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29 March 2024

Emicool obtains Dh900m loan from DIB

Abdulaziz Bin Yaqub Al Serkal and Dr Adnan Chilwan at the agreement signing ceremony (SUPPLIED)

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By Staff

Emirates District Cooling (Emicool), a district cooling service provider, has signed a $245 million (Dh900 million) 12-year facility with Dubai Islamic Bank (DIB), to refinance its existing debt and also fund the company’s expansion plans.

The refinancing agreement was signed by Abdulaziz bin Yaqub Al Serkal, Chairman of Emicool, and Dr. Adnan Chilwan, CEO of Dubai Islamic Bank, in the presence of Adib Moubadder, CEO of Emicool, and DIB executives.

Abdulaziz Bin Yaqub Al Serkal said: “Emicool has mapped up ambitious growth plans and continued expansion of its production capacity. As the demand for district cooling grows across the region, it has become imperative for Emicool to optimize production capacity and further enhance its technological capabilities to meet market requirements efficiently.”

Emicool is offering district cooling services in strategic locations such as Dubai Investments Park, Dubai Motor City, Dubai Sports City, Uptown Mirdiff and Palazzo Versace and D1 Tower at Al Jaddaf with installed capacity of 330,000 tonnes of refrigerant.

Emicool’s roadmap in the coming years includes expansion of operations to Saudi Arabia and Qatar.