DEWA to raise Empower stake from 56% to 80% in Dh5.18 billion deal
Move reinforces DEWA’s long-term commitment to sustainable cooling
Dubai Electricity and Water Authority (DEWA) has increased its ownership in Emirates Central Cooling Systems Corporation (Empower) from 56% to 80% after acquiring Dubai Holding’s entire stake for Dh5.184 billion.
DEWA acquired 2.4 billion shares in Empower from Emirates Power Investment (EPI), strengthening its strategic stake and reaffirming its long-term commitment to Dubai’s district cooling sector.
The transaction, completed through Dubai Central Securities Depository (Dubai CSD) at Dh2.16 per share, brings DEWA’s total ownership in Empower to 8 billion shares.
Transaction highlights:
DEWA’s existing shareholding in Empower: 5.6 billion shares (56%)
Shares purchased from EPI: 2.4 billion shares (24%)
Purchase price per share: Dh2.16
Total transaction value: Dh5.184 billion
DEWA’s ownership after the acquisition: 8 billion shares (80%)
Boosting Dubai’s cooling network
Saeed Mohammed Ahmad Al Tayer, DEWA’s Managing Director and CEO, said the move reinforces DEWA’s leadership in the district cooling sector, a vital driver of energy efficiency and sustainable urban infrastructure across Dubai.
“Empower is a global leader in district cooling,” Al Tayer said. “This deal enhances operational synergies, unlocks long-term value, and supports Dubai’s clean energy transition.”
Empower will continue as an independent public company listed on the Dubai Financial Market, maintaining its focus on efficient, sustainable district cooling services.
Supporting Dubai’s development goals
The acquisition aligns with Dubai’s infrastructure and sustainability vision under His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, 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 Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE .
Al Tayer emphasised DEWA’s commitment to strategic investments that drive sustainable growth, economic development, and long-term value for shareholders and residents alike.
