Dubai, UAE: Dubai Holding and Dubai Electricity and Water Authority PJSC (DEWA) have today completed a transaction whereby Emirates Power Investment LLC (Emirates Power) – owned by Dubai Holding sold its 24.0% shareholding in Emirates Central Cooling Systems Corporation PJSC (Empower) to DEWA.

DEWA’s shareholding in Empower has accordingly increased to 80%, representing a strategic consolidation of Dubai’s district cooling platform under DEWA’s leadership and aligning governance and execution across two listed Dubai utilities.

Empower is listed on the Dubai Financial Market with a market capitalisation of approximately AED 17.9 billion. Empower’s scale, long‑term customer relationships and resilient operating model have helped establish district cooling as a cornerstone of Dubai’s sustainable infrastructure.

H.E. Saeed Mohammed Ahmad Al Tayer, Managing Director and Chief Executive Officer of DEWA, said: “DEWA is excited to announce a strategic transaction between Dubai Holding and DEWA that led to an increase of DEWA’s stake in Empower from 56% to 80% (additional of 24% from the current ownership) for an amount of AED 5.184 billion. This milestone is a testament to our dedication to creating value for our stakeholders by deepening our investment in a company like Empower (the world’s largest district cooling services provider listed on the Dubai Financial Market (“DFM”)). We are confident that this transaction will bring mutual benefits to both companies.”

“This transaction is aligned 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, and the guidance of His Highness 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 His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE to continue reinforcing solid partnerships and a commitment to innovation within our industry”. 

Amit Kaushal, Group Chief Executive Officer of Dubai Holding, said:
“This transaction demonstrates Dubai Holding’s disciplined approach to portfolio management, enabling the strategic reallocation of capital as we advance a globally diversified investment strategy, focused on long-term resilience, growth and value creation”.

“Since 2005, Dubai Holding has supported Empower as it grew into the world’s largest district cooling provider with a market‑leading position in Dubai, and played a central role in key milestones, 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 strategic partnership”.

“As we progress our growth and diversification strategy, we remain committed to investing in initiatives and partnerships that deliver sustainable value and advance the economic vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.”

ABOUT DUBAI HOLDING

Dubai Holding is a diversified global investment company with investments in more than 30 countries and a combined workforce of more than 45,000 people. Established in 2004, Dubai Holding reaches millions of Dubai residents and visitors through its extensive portfolio of over AED 500 billion worth of assets that support the diversification and sustainable growth of Dubai’s economy across 10 key sectors, including real estate, hospitality, entertainment, retail, media and investments.

Our portfolio includes:

  • Dubai Holding Real Estate, one of the largest integrated master developers in Dubai, combining the long-standing expertise of Meraas, Nakheel and Dubai Properties. Its portfolio offers innovative residential real estate solutions across property development, project management, facilities and district management.
  • Dubai Holding Asset Management, which comprises Dubai Retail, a world-class portfolio of 56 malls and lifestyle destinations, and 21 residential communities, in addition to being the majority strategic shareholder in Dubai Residential REIT, the GCC’s largest and first pure-play residential leasing REIT, as well as TECOM Group PJSC, which consists of 10 business destinations catering to six vital knowledge-based economic sectors.
  • Dubai Holding Hospitality, which owns and manages 52 hotels as well as top-notch hospitality brands, including Dubai Holding’s flagship hospitality brand and global luxury hotel company Jumeirah, which manages a portfolio of 29 world-class properties. Dubai Holding Hospitality’s portfolio also comprises a diverse collection of unique award-winning F&B concepts.
  • Dubai Holding Entertainment, the largest and most diversified media, leisure and entertainment company in the region, which comprises leading parks and attractions such as Global Village, Ain Dubai, Dubai Parks and Resorts and The View Palm Jumeirah; and media and entertainment venues such as ROXY Cinemas, Coca-Cola Arena and ARN.
  • Dubai Holding Investments, a dedicated vehicle that designs and executes investment strategies to create long-term and sustainable value. The organisation pursues a broad spectrum of opportunities across asset classes and geographies and implements an active portfolio management strategy.
  • Dubai Holding Land Estates, which is dedicated to optimising and future-proofing the management of the Group’s extensive land bank and supporting its commitment to sustainable urban development and economic diversification in alignment with the Dubai 2040 Urban Master Plan.
  • Dubai Holding Community Management, an integrated, customer-centric company that focuses on creating and managing sustainable and vibrant communities. It is committed to fostering a sense of belonging and connectivity amongst its 1.45 million residents living in more than 54+ master communities.

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About DEWA

About Dubai Electricity and Water Authority PJSC (DEWA) was created in 1992 because of the merger of the Dubai Electricity Company and the Dubai Water Department. DEWA is an exclusive electricity and water utility provider in Dubai. DEWA was listed on the Dubai Financial Market in April 2022. DEWA's attractive business profile, as viewed by investors, has led to the historic success of this public listing that attracted US$ 85 billion demand and 37 times oversubscription. The Group generates, transmits and distributes electricity and potable water to end users throughout Dubai. DEWA owns 80% of Empower, currently the world’s largest district cooling services provider by connected capacity, and owns, manages, operates and maintains district cooling plants and affiliated distribution networks across Dubai. The Group also comprises several other businesses including Mai Dubai, a manufacturer and distributor of bottled water, Digital DEWA, a digital business solutions company, and Etihad ESCO, a company focused on the development and implementation of energy efficient solutions. To learn more, visit http://www.dewa.gov.ae.