Empower clears Dh83m loans installment

The Emirates Central Cooling Systems Corporation, or Empower, announced that it has recently cleared a half-yearly loan installment of Dh83 million, part of the syndicated loan facility from a consortium of banks with Emirates NBD being the facility agent. This loan was used to build Empower’s plants and networks at the Dubai International Financial Centre, Business Bay, Mirdif, Tecom C and Al Quoz projects. Empower chief executive officer Ahmad bin Shafar said: “Clearing our loans on scheduled demonstrate the robustness and sustainability of Empower’s business model and effectiveness of its financial strategy. Empower had total loan of approximately Dh1.2 billion, of which the current outstanding balance stands at Dh580 million.” “Empower has adopted a business model that works on the strategy of investing in plants and network infrastructure driven by actual demand in specific projects. This has resulted in sustainable growth and avoided unproductive investments and financial losses.” From : Khalij