Will facilitate company’s expansion plans

Mr. Abdulaziz Bin Yagub Al Serkal and Dr. Adnan Chilwan at the signing

Emirates District Cooling (Emicool) has announced signing a US$ 245 million 12-year facility with Dubai Islamic Bank [DIB], which will largely refinance its existing debt and also fund the company’s 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, the announcement added.

On the occasion, 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. This reaffirms the success of Emicool’s strategic business model and is testimony to our rising market reputation and underlines the growth potential that we have on offer.”

Commenting on the agreement, Dr Chilwan said: “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’s business model and their long-term strategic vision ties in well with DIB’s own growth plans and further solidifies our position as a bank of choice in this sector.”

Moubadder, on his part, highlighted that the refinancing would help further expand Emicool’s operations and geographic reach. “There is a huge potential for growth in the District Cooling industry,” Moubadder said, “and as one of the major players, we are looking at investing in infrastructure, which will assist to offer quality products to capture a significant share of the market.”