Dubai Holding sells its 24% stake in Empower to DEWA for AED 5 billion

Dubai Holding has sold its 24 per cent shares in Emirates Central Cooling Systems Corporation (Empower) to Dubai Electricity and Water Authority (DEWA) for AED 5.184 billion, increasing DEWA's shareholding from 56 per cent to 80 per cent.

The transaction represents a strategic consolidation of Dubai’s district cooling platform under DEWA’s leadership and aligns governance and execution across two listed Dubai utilities.

Saeed Mohammed Ahmad Al Tayer, Managing Director and Chief Executive Officer of DEWA, stated that the "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.”

Empower is listed on the DFM 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.

“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,”  he added

Amit Kaushal, Group Chief Executive Officer of Dubai Holding, noted that the divestment "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," he added

“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,” Kaushal concluded.