Sustainable Solutions to Keep the World’s Largest Manmade Island Cool

Established in 2003, Empower is the world’s largest district cooling services provider by capacity. It has a diversified client portfolio consisting of Dubai’s key industrial sectors. Empower has announced the start of the subscription period for its initial public offering (“IPO”) on the Dubai Financial Market. Mashreq as receiving bank presents you with an opportunity to subscribe to Empower’s IPO.

Facts about Empower

With a targeted market share of approximately 80% of the district cooling market in Dubai by end of 2022, Empower is the exclusive cooling provider to Dubai’s most iconic and landmark projects, including the Burj Al Arab, Dubai International Financial Centre, Emirates Towers, Museum of the Future and Palm Jumeirah.

Empower currently serves more than 110,000 corporate and individual customers through a network of more than 369 kilometers of insulated pipes and 81 district cooling plants

Dubai’s traditional air-cooling method is transitioning to District Cooling, a more energy efficient, next generation and superior cooling solution.

Empower is an end-to-end District Cooling Service provider covering the entire spectrum of the value chain. It designs, builds, owns, operates and maintains its district cooling plants at its own cost.

Empower uses smart metering technology underpinned by high operational efficiency and the latest technologies, including artificial intelligence to efficiently manage district cooling needs.

Supported by the ‘Dubai Integrated Energy Strategy 2030’, Empower’s operations are rooted in energy transition and is a key enabler in achieving the UAE’s ambition to reach net zero by 2050.

Empower is also a partner of United Nations Environment Program (UNEP) and plays a vital role in UN-lead global initiatives such as ‘Cool Coalition’ and ‘District Energy in Cities’.

Empower is a critical asset for the Emirate, a city where residents and daytime population is expected to increase 5.8 million and 7.8 million respectively by 2040.

Empower benefits from a distinctive operating model that utilizes in-house operational expertise to achieve an industry standard for a low-cost base.

Poised for sustained and stable demand and long-term contracted revenue streams, Empower is backed by a solid balance sheet, with a resilient 50% 2021 EBITDA margin, and strong cash flow, which will fund future growth and enable attractive shareholder returns.

Important dates to remember

24 October 2022
Intention to Float Announcement and Publication of the Prospectus
31 October 2022
Retail Subscription Opens and Price Range Announcement
7 November 2022
Retail Subscription Closes
14 November 2022
Commencement of Refunds
To find out more information about the Empower IPO, please call on 04-424-4457 You may also write to us at

Disclaimer: This announcement has not been reviewed, verified or approved by the Securities and Commodities Authority (“SCA”) or any regulator and/or relevant licensing authority in the UAE or elsewhere and does not form part of the prospectus. This announcement or any related advertisements does not fall under the SCA’s remit or jurisdiction or any licensing authority listed under the laws and regulations applicable in any of the Free Zones established and operating in the United Arab Emirates, including the Financial Services Regulatory Authority in relation to the Abu Dhabi Global Market (ADGM), the Dubai Financial Services Authority in relation to the Dubai International Financial Centre(DIFC), or any other authority in any other jurisdiction.