Latest news with #Tabreed
Arabian Post
2 days ago
- Business
- Arabian Post
Tabreed and CVC Edge Closer to $1.1 Billion Cooling Deal
Arabian Post Staff -Dubai Engie-backed National Central Cooling Company, known as Tabreed, and private equity firm CVC Capital Partners have entered exclusive negotiations to acquire PAL Cooling Holding , the district cooling arm of Abu Dhabi's Multiply Group. The transaction is expected to value the business at approximately $1.1 billion, according to individuals familiar with the matter. The joint bid by Tabreed and CVC emerged as the leading offer among several contenders, including KKR, I Squared Capital, Investcorp, and Abu Dhabi National Energy Company . Discussions have now progressed to a bilateral phase between the preferred bidders and Multiply Group, a subsidiary of International Holding Company , chaired by Sheikh Tahnoon bin Zayed Al Nahyan. ADVERTISEMENT PAL Cooling Holding operates six district cooling plants in Abu Dhabi, with a combined installed capacity of approximately 139,800 refrigeration tonnes. The company maintains long-term service agreements with prominent real estate developers such as Aldar Properties and Reem Developers, providing chilled water for air conditioning to a range of commercial and residential properties across the emirate. District cooling systems, which distribute chilled water through insulated pipes to multiple buildings, offer a more energy-efficient and environmentally friendly alternative to traditional air conditioning. These systems are particularly prevalent in the Gulf region, where summer temperatures can exceed 50 degrees Celsius, making efficient cooling solutions essential for urban infrastructure. The potential acquisition aligns with Tabreed's strategic expansion plans. The company currently operates over 80 district cooling plants across the Middle East, delivering more than 1.2 million refrigeration tonnes of cooling capacity. Tabreed's portfolio includes high-profile projects such as the Burj Khalifa, Sheikh Zayed Grand Mosque, and the Dubai Metro. CVC Capital Partners, headquartered in Luxembourg, has been actively seeking investment opportunities in the Middle East, reflecting a broader trend among international private equity firms. The region's push to diversify economies away from oil dependency has made sectors like sustainable infrastructure increasingly attractive to foreign investors. Multiply Group, the seller in this transaction, is an investment holding company with interests spanning media, utilities, and technology. The divestment of its district cooling unit is part of a strategic realignment to focus on core business areas. The company had engaged Standard Chartered Bank to explore potential buyers for PCH earlier this year. Following reports of the exclusive talks, Tabreed's shares experienced a 4.3% increase, reaching 2.68 dirhams during midday trading on the Abu Dhabi Securities Exchange. This uptick reflects investor optimism regarding the company's growth prospects and the strategic value of the potential acquisition.
Zawya
3 days ago
- Business
- Zawya
UAE's Tabreed, CVC in exclusive talks to buy Multiply unit, sources say
DUBAI - Engie-backed National Central Cooling, known as Tabreed, and CVC are in exclusive talks to buy Abu Dhabi-based Multiply Group's district cooling business in a deal expected to value the unit at more than $1 billion, two sources told Reuters. Tabreed and private equity firm CVC were the top bidder for PAL Cooling Holding (PCH), the sources familiar with the matter said, adding that bilateral talks with the seller had started. One of the sources said the bid was close to $1.1 billion. The interest in PCH highlights how international buyout groups are increasingly looking to invest in the Gulf region as governments there strive to diversify their economies from oil. In a statement, Tabreed said it did not comment on market rumours or speculation, adding any material transactions would be disclosed to the market as and when they are finalised. CVC declined to comment, while Multiply Group did not immediately respond to a request for comment. Reuters reported in April that CVC was working with Tabreed to jointly bid for PCH. District cooling plants, which deliver chilled water via insulated pipes to cool offices, industrial and residential buildings, have been developed as a more economical and environmentally friendly alternative to air conditioning. They are popular in the United Arab Emirates and elsewhere in the Arabian Peninsula, where summer air temperatures can soar above 50 degrees Celsius (122 degrees Fahrenheit). Founded in 2006, PCH has several plants in Abu Dhabi with a combined design capacity of 242,000 refrigeration tonnes, according to its website. Reuters reported in April that the sale had drawn interest from bidders including KKR, I Squared Capital, Investcorp and TAQA, and was expected to fetch about $1 billion. Multiply is controlled by IHC, whose chairman is Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security adviser and brother of the country's president who controls a sprawling business empire including two sovereign wealth funds. (Reporting by Hadeel Al Sayegh Editing by Mark Potter)
Reuters
3 days ago
- Business
- Reuters
Exclusive: UAE's Tabreed, CVC in exclusive talks to buy Multiply unit, sources say
DUBAI, May 30 (Reuters) - Engie-backed National Central Cooling ( opens new tab, known as Tabreed, and CVC are in exclusive talks to buy Abu Dhabi-based Multiply Group's ( opens new tab district cooling business in a deal expected to value the unit at more than $1 billion, two sources told Reuters. Tabreed and private equity firm CVC were the top bidder for PAL Cooling Holding (PCH), the sources familiar with the matter said, adding that bilateral