The UAE’s district cooling market is set to grow by AED27bn ($7.4bn) in the next five years, MEED’s Sustainable Cooling Infrastructure conference in Dubai was told on 7 October.

“The value of the UAE [district cooling] market will grow from AED15bn to AED42bn in the next five years,” said Joanne Emerson Taqi, partner in Bahrain office of UK-based law firm Norton Rose Fulbright, told the conference.

Emerson says that the region’s district cooling market, particularly in the UAE, will offer lots of potential for lenders in the coming years. It had become less attractive to lenders in recent years due to real estate downturn, but this is starting to change with the recent pickup in regional real estate markets, particularly in Dubai.

“There is huge potential in district cooling market – in the UAE alone there is a lot of opportunities – lenders will be required to come in and support these projects,” said Taqi.