Dubai’s district cooling heavyweight has a new power center.
Dubai Holding has cashed out of Emirates Central Cooling Systems Corporation (Empower), selling its entire 24% stake to Dubai Electricity and Water Authority (DEWA) in a transaction valued at AED 5.184 billion — roughly $1.4 billion.
The move reshapes the ownership map. DEWA’s share climbs from 56% to a commanding 80%, giving the utility giant firm control over the world’s largest district cooling operator. What was once a shared platform is now squarely under DEWA’s wing.
The deal was finalized on Tuesday, marking a decisive consolidation in Dubai’s utilities landscape. With Empower already listed on the Dubai Financial Market and carrying a market capitalization of about AED 17.9 billion, the transaction underscores DEWA’s long-term bet on integrated energy and cooling infrastructure.
Empower, known for supplying chilled water across some of Dubai’s most prominent developments, continues to expand its footprint. A new district cooling plant in Al Sufouh 2 — designed for a capacity of 23,400 refrigeration tons — is slated to break ground in the fourth quarter of 2025.
For Dubai Holding, the exit signals a strategic reshuffle. For DEWA, it’s a consolidation play — tightening its hold on a sector that keeps the city’s towers, malls and waterfronts cool under relentless desert heat.
