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The facility has been treating vulnerable populations, including Sudanese refugees who are fleeing the conflict in their home country
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Palm District Cooling Raises Dh519m Financing for Expansion
DUBAI - Palm District Cooling has recently raised an Dh519 million bridge financing facility, company said on Sunday. This is in line with its growth strategy within the UAE.
“This financing commitment comes at a time when the region is experiencing severe liquidity constraints. It clearly validates the strength of our business model and the key role that PDC plays in helping to develop infrastructure in the UAE,” said Yousuf Kazim, Chief Executive Officer, Palm Utilities.
The financing will be utilised for capital expenditure requirements of the company and is part of a wider financing strategy that will include accessing the syndicated loan and capital markets in the future.
“Raising finance in the present environment was challenging, but with the support of all the parties involved, we were able to get it done,” said Murtaza Chevel, Chief Financial Officer, Palm Utilities.
PDC specialises in Build-Own-Operate model of development offering design, construction, operation & maintenance services in the district cooling space.
business@khaleejtimes.com
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