Dubai Holding divests its 24% stake in Empower to DEWA

Dubai Holding and Dubai Electricity and Water Authority PJSC (DEWA) have today completed a transaction whereby Emirates Power Investment LLC (Emirates Power) – owned by Dubai Holding sold its 24.0% shareholding in Emirates Central Cooling Systems Corporation PJSC (Empower) to DEWA.

DEWA’s shareholding in Empower has accordingly increased to 80%, representing a strategic consolidation of Dubai’s district cooling platform under DEWA’s leadership and aligning governance and execution across two listed Dubai utilities.

Empower is listed on the Dubai Financial Market with a market capitalisation of approximately AED 17.9 billion. Empower’s scale, long‑term customer relationships and resilient operating model have helped establish district cooling as a cornerstone of Dubai’s sustainable infrastructure.

H.E. Saeed Mohammed Ahmad Al Tayer, Managing Director and Chief Executive Officer of DEWA, said: “DEWA is excited to announce a strategic transaction between Dubai Holding and DEWA that led to an increase of DEWA’s stake in Empower from 56% to 80% (additional of 24% from the current ownership) for an amount of AED 5.184 billion. This milestone is a testament to our dedication to creating value for our stakeholders by deepening our investment in a company like Empower (the world’s largest district cooling services provider listed on the Dubai Financial Market (“DFM”)). We are confident that this transaction will bring mutual benefits to both companies.”

“This transaction is aligned with the vision of the wise leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the guidance of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE to continue reinforcing solid partnerships and a commitment to innovation within our industry”.

Amit Kaushal, Group Chief Executive Officer of Dubai Holding, said:
“This transaction demonstrates Dubai Holding’s disciplined approach to portfolio management, enabling the strategic reallocation of capital as we advance a globally diversified investment strategy, focused on long-term resilience, growth and value creation”.

“Since 2005, Dubai Holding has supported Empower as it grew into the world’s largest district cooling provider with a market‑leading position in Dubai, and played a central role in key milestones, including Empower’s successful listing on the Dubai Financial Market in November 2022. We are proud to have supported Empower throughout this journey through active ownership and strategic partnership”.

“As we progress our growth and diversification strategy, we remain committed to investing in initiatives and partnerships that deliver sustainable value and advance the economic vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.”