Thursday 12, July 2018 by Kudakwashe

Empower settles AED175 million debt ahead of schedule


Out of the total loan portfolio of approximately AED 2.6 billion, Empower has already settled AED 2 billion.


Emirates Central Cooling Systems Corporation (Empower) announced that it has settled the half-yearly loan instalment of AED 175 million ahead of schedule, according to local newswire WAM.

The loan forms part of the syndicated loan facility from a group of international and local banks and financial institutions, with Emirates NBD being the facility agent.

Ahmad bin Shafar, CEO of Empower, said, "Empower has adopted the strategy of investing in plants and network infrastructure driven by actual demand and has been extremely cautious in its investments.

Empower is currently working on expanding its capacity in various projects such as Jumeirah Village South, International Media Production Zone as well as Business Bay, Dubai International Financial Centre and Dubai Land.

Empower has significant capital expenditure for the new projects, which would be funded through the mix of debt and internal accruals.



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