Emicool inks $245m loan deal for expansion
Abu Dhabi, August 10, 2014
Dubai-based Emirates District Cooling (Emicool) said on Sunday it had signed a $245 million, 12-year facility with Dubai Islamic Bank to refinance existing debt and fund its expansion.
Emicool, a venture between Dubai Investments and Union Properties, offers cooling services in some areas of the emirate and has an installed capacity of 330,000 tonnes of refrigerant. It did not reveal pricing details of the facility.
The company has said it plans to expand into Saudi Arabia and Qatar in coming years. – Reuters