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Dewa to increase its ownership in Empower from 56% to 80%
Dewa purchased 2.4 billion shares in Empower from EPI for Dh2.16 each, further consolidating its strategic stake in Empower and reinforcing Dewa’s long-term commitment to the district cooling sector
- PUBLISHED: Tue 10 Feb 2026, 10:09 PM UPDATED: Tue 10 Feb 2026, 10:40 PM
Dubai Electricity and Water Authority (Dewa) has strengthened its position in the emirate’s district cooling sector after raising its ownership in Emirates Central Cooling Systems Corporation (Empower) to 80 per cent. The move follows the acquisition of Dubai Holding’s full stake in Empower for Dh5.184 billion, the utility said on Tuesday.
The transaction involved the purchase of 2.4 billion shares held by Emirates Power Investment (EPI), an entity owned and controlled by Dubai Holding. The shares were transferred through Dubai Central Securities Depository. Dewa previously held 56 per cent of Empower.
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The deal marks a significant consolidation within one of Dubai’s most strategically important infrastructure sectors. District cooling — widely recognised for its energy efficiency and reduced environmental impact — is considered a cornerstone of the emirate’s long-term sustainability ambitions.
Saeed Mohammed Al Tayer, Dewa’s managing director and chief executive, said increasing the utility’s stake reflects its long-term commitment to the sector and to Dubai’s broader development agenda. “We are pleased to announce the increase of Dewa’s ownership in Empower to a total of 80 per cent, which further strengthens Dewa’s strategic position in the district cooling sector,” Al Tayer said. “District cooling is a critical enabler of sustainable urban infrastructure and energy efficiency across the Emirate.”
He added that the transaction aligns with the vision of the UAE’s leadership to accelerate sustainable development, enhance Dubai’s infrastructure capabilities and reinforce the emirate’s clean energy transition.
Al Tayer praised Empower’s evolution into a “global leader” in district cooling and said the increased ownership would allow Dewa to drive operational synergies and unlock long-term value. Empower will continue to operate as an independent, publicly listed company on the Dubai Financial Market, the statement said.
The acquisition also underscores Dewa’s strategy of expanding investments in sectors that underpin Dubai’s economic resilience and growth. Dewa, which merged the city’s electricity and water departments in 1992 and went public in 2022, has diversified interests spanning energy generation, bottled water through Mai Dubai, digital services, and energy efficiency projects through Etihad ESCO.
Empower is billed as the world’s largest district cooling services provider by connected capacity, operating numerous plants and distribution networks across Dubai.
Dewa said it remains focused on investments that support Dubai’s long-term sustainability goals while delivering “strong, resilient returns” for shareholders.
