Energy Central Company launched by ZIIC with key Gulf partners
Tuesday, 26th July 2005
Bahrain based entity to provide energy & environmental services for Gulf infrastructure developments
Zamil Industrial Investment Company (ZIIC) today announced the formation of Energy Central Company (ECCO). The Bahrain based district energy company will provide metered energy, central refrigeration and other support and environmental services for large-scale infrastructure developments in the Gulf region.
The new joint stock (closed) company has been launched with an initial authorized capital of BD 10 million. ZIIC holds 25% of shares with the remainder being held by Kuwait Finance House B.S.C., Al Enma'a Real Estate Co. B.S.K., Al Enma'a House for Real Estate Co. B.S.C. and Platinum Investment Company W.L.L.
The founding shareholders ' all leaders in their fields ' provide ECCO with the ability to leverage their combined competencies. This includes financial guidance by Kuwait Finance House, asset management and property development from Al Enma'a Real Estate companies; and manufacturing, construction and air conditioning expertise and leadership from ZIIC. In addition, an association has been formed between ECCO and Drake & Scull International, an EPC contractor based in Dubai, UAE, to provide technical assistance.
ECCO's activities will include delivering innovative, ecological, and energy-efficient utility service solutions for the residential, commercial and industrial sectors. It will also provide feasibility and site assessment studies, financing, engineering, procuring, constructing, operating and maintaining state-of-the-art central facilities in the energy and environmental services fields (thermal energy: cold and hot water supported by power projects, as well as domestic and treated water, and local gas distribution, among others).
"Our investment in ECCO is a strategic thrust for ZIIC in the field of energy services. It strongly complements our existing offering in the air-conditioning and steel sectors and creates greater balance between our service and manufacturing offerings," said Dr. Abdulrahman Al Zamil, Chairman, Zamil Industrial Investment Company. "The new venture will contribute to the advancement of productivity in the Gulf region and will ensure prudent use of our natural resources while also offering ecological solutions to the age-old challenge of providing vital community-based utilities."