Empower commands an 80% share in the emirate’s district cooling market Image Credit: Ahmed Ramzan/ Gulf News

Dubai: The Dubai district cooling company Empower has issued Dh2.9 billion as dividends to its shareholders, with DEWA owning 70 per cent of the entity.

The dividend was paid out late last month, according to Empower whose district cooling assets span some of Dubai’s prime locations such as Meydan, the Palm, etc.

DEWA is considering a potential IPO for Empower, which will then add to the ranks of Dubai Government owned enterprises that will head onto DFM. According to Empower, in the event of an IPO, a minimum annual dividend of Dh850 million will be paid for two years as half-yearly instalments.

Emirates Power Investment is the other shareholder in Empower.

If the decision is taken to go for the IPO, Empower will adopt a semi-annual dividend payout, in April and October of each year. This has been the norm set by the three Dubai public listings to date - DEWA, Tecom Group and Salik.

Expectations of an imminent IPO from Empower will escalate after these announcements. Investors will also see it as another way to tap into the DEWA growth story.