Ahmad Bin Shafar, CEO of Dubai-based Emirates Central Cooling System Corporation (Empower), has said the district cooling firm aims to raise its market share to 70% within two years, counting on the rapidly increasing development projects to expand its operations.
Currently, the company enjoys a 29.3% market share, according to a recent report by market research and analysis firm, Frost & Sullivan. Empower said it registered a 30% growth in hotel customers at the end of last April, compared with the same month a year earlier.
“We worked hard over the past few years to achieve and sustain this leadership position,” Bin Shafar said. “The recognition from Frost & Sullivan comes with no surprise to us as it is a direct result of our long term management, operations, financial and technology strategies,” he said.
The UAE generates more than 40% of the total revenue of GCC district cooling industry, the Frost & Sullivan report said.
Bin Shafer added that he saw district cooling systems growing as an alternative to conventional AC systems over the next few years, with the majority of growth coming from the UAE’s residential sector, where there has been a rise in apartments coming on line.
Empower currently services a number of high profile projects in Dubai, including Business Bay, Dubai International Financial Centre, Dubai Healthcare City, Jumeirah Beach Residences and City of Arabia.