Istithmar's newly launched Palm Utilities to expand overseas

DUBAI — Istithmar, a part of Dubai World group of companies, yesterday launched Palm Utilities, which unifies two utility companies by integrating their products and services to offer a fully packaged utility portfolio.

By A Staff Reporter

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Published: Tue 8 Apr 2008, 9:46 AM

Last updated: Sun 5 Apr 2015, 11:36 AM

The two companies are Palm Water (PW), a provider of utility services for various large-scale developments in Dubai, and one of the world's leading district cooling utility companies, Palm District Cooling (PDC).

Ahmed Butti, chairman of Palm Utilities, said the company would eventually expand its business outside the UAE and establish a strong presence in other countries with high potential for economic growth.

For instance, PDC and PW are now conducting exploratory talks with prospective international partners in other Gulf countries, such as Saudi Arabia and Qatar. Some organisations in India have also expressed interest to have joint ventures with both companies.

"We intend to increase our share in these rapidly growing markets," said Keith Levers, CEO of Palm Utilities. "We look forward to conducting businesses on a global basis as there is a huge demand for district cooling, potable water, wastewater treatment and water recycling."

Butti said that the unified company was created to complement the vision of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, for a sustainable development.

"Palm Utilities will contribute to the centralisation and modernisation of the delivery of fundamental utility services to Dubai and the rest of the UAE, as utility services are essential elements in the socio-economic development of our country," he said in a prepared statement.

The four-year-old PDC said it expects the demand for cooling substances to reach 1.5 million tonnes over the next five years due to the ongoing construction boom in the UAE and across the Gulf region.

It has completed district-cooling facilities for major development projects in Dubai, including the Dubai Multi Commodities Centre, Ibn Battuta Shopping Mall, Jumeirah Islands, Gardens Apartments, Palm Jumeirah, Jumeirah Lake Towers and Discovery Gardens.

Since 2005, PW has been providing high-quality water utility services to major developments in Dubai. It offers build-own-operate and build-own-transfer services for all types of commercial, municipal and industrial projects. Its portfolio includes the Palm Jumeirah, Jebel Ali Free Zone Authority, International City and Jumeirah Golf Estates.

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