Emicool signs $245mn refinancing deal with DIB
Agreement will refinance existing debt and fund expansion plans
Emirates District Cooling LLC [Emicool] has signed a $245mn 12-year facility with Dubai Islamic Bank [DIB].
The deal will largely refinance the company's existing debt and also fund expansion plans.
The refinancing agreement was signed by Abdulaziz Bin Yagub 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.
Al Serkal said: "The signing of the 12-year refinancing agreement with DIB will go a long way in expanding Emicool 's business and further cement the company's leadership position as a top-tier district cooling service provider in the region."
He added: "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 optimise production capacity and further enhance its technological capabilities to meet market requirements efficiently."
Dr. Chilwan added: "Clearly the region, and in particular, UAE is witnessing renewed economic momentum with infrastructure development attracting local and international investors.
"In our view, primary infrastructure development projects are the cornerstone of sustainable growth, a key element of the strategy of the country. DIB has always played a pivotal role in leading and facilitating such transactions and is linked to many landmark deals with some of the top corporates across the country."
Emicool is currently 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.
Emicool is a joint venture of Dubai Investments PJSC and Union Properties PJSC.