Tabreed and CVC DIF to acquire Abu Dhabi's PAL Cooling from Multiply Group
Abu Dhabi, United Arab Emirates – CVC DIF, the infrastructure strategy of leading global private markets manager, CVC, and Tabreed, the world's leading district cooling company, have entered a partnership to acquire PAL Cooling Holding from Abu Dhabi's Multiply Group.
The transaction, with an equity value of approximately AED 3.8 billion, includes three long-term concessions in the Abu Dhabi main island area and five long-term concessions on Al Reem Island, and remains subject to customary regulatory approvals. The concessions are serviced by five existing, sustainable district cooling plants and associated networks in Abu Dhabi, with connected capacity of 182,000 refrigeration tons (RT) as of December 2024. An additional plant is currently under construction and three more are in the planning phase. Together the nine plants and eight concessions are expected to represent approximately 600,000 RT.
PAL was founded in 2006 and is a prominent player in the UAE district cooling market, catering to landmark residential, commercial and mixed-use developments. The company has eight, long-term concession agreements and partnerships with leading master developers, including Aldar Properties, Modon and Imkan. PAL is strongly positioned on Al Reem Island, which is a strategic destination now fully part of the ADGM free zone, the vibrant financial centre of Abu Dhabi, and is poised to benefit from the expected development ramp-up, with future network expansion already licenced by Abu Dhabi's Department of Energy.
Chairman of Tabreed, Dr Bakheet Al Katheeri, emphasised the significance of the partnership:
'Tabreed is always looking to the future and ensuring we remain agile. The acquisition of PAL Cooling with CVC DIF aligns perfectly with our strategic objectives and readiness to adapt to Abu Dhabi's ambitious real estate projects. This year has been historic for Tabreed, with ventures like our Palm Jebel Ali JV and continued growth in Abu Dhabi. These steps position us to meet the UAE's rising demand for sustainable cooling, driven by population growth and decarbonisation targets.'
Gijs Voskuyl, Managing Partner at CVC DIF, said: 'PAL Cooling services its clients under long-term, concession-based contracts, in a fast-growing urban environment. The company has a strong track record of developing and constructing high-quality and electrified district cooling plants to deliver reliable, energy-efficient cooling solutions. Building on CVC DIF's long-term track record in the sector, we are delighted to partner with Tabreed, a leading district cooling company in the Middle East. Together with our partners, we are convinced that PAL Cooling is a high-quality investment that will provide our investors with solid returns, while offering the potential for long-term growth and sustainable value creation.'
Chief Executive Officer of Tabreed, Khalid Al Marzooqi, added: 'This is turning out to be a truly pivotal year for Tabreed. As we enter a new phase of growth in Abu Dhabi alongside partners, CVC DIF, the benefits brought by this acquisition will be substantial. As part of Tabreed's portfolio, these additional plants will be operated and maintained by the world's leading experts in sustainable cooling. The acquisition also serves to strengthen our already investment-grade status with safe, long-term concession agreements and assured future growth, evidenced by current and planned developments on Reem Island.'
Özgür Önder, Head of CVC Middle East, said: 'Our partnership with Tabreed, a regional leader with deep industry expertise, aligns perfectly with CVC's commitment to investing in the UAE, backing mission-critical businesses that support sustainable development across the country.'
CVC DIF's investment focus and experience spans key sectors including Energy Transition, Digital Infrastructure, Utilities and Transport – areas that are critical to Tabreed's strategic vision. Its expertise and investment approach makes CVC DIF an ideal partner for a transformative project of this scale.
Commenting on the transaction, Samia Bouazza, Group CEO and Managing Director of Multiply Group, said: 'The monetisation of PAL Cooling Holding is a deliberate step in our portfolio optimisation strategy, aimed at delivering superior returns to our shareholders. It reflects our ability to realise significant value from our assets while enhancing liquidity to fuel Multiply Group's next phase of growth – both across our core verticals and on the global stage.'
