Dubai Electricity and Water Authority (DEWA) have increased its stake in Emirates Central Cooling Systems Corporation (Empower) from 56% to 80%.
DEWA bought the 24% stake from Emirates Power Investment, a unit owned by Dubai Holding: a global investment holding firm owned by Dubai ruler Sheikh Mohammed bin Rashid Al-Maktoum.
The deal, announced late last night, was agreed at an 14% premium to Empower’s last close, equating to AED 2.16 per share.
DEWA’s net profit rose 26% to AED 9.1B (2025) while revenue climbed 6% to AED 33B (2025). Empower also reported an uptick on annual revenue (5% YoY), with net profit rising (11%) in 2025.
Both Empower and DEWA will maintain listings on Dubai Financial Market.
His Excellency Saeed Al-Tayer is the MD and CEO of at DEWA.
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