Dubai plans to list district cooling firm Empower in IPO push

Dubai plans to list district cooling firm Empower in IPO push

Dubai plans to list Emirates Central Cooling Systems, a venture between a unit of Dubai Holding and a state-owned utility, on its stock market as part of plans to deepen its capital market. The media office cited directives from Dubai’s Ruler and Deputy Ruler for the listing of the company, also known as Empower. It didn’t provide further information. It’s the second announcement in less than a week on a initial public offering from Dubai as it seeks to revive trading volumes on its stock market. Last week, Dubai said it plans to list Tecom Group, which houses business complexes such as Dubai Internet City, Dubai Media City, Dubai Design District and Dubai Industrial Park. The government said last month it wants to sell shares in 10 companies, and it has been encouraging private and family-owned businesses to follow suit. The emirate has already announced plans to sell shares in its main utility Dubai Electricity & Water Authority and the Salik road toll-collection system. Established almost two decades ago, Empower is a venture between Dubai Electricity & Water Authority and Tecom, a part of state-owned Dubai Holding. The company says it’s the world’s largest district cooling services provider, serving more