said, “We pursue an ambitious strategy to finance our projects through an optimal mix of debt and equity to maximize our shareholder returns. This repayment further validates that we settle all our loans as per the agreed schedule, demonstrating the robustness and sustainability of Empower’s business model and its prudent financial strategy.”

The company used the loans to finance its operations in the United Arab Emirates, which now includes a portfolio of nearly 1 million Refrigeration Tonnes (RT) of capacity. This is the largest capacity of any single district cooling services provider in the world.

Empower secured this loan in August 2013, with a tenor of 5 years. The repayment of the loan is scheduled to commence from 2014 onwards in ten equal semi-annual installments.

Empower is currently providing its services to many landmark projects in Dubai including Jumeirah Beach Residence, Dubai International Financial Centre, Business Bay, Dubai Healthcare City, Palm Jumeirah, Jumeirah Lake Towers, Discovery Gardens, Ibn Batuta Shopping Mall, among others.

For further information, please contact:
Naafia Mattoo
ASDA’A Burson-Marsteller
Dubai, UAE
Tel: 971-4-4507600
Fax: 971-4-4358040
E-mail: [email protected]

Sarah Raafat
Dubai, UAE
Tel: +9714-3755318
Fax: +9714-3755500
Email: [email protected]

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Saturday, June 28- 2014 @ 12:52 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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