{"id":112999,"date":"2026-02-12T00:00:00","date_gmt":"2026-02-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/2026\/02\/12\/dewa-lifts-empower-stake-to-80\/"},"modified":"2026-02-12T00:00:00","modified_gmt":"2026-02-12T00:00:00","slug":"dewa-lifts-empower-stake-to-80","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2026\/02\/12\/dewa-lifts-empower-stake-to-80\/","title":{"rendered":"Dewa lifts Empower stake to 80%"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Dewa buys up more of Empower: <\/strong>Dubai Electricity and Water Authority (Dewa) upped its stake in Emirates Cooling Systems Corporation (Empower) to 80%, up from 56%, after buying out Emirates Power Investment \u2014 a Dubai Holding subsidiary \u2014 for AED 5.2 bn, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/internal\/113036.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The fine print: <\/strong>The transaction was executed at AED 2.16 per share, with Dewa acquiring 2.4 bn shares \u2014 good for a 24% additional stake in the DFM-listed district cooling firm. The consideration represents a 17% premium to the firm\u2019s last closing price of AED 1.79 per share, according to our calculations.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Our take<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By folding the world\u2019s largest district cooling provider almost <\/strong><strong>entirely into its balance sheet, Dewa is centralizing the emirate\u2019s utility yield under one roof. <\/strong>For Dewa shareholders, the move likely signals a play to stack dividend capacity \u2014 Empower has a standing policy to pay out at least <a target=\"_blank\" href=\"https:\/\/in.investing.com\/news\/company-news\/empower-q4-2025-slides-district-cooling-giant-posts-105-profit-growth-raises-dividend-93CH-5231538\" style=\"\" rel=\"noopener\">AED 875 mn annually<\/a>. By owning 80%, Dewa now captures the lion\u2019s share of those dividends.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re seeing a shift in how Dubai\u2019s state-linked giants manage their portfolios.<\/strong> While Dewa is doubling down on mature infrastructure yield, the seller, Dubai Holding, is aggressively recycling capital into growth sectors \u2014 think real estate, hospitality, and retail. In the last month alone, Dubai Holding expanded its European luxury hospitality footprint with <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/01\/21\/new-defense-jv-and-agreements-dubai-holding-makes-moves-in-mallorca-and-ce-ventures-backs-us-biotech\/\" style=\"\" rel=\"noopener\">Jumeirah Mallorca<\/a> and doubled down on a massive <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/02\/09\/aldar-extends-dubais-property-skyline-with-aed-38-bn-developments\/\" style=\"\" rel=\"noopener\">AED 38 bn residential JV<\/a> with Aldar.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MARKET REAX-<\/strong> Empower\u2019s stock gained 6.1% on the news to close at AED 1.9 apiece on Tuesday before sliding to AED 1.82 yesterday.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The transaction is worth AED 5.2 bn<\/p>\n","protected":false},"author":1,"featured_media":113000,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2414],"tags":[708,7,2413],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-112999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-big-story-today","tag-empower","tag-enterpriseam-uae","tag-the-big-story-today","wpautop","entry"],"acf":{"mongo_id":"af36caeb-8b23-40f3-b638-95c7872c4729","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/8\/1136.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Dewa tightens grip on Dubai\u2019s cooling infrastructure","related_issue":[112994],"teaser":"The transaction is worth AED 5.2 bn"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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