The deal was signed during a special ceremony at Multiply's Abu Dhabi headquarters by Samia Bouazza, Group CEO and Managing Director of Multiply Group, Khalid Al Marzooqi, Chief Executive Officer of Tabreed and Özgür Önder, Head of CVC Middle East, in the presence of Tabreed's Chairman, Dr Bakheet Al Katheeri.
About National Central Cooling Company PJSC (Tabreed)
Tabreed provides essential and sustainable district cooling services to iconic developments such as the Burj Khalifa, Sheikh Zayed Grand Mosque, Louvre Abu Dhabi, Ferrari World, Emirates Towers, Yas Island, Al Maryah Island, Dubai Mall, Dubai Opera, Dubai Metro, Bahrain Financial Harbor and the Jabal Omar Development in the Holy City of Makkah. The company owns and operates 92 plants in its portfolio, including 76 in the United Arab Emirates, five in the Kingdom of Saudi Arabia, eight in Oman, one in the Kingdom of Bahrain, one in India and one in Egypt, in addition to other international projects and operations.
Tabreed is a leading driver of progress for people, communities, and environments around the world towards a more sustainable future. Founded in 1998 and publicly listed on the Dubai Financial Market, it is one of the UAE's strongest growth companies. Through its extensive regional and international operations, industry-leading reliability and efficiency, R&D programmes and investment in AI technology, Tabreed further solidifies its position as the industry's global leader. In addition to district cooling, Tabreed's energy efficiency services extend the company's sustainability impact, helping businesses and organisations to improve their overall energy consumption, in turn preventing CO2 emissions and assisting in the achievement of carbon neutrality objectives.
www.tabreed.ae
www.linkedin.com/company/tabreed
www.instagram.com/tabreedae
About CVC DIF
CVC DIF (formerly DIF Capital Partners) is a leading global mid-market infrastructure equity fund manager. Founded in 2005 and headquartered in Amsterdam, the Netherlands, CVC DIF has c. €19 billion of infrastructure assets under management in energy transition, transport, utilities and digitalisation.
With more than 250 people in 12 offices, CVC DIF offers a unique market approach, combining a global presence with the benefits of strong local networks and sector-focused investment capabilities. CVC DIF forms the infrastructure strategy of leading global private markets manager, CVC. This partnership allows CVC DIF to benefit from CVC's global platform, with 30 offices across six continents.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Business
15 minutes ago
- Gulf Business
Dubai: DXB expects 3.6m passengers in back-to-school travel rush
Image: Supplied Dubai International Airport ( Daily passenger traffic is expected to average 280,000 during the period, with the busiest day forecast for Friday, August 15, when numbers are set to exceed 290,000. The travel surge comes after a record-breaking H1 2025, when Dubai welcomed 9.88 million international overnight visitors, a 6 per cent rise from a year earlier, and DXB processed more than 46 million passengers, maintaining its position as the world's busiest airport for international traffic. Read: DXB prepares itself for the rush Dubai Airports said it is working with its 'oneDXB' community, which includes airlines, control authorities, and commercial and service partners, to ensure smooth passenger flows during the peak. The airport issued travel tips for arrivals, including the use of Smart Gates for passengers over 12 years old to speed up passport control, keeping documents ready, and using the Dubai Metro, taxis, or ride-hailing services for onward journeys. DXB also highlighted amenities including lounges, shopping, dining, and duty-free options, as well as enhanced accessibility support such as marked routes, discreet assistance for travellers with Sunflower Lanyards, and an Assisted Travel Lounge in Terminal 2.
