Palm Utilities, Istithmar-owned water and district cooling utility services provider, is looking to capture a 25 per cent market share of the district cooling business in the UAE, as demand is estimated to reach 20 million tonnes of refrigeration in the next 12 years, a senior company official said.
“We currently have a committed cooling capacity of 550,000 tonnes on a number of developments in the UAE and will raise it to 1.8 million tonnes by 2010 as a result of strong market demand. We expect to capture a market share of 25 per cent in the emirate,” Keith Levers, Chief Executive at Palm Utilities, told Emirates Business.
“We look forward to conducting businesses on a global basis as there is a huge demand for district cooling, portable water, waste water treatment and water recycling,” he said.
Palm Utilities, the holding company, will consist of two firms – Palm Water, which has been providing utility services for various large-scale developments in Dubai, and Palm District Cooling.
“We were focusing on Dubai World companies, but then we used to get a lot of inquiries from external parties. So six months ago we decided to expand outside the group. If any enquiries comes to us we now look at it positively,” Levers said.
According to Chairman Ahmed Butti, the company will not be just focusing on Dubai, but will extend its reach to other emirates and countries. “We are looking to expand our operations to Abu Dhabi, Saudi Arabia, India, Qatar, Oman and China. We will most likely enter these markets through joint ventures,” he added.
Palm Water is handling projects such as The Palm Jumeirah Crescent desalination plant (64,000 cubic metres per day); trunk and crescent sewage treatment plants utilising MBR technology (35,000 cmpd); TSE polishing plant (18,000 cmpd); the Jafza Utility project (desalination capacity 100,000 cmpd; MBR sewage treatment plant of 112,000 cmpd capacity; TSE Polishing Plant of 60,000 cmpd capacity; and various services for the World Islands project.
Palm Utilities eyes 25% market share in district cooling