Dubai Electricity and Water Authority PJSC (DEWA) (ISIN: AED001801011), the emirate’s exclusive electricity and water services provider listed on the Dubai Financial Market (DFM), has completed the acquisition of 2.4 billion shares in Emirates Central Cooling Systems Corporation PJSC (Empower) from Emirates Power Investment LLC (EPI), a Dubai Holding company, via Dubai Central Securities Depository (Dubai CSD).
This transaction increases DEWA’s ownership in Empower from 56% to 80%, reinforcing its strategic position in the district cooling sector and demonstrating its long-term commitment to sustainable urban infrastructure and energy efficiency in Dubai.
Saeed Mohammed Ahmad Al Tayer, Managing Director and CEO of DEWA, said:
“We are pleased to announce the increase of DEWA’s ownership in Empower to 80%, further strengthening our leadership in district cooling, a critical enabler of sustainable urban development and energy efficiency across the Emirate.”
Al Tayer highlighted that Empower has become a global leader in district cooling, and this investment will allow DEWA to unlock operational synergies, enhance long-term value, and support Dubai’s clean energy transition. Empower will continue to operate as an independent, publicly listed company while maintaining its focus on delivering efficient and sustainable district cooling services.
The acquisition aligns with Dubai’s broader development agenda and sustainability vision under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, along with the guidance of the Crown Prince and other senior leaders.
Al Tayer added that DEWA remains committed to strategic investments that support Dubai’s economic priorities, promote sustainable growth, and deliver strong, resilient returns for shareholders and stakeholders.
This deal marks a major milestone in DEWA’s growth strategy and its ongoing efforts to enhance value creation through investments in sectors central to Dubai’s infrastructure and sustainable development.
