Dubai-backed cooling firm Empower to acquire ‘one or two’ companies to meet demand: CEO

Dubai-backed cooling firm Empower to acquire ‘one or two’ companies to meet demand: CEO
Dubai-backed cooling firm Empower to acquire ‘one or two’ companies to meet demand: CEO

Thank you for reading the news about -backed cooling firm Empower to acquire ‘one or two’ companies to meet demand: CEO and now with the details

Jeddah - Yasmine El Tohamy - CAIRO: Dubai-owned cooling company Empower is set to acquire “one or two companies in the UAE” in order to meet growing demand, its chief executive officer Ahmad Ibn Shafar said. 

The statements, as reported by Argaam, come as the company prepares to be listed in the stock market. 

“The idea of listing has now become more appealing because of the rise in the value of Empower’s market assets, the acquisition plans it signed, and the expansion plans inside and outside the UAE during the next phase,” Ibn Shafar said.

The Dubai company will also announce a strategic partnership with the government of Sharjah to provide cooling services.

Ibn Shafar expects to achieve a profit growth of more than 10 percent in 2021.

Empower has increased its production capacity from 1.64 million tons of refrigeration since the beginning of 2021 to 1.85 million tons in October 2021, the CEO said.

The company, which has 106 stations, currently serves 160,000 customers, growing from 140,000 in 2020.

These were the details of the news Dubai-backed cooling firm Empower to acquire ‘one or two’ companies to meet demand: CEO for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV PIF to transfer remaining balance of Al Akaria’s $349m loan to finance ministry
NEXT Saudi Grains Organization buys $194mn of wheat from local farmers 

Author Information

I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicize valuable information for shareholder community. Address: 2077 Sharon Lane Mishawaka, IN 46544, USA Phone: (+1) 574-255-1083 Email: [email protected]