Dubai Holding sells 24% stake in Empower to DEWA for Dhs5.18bn
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
11 February, 2026
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Dubai Holding has sold its 24 per cent stake in Emirates Central Cooling Systems Corporation (Empower) to Dubai Electricity and Water Authority (DEWA), increasing DEWA’s ownership in the district cooling company to 80 per cent, the two parties said on Tuesday.
The transaction was completed through Emirates Power Investment, a Dubai Holding-owned entity, and represents a consolidation of Dubai’s district cooling platform under DEWA’s control.
Financial terms were disclosed, with DEWA paying Dhs5.184bn for the additional stake.
Empower, which is listed on the Dubai Financial Market, has a market capitalisation of approximately Dhs17.9bn.
The company is one of Dubai’s key infrastructure providers, supplying district cooling services across major residential, commercial and mixed-use developments.
DEWA raises its investment in Empower
Saeed Mohammed Ahmad Al Tayer, MD and CEO of DEWA, said the transaction reflected DEWA’s strategy of deepening its investment in Empower.
“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 per cent to 80 per cent (an additional 24 per cent from the current ownership) for an amount of Dhs5.184bn,” Al Tayer said.
“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). We are confident that this transaction will bring mutual benefits to both companies,” Al Tayer added.
Dubai Holding said the divestment reflects its portfolio strategy and capital allocation priorities.“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,” said Amit Kaushal, group CEO of Dubai Holding.
Kaushal said Dubai Holding had played a central role in Empower’s development over the past two decades. “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,” he said.
In other news, DEWA reported record preliminary and unaudited results for the full year 2025, posting consolidated revenue of Dhs32.84bn, operating profit of Dhs10.99bn, EBITDA of Dhs17.37bn and net profit after tax of Dhs9.09bn.


















