"Dewa" Acquires Dubai Holding’s stake in the company "Empower" The amount is 24%
DUBAI, 10 FEBRUARY/WAM/ Dubai Holding and Dubai Electricity and Water Authority (DEWA) today completed a deal under which Emirates Power Investment Company “Emirates Power”, owned by Dubai Holding, sold its 24% stake in Emirates Central Cooling Systems Company “Empower” to DEWA.
Thus, DEWA’s share in Empower increased to 80%, and the authority now owns 5,600,000,000 shares, representing 56%, after purchasing 2,400,000,000 shares from Emirates Power Investment Company “Emirates Power”.
The purchase price per share was 2.16 dirhams, bringing the total value to 5.184 billion dirhams.
Empower is listed on the Dubai Financial Market with a market value of about 17.9 billion dirhams.
His Excellency Saeed Mohammed Ahmed Al Tayer, Managing Director and CEO of Dubai Electricity and Water Authority, said that the strategic deal between Dubai Holding and Dubai Electricity and Water Authority increased the Authority’s share in Empower from 56% to 80%, “an increase of 24% over 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 a company like Empower, the largest service provider.” Central Cooling in the World is listed on the Dubai Financial Market, and we are confident that this deal will bring mutual benefits to both companies.
He added that this deal is in line with the vision 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.
Amit Kaushal, CEO of Dubai Holding, said: This deal 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.
He added that over more than two decades since 2005, Dubai Holding has supported Empower as a partner and shareholder, and it has grown into the world’s largest district cooling provider with a leading market position in Dubai, and sponsored its key projects, which included the successful listing of Empower on the Dubai Financial Market in November 2022. As we advance our growth and diversification strategy, we remain committed to initiatives and partnerships that support sustainable value creation and enhance Dubai’s economic vision in implementation of the directives of His Highness Sheikh Mohammed. Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, may God protect him.
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