Dubai Holding and Dubai Electricity and Water Authority (DEWA) have completed a transaction where Emirates Power Investment (Emirates Power), owned by Dubai Holding, sold its 24.0% stake in Emirates Central Cooling Systems Company (Empower) to DEWA.
As a result of the deal, DEWA’s ownership in Empower has increased to 80%, representing a strategic consolidation of Dubai’s district cooling platform under the authority’s umbrella. This move is expected to enhance governance and integration among Dubai Financial Market-listed utility entities.
Empower is listed on the Dubai Financial Market with a market capitalization of approximately AED 17.9 billion. The company’s scale, long-standing customer relationships, and flexible operational model have solidified district cooling as a key pillar of Dubai’s sustainable infrastructure.
“We are pleased to announce a strategic transaction between Dubai Holding and DEWA, increasing the authority’s stake in Empower from 56% to 80% (a 24% increase over the current stake) with a total value of AED 5.184 billion,” said Saeed Mohammed Ahmed Al Tayer, Managing Director & CEO of DEWA. “This reinforces our commitment to creating added value for our shareholders by deepening our investments in a company like Empower – the world’s largest provider of district cooling services listed on the Dubai Financial Market. We are confident that this transaction will generate mutual benefits for both companies.”
Al Tayer added, “This transaction aligns with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, Ruler of Dubai, and the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of the Dubai Executive Council, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, to strengthen our partnerships and commitment to innovation in our sector.”
Amit Kaushal, CEO of Dubai Holding, stated, “This transaction demonstrates disciplined portfolio management and capital reallocation within Dubai Holding’s strategic asset allocation program, aligning with a focus on prudent management, strategic opportunities, and global partnerships that enhance resilience and long-term value creation. For over two decades, since 2005, Dubai Holding has supported Empower as a partner and shareholder, as it has grown to become the world’s largest district cooling provider with a leading market position in Dubai, sponsoring its key projects, 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 partnership. As we progress with our growth and diversification strategy, we remain committed to initiatives and partnerships that support sustainable value creation and enhance Dubai’s economic vision, in line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, Ruler of Dubai.”
تابعوا آخر أخبارنا المحلية والرياضية وآخر المستجدات السياسية والإقتصادية عبر Google news