Zawya
15 minutes ago
- Zawya
UAE Minister of Foreign Trade HE Al Zeyoudi engages with Philippines Business Council
HE Al Zeyoudi: 'The Philippines is a key trading partner for the UAE. Our discussions today aimed to explore private sector opportunities, identify areas for greater collaboration, and address any challenges faced by businesses operating in both markets.' Abu Dhabi, UAE: His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade, held a meeting with the Philippines Business Council in the UAE to explore expanding private sector relations between the two nations. This meeting follows the agreement of a bilateral Comprehensive Economic Partnership Agreement (CEPA) last July, aimed at enhancing trade cooperation and investment opportunities. The meeting touched on ways to build and expand partnerships between the business communities and the private sector on both sides. During the meeting, HE Al Zeyoudi highlighted the growing economic partnership between the UAE and the Philippines, noting that the total volume of non-oil trade reached approximately US$940 million in 2024. Growth has continued in 2025, with non-oil trade reaching US$257.7 million in Q1. The UAE is the Philippines' top export market among Arab and African countries as well as its 17th largest globally, demonstrating the strong foundation on which both nations can further expand collaboration. "The Philippines is a key trading partner for the UAE in the growing ASEAN region, and we are committed to fostering stronger ties at all levels," HE Dr. Al Zeyoudi stated. ' Our discussions today aim to explore private sector opportunities, identify areas for greater collaboration, and address any challenges faced by Philippines businesses operating in the UAE or by their Emirati counterparts operating in the Philippine market." The Philippines is one of the fastest-growing economies in the ASEAN bloc of countries and a key logistics and manufacturing hub. In 2024, the economy grew by 5.6%, the second-fastest growing economy in the ASEAN region, which the world's fourth-largest economic bloc, boasting a combined GDP of US$4.13 trillion. With a significant Filipino diaspora residing in the UAE, working primarily in sectors such as construction, healthcare, and hospitality, the meeting also aimed to explore how these communities can further contribute to mutual prosperity from the growing economic ties. The Comprehensive Economic Partnership Agreement, which was agreed earlier this year, is expected to mitigate trade barriers, boost investment flows, and open new avenues for trade, investment and collaboration in key sectors including agriculture, financial services, and electrical equipment. The UAE-Philippines CEPA represents a significant addition to the UAE's global trade program. The CEPA is forecast to increase the UAE's GDP by US$2.4bn and increase exports to the Philippines to US$7.62 billion by 2032.
The National
an hour ago
- The National
New regulations could see Musk's Starlink finally come to UAE
The UAE's telecoms regulator is looking at new regulations that could pave the way for satellite operators such as Starlink to begin operations in the country. The Telecommunications and Digital Government Regulatory Authority said on its website that it wanted feedback for regulations to "regularise the current resale of satellite services". Once the TDRA finalises specifics for what it describes as a "category B" licence, the door would be opened for many businesses and entities to sell connectivity devices and services – paving the way for resellers of low-earth-orbit satellite internet communications devices such as Starlink. Under current regulations, only certain UAE entities with the current telecoms licence are permitted to provide these services. According to SpaceX, operator of Starlink, the service is "pending regulatory approval" in the UAE. A document posted this year to the TDRA's website showed that Starlink was granted a regulatory licence in 2024 that will last about 10 years for 'maritime satellite internet services'. In the Middle East, Starlink is available in Qatar, Yemen, Oman, Bahrain, Jordan and Israel, and is billed as bridging the connectivity gap in remote and desert locations. When it was introduced in Yemen, Starlink was said to be a way to break the Houthis' monopoly over telecom services. Jimmy Grewal, executive director Dubai-based marine electronics company Elcome International, said he was excited about the the opportunities presented during the public comment period. "The TDRA's open consultation is a welcome step that brings clarity to a fast-moving market and will accelerate the safe rollout of next-generation satellite connectivity across the UAE," he said. Mr Grewal said a detailed framework for resellers like Elcome will strengthen options, resilience and productivity for government, maritime, aviation and offshore energy sector workers seeking internet and communications connectivity. He said he was also prepared for the possibility of the regulations opening the door for Starlink access in the UAE. "As one of the first and largest Starlink resellers in the world, Elcome is keen to bring the benefits of Starlink to our home market once the new regulatory framework is in place," Mr Grewal said. The regulatory body is accepting public consultation until September 25.
