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MarketScreener Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  SP Group A/S    SPG   DK0061027356

SP GROUP A/S

(SPG)
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SP A/S : Dubai's South Energy, SP Group sign MoU to expand district cooling services

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02/12/2019 | 12:34am EST

South Energy, the energy solution’s arm of Dubai South, announced that it recently signed a Memorandum of Understanding (MoU) with SP Group as part of its efforts to boost its district cooling capabilities by exploring key opportunities with the Singapore-based company. The agreement seeks to explore key opportunities through joint venture initiatives set to further enhance district cooling services in the region.

South Energy operates six central cooling plants in Dubai South which currently serves the VIP Terminal, Residential District, The Business Park and Sakany in Dubai’s flagship urban project, tapping advanced cooling solutions through its strategic partnership with service providers in the sector.

District cooling has been the preferred temperature control technology in the Middle East due to its highly energy-efficient model of providing cooling solutions to buildings, airports and other large-scale complexes.

The signing ceremony was held recently at the Dubai South Headquarters in the presence of top officials from both companies. Dubai South was led by Khalifa Al Zaffin, Executive Chairman of Dubai Aviation City Corporation and Dubai South, accompanied by Ismail Al Marzooqi, CEO of South Energy; and several members of Dubai South’s Executive Management.

The top executives from SP Group who witnessed the signing of agreement include Wong Chit Sieng, Chief Corporate Officer, SP Group; Jimmy Khoo, Managing Director, Singapore District Cooling, SP Group; Lim Howe Run, Head of Strategic Investments; Lim Soon Heng, Director, Corporate Strategy; Mak Ye Chyn, Director, Strategic Investments.

Al Zaffin said: “In line with Dubai South’s long-term vision to become a leading investment destination in the region under the Dubai Plan 2021, Dubai South has always kept its doors open for collaboration and in establishing mutual support to key partners in order to achieve common goals. The signing of the MoU with SP Group represents our strong interest to further engage in enhancing our technical capacity as well as knowledge and skills in the energy sector.”

He added: “We are confident that improving our capabilities through this partnership is another major step forward towards building Dubai South as an ideal community to work and live in. These efforts are geared towards fulfilling the vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai to build a city of happiness for the people living and coming to visit Dubai.”

The MoU explores key potential projects within Dubai South such as collaboration activities for the new district cooling plant located within the Emirates Flight Training Academy area of Dubai South’s Mohammed Bin Rashid Aerospace Hub (formerly known as Aviation District). It also seeks to build partnership on various initiatives aimed at expanding Dubai South’s capacity to serve the future needs of the city.

“We are pleased to collaborate with South Energy to provide advanced district cooling expertise and technology in the Middle East region--helping customers enjoy a high quality, fully sustainable urban lifestyle," said Wong Kim Yin, Group Chief Executive, SP Group.

"The strategic new partnership is further bolstered by our experience in running the world’s largest underground district cooling network in Singapore’s financial and leisure hub and the operations we are currently setting up in China.”

SP Group is a leading energy utilities company in the Asia Pacific and one of Singapore’s largest corporations. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia. SP Group also owns and operates the world’s largest underground district cooling network in Singapore and is currently setting up district cooling operations in China.

(c) 2019 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
SP GROUP A/S -0.05% 200.65 Delayed Quote.1.65%
STRATEGIC INVESTMENTS A/S 0.00% 1 Delayed Quote.-3.85%
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Managers
NameTitle
Frank Marius Gad Chief Executive Officer
Niels Kristian Agner Chairman
Jørgen Hønnerup Nielsen Chief Financial Officer
Erik Preben Holm Deputy Chairman
Hans Wilhelm Schur Director
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