Dubai’s Empower eyes GCC, Egypt for expansion following IPO

Dubai’s Empower eyes GCC, Egypt for expansion following IPO

Dubai’s Empower will look to expand in the GCC and Egypt following its listing on Dubai Financial Market (DFM), the CEO said today.

The state-linked district cooling firm on Monday announced its plans to offer 1 billion shares (10% stake) in an IPO and DFM listing to boost trading volumes on the stock exchange.

In translated remarks at a press conference to announce the company’s initial public offering (IPO), CEO Ahmad bin Shafar said the company would expand in the UAE, other GCC states and Egypt.

Asked about expansion plans, he said: “Dubai’s market is a very promising market and of course we look to expand within the UAE.”

“We have an NDA contract with some of the companies, and therefore we cannot announce the names. We have plans to expand business in some of the countries like Saudi Arabia, Qatar, Oman and Bahrain,” Shafar said.

“In Egypt’s market, yes, we were invited to participate in some of the tenders,” he added.

The press conference heard that the company has a target market share of 80% of Dubai’s connected districted cooling capacity by the end of this year.

Empower operates 1.4 million refrigeration tonnes of cooling capacity to 1,400 buildings in Dubai, the conference heard, and that