Investment giant Dubai Holding has sold its entire 24% stake in Emirates Central Cooling Systems Corporation (Empower) to the Dubai Electricity and Water Authority (DEWA) for AED 5.184 billion (USD 1.411 billion).
The deal raises DEWA’s ownership in the district cooling provider from 56% to 80%.
Dubai Holding’s divestment allows DEWA to assume full operational control of the world’s largest district cooling network, further integrating Empower’s services under the utility’s management.
The parties finalised the agreement on Tuesday.
Empower, listed on the Dubai Financial Market (DFM), currently holds a market capitalisation of approximately AED 17.9 billion.
