Dubai Holding sells its stake in Empower to Dubai Electricity and Water Authority

Dubai Holding and Dubai Electricity and Water Authority today completed a deal under which Emirates Power Investment Company (Emirates Power), owned by Dubai Holding, sold its 24.0% stake in Emirates Central Cooling Systems Company (Empower) to Dubai Electricity and Water Authority.
Accordingly, DEWA’s share in Empower increased to 80%, which represents a strategic integration of the central cooling platform in Dubai under the authority’s umbrella, and enhances the areas of governance and integration between the utility entities listed on the financial market in Dubai.
Empower is listed on the Dubai Financial Market with a market value of approximately 17.9 billion UAE dirhams. Empower’s size, its long-term relationships with customers, and its flexible operating model have resulted in establishing district cooling as one of the basic pillars of sustainable infrastructure in Dubai.
Saeed Mohammed Ahmed Al Tayer, Managing Director and CEO of Dubai Electricity and Water Authority, said: “We are pleased to announce a strategic deal between Dubai Holding and Dubai Electricity and Water Authority, where the Authority’s share in Empower has increased from 56% to 80% (an increase of 24% from the current share) with a total value of 5.184 billion dirhams, which reinforces our commitment to achieving added value for our shareholders by deepening our investments in the company.” “Like Empower (the world’s largest district cooling services provider listed on the Dubai Financial Market), we are confident that this deal will bring mutual benefits to both companies.”
He added: “This deal is in line 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, may God protect him, and the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense, Chairman of the Executive Council of the Emirate 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, to strengthen our partnerships and our commitment to innovation in “Our sector.”
In turn, Amit Kaushal, CEO of Dubai Holding, said: “This transaction demonstrates the disciplined management of the portfolio and the redeployment of capital within Dubai Holding’s strategic asset allocation programme, in line with the focus on good governance, strategic opportunities and global partnerships that enhance flexibility and long-term value creation. For more than 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, It sponsored its key projects, which included the successful listing of Empower 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 advance our growth and diversification strategy, we remain committed to initiatives and partnerships that support sustainable value creation and advance Dubai’s economic vision in implementation of the directives 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, may God protect him.”