Dewa spends $1.4bn to acquire 24% stake in Empower
Dubai Electricity and Water Authority (Dewa) has increased its stake in Emirates Central Cooling Systems Corporation (Empower) from 56 percent to 80 percent in a bid to strengthen its position in district cooling.
The utility provider bought 2.4 billion shares for AED5.2 billion ($1.4 billion), it said in a statement.
The 24 percent stake was acquired from Emirates Power Investment, a wholly owned unit of Dubai Holding, an investment conglomerate owned by Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum.
Empower will continue to be listed on the Dubai Financial Market, the statement said. Dewa is also listed on the DFM.
Dewa’s net profit rose 26 percent to AED9.1 billion in 2025, while revenue hit a record high of AED33 billion, up 6 percent.
The company’s shares closed at AED3.13 on Tuesday, up 12 percent in the year to date. The state-owned Dubai Investment Fund owns 82 percent of the utility provider.
Empower reported annual revenue of AED3.4 billion, an increase of 5 percent, with net profit rising 11 percent to AED1 billion last year, according to its latest financial statement.
The number of buildings served with district cooling by Empower grew to 1,747 in 2025, a 7 percent increase from the previous year.
Empower shares closed 6.2 percent higher at AED1.90 on Tuesday, rising 14 percent year-to-date.
Further reading:
- Dewa revenue hits $9bn on rising demand for power and water
- Ahmed bin Sulayem: ‘If Dubai is singled out, I’ll call hypocrisy’
- UAE startup pools homebuyers to unlock bulk discounts
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