Dubai-based investment firm Istithmar on Monday launched their water and district cooling utility services provider, Palm Utilities (PU) aiming to triple their capabilities by 2010 as demand for water rises.
Company officials said it will fill out operations in major growth markets in the next years.
"Palm Utilities will take part in the centralization and modernization of the delivery of fundamental utility services to Dubai property and the rest of the UAE, as utility services are requirements in the socio-economic development of our country," said Ahmad Butti, chairman of Palm Utilities.
Palm Utilities contains Palm Water (PW) whose portfolio includes Palm Jumeirah and Jebel Ali Free Zone Authority (Jafza), and Palm District Cooling (PDC) which are involved in many projects, including Ibn Battuta shopping mall, Palm Jumeirah and Dubai International City.
PDC upgraded its cooling capacity to 550,000 tones in 2005 and is anticipated to reach 1.8 million tonnes by 2010.
Shafiq Khoury, managing director for PU, said that using these systems, power consumption could be around 50 per cent less than that of ordinary systems.
"Moreover, we figure that it is 20 per cent to 21 per cent cheaper than conventional systems," he said.
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