Emicool secures $250mn loan
Deal with Dubai Islamic Bank will help fund expansion plans.
Emirates District Cooling (Emicool) has signed a $245mn loan with Dubai Islamic Bank (DIB) to refinance existing debt and fund its 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.
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 has installed refrigeration capacity of 330,000 tonnes in Dubai Investments Park, Dubai Motor City, Dubai Sports City, Uptown Mirdiff and Palazzo Versace and D1 Tower at Al Jaddaf.
Emicool’s roadmap in the coming years includes expansion of operations to Saudi Arabia and Qatar.