Dubai Holding and Dubai Electricity and Water Authority (DEWA) have completed a deal whereby DEWA acquired from Dubai Holding its 24.0% stake in Emirates Central Cooling Systems Corporation (Empower). Accordingly, DEWA's stake in Empower increased to 80%, representing a strategic integration of Dubai's central cooling platform under the umbrella of DEWA, and enhances governance and integration areas among utility entities listed on the Dubai Financial Market. Empower is listed on the Dubai Financial Market with a market capitalization of approximately AED 17.9 billion. Empower's scale and its long-standing relationships with customers, coupled with its flexible operating model, have been instrumental in establishing district cooling as one of the pillars of Dubai's sustainable infrastructure. Said Mohammed Ahmed Al Tayer, Managing Director and CEO of DEWA, stated: "We are pleased to announce a strategic deal between Dubai Holding and DEWA, where DEWA's stake in Empower increased from 56% to 80% (an increase of 24% from the current stake) with a total value of AED 5.184 billion, which reinforces our commitment to delivering value-added to our shareholders by deepening our investments in a company like Empower (the world's largest listed district cooling services provider on the Dubai Financial Market), and we are confident that this deal will bring mutual benefits to both companies." He added: "This deal aligns with the wise vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance, to enhance our partnerships and commitment to innovation in our sector." In turn, the CEO of Dubai Holding, Amit Choksi, said: "This deal reflects the disciplined portfolio management and capital reallocation within Dubai Holding's strategic asset divestment program, in line with the focus on good governance, strategic opportunities, and global partnerships that enhance resilience and create long-term value. For over two decades since 2005, Dubai Holding has supported Empower as a partner and shareholder, and it has grown to become the world's largest district cooling provider with a leading market position in Dubai, and has sponsored its key projects, which included the successful listing of Empower on the Dubai Financial Market in November 2022. We are proud of our support for Empower throughout this journey through ownership and an active partnership."
