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FINANCIAL NEWS
UAE’s Empower acquires Palm Utilities
20 Jan 2014
(MENAFN) UAE-based Empower said that it had acquired Palm Utilities from Istithmar World in a deal that is considered as the largest ever acquisitions in the district cooling industry, according to Khaleej Times.
The agreement was signed by Ahmad bin Shafar, chief executive, Empower, and Hamad Buamim, board member of Dubai World.
Shaikh Ahmed bin Saeed Al Maktoum, President, Dubai Civil Aviation Authority, said: “Empower’s acquisition of Palm Utilities and Palm District Cooling is in response to the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to position Dubai as a centre for sustainable development. The new combined entity is also a reflection of Shaikh Mohammed vision to place the UAE at the forefront of industry and business.”
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