Dubai Electricity and Water Authority has increased its ownership in Emirates Central Cooling Systems Corporation (Empower) from 56% to 80%, acquiring a 24% stake from Emirates Power Investment, a subsidiary of Dubai Holding. The transaction was agreed at AED 2.16 per share, representing a 14% premium to Empower’s last closing price.
The move follows a year of strong financial performance for both companies. DEWA reported a 26% rise in net profit to AED 9.1 billion in 2025, with revenue increasing 6 per cent to AED 33 billion. Empower also posted growth, with revenue up 5% and net profit rising 11% year on year.
Both DEWA and Empower will continue to trade on the Dubai Financial Market.
Gulf Economist Staff Writer