Dubai Holding has sold its 24% stake in Empower to DEWA for AED 5.184 billion, raising DEWA’s ownership to 80% and strengthening its control over Dubai’s district cooling sector.
The transaction raises DEWA’s ownership in Empower to 80%, consolidating control of Dubai’s district cooling platform under the utility giant.
Dubai Holding and Dubai Electricity and Water Authority (DEWA) have completed a transaction in which Emirates Power Investment LLC, a Dubai Holding-owned entity, has sold its 24 per cent stake in Emirates Central Cooling Systems Corporation (Empower) to DEWA.
Following the deal, DEWA’s shareholding in Empower has increased to 80 per cent, marking a further consolidation of Dubai’s district cooling sector under DEWA’s leadership. The move aligns governance and operational execution across two of Dubai’s listed utilities.
Empower, listed on the Dubai Financial Market, currently has a market capitalisation of approximately AED 17.9 billion. The company has built a strong position in Dubai’s infrastructure landscape through long-term customer relationships and a resilient operating model, making district cooling a key part of the emirate’s sustainability strategy.
H.E. Saeed Mohammed Ahmad Al Tayer, Managing Director and CEO of DEWA, said the transaction increases DEWA’s stake in Empower from 56 per cent to 80 per cent for AED 5.184 billion. He described the step as part of DEWA’s ongoing efforts to create stakeholder value by strengthening its investment in Empower, which he noted is the world’s largest district cooling services provider listed on the Dubai Financial Market. He added that the deal is expected to generate mutual benefits for both organisations.
“This milestone reflects DEWA’s strategy to deepen its investment in district cooling while strengthening value for stakeholders.”
Al Tayer also noted that the transaction aligns with Dubai’s leadership’s vision to strengthen partnerships and promote innovation in the utilities sector.
Amit Kaushal, Group CEO of Dubai Holding, said the sale reflects Dubai Holding’s portfolio management approach, allowing it to reallocate capital while pursuing a globally diversified investment strategy focused on long-term growth and value creation.
He added that Dubai Holding has supported Empower since 2005, contributing to its rise as the world’s largest district cooling provider and helping mark milestones such as its 2022 listing on the Dubai Financial Market. Dubai Holding, he said, remains committed to investments and partnerships that support Dubai’s long-term economic vision.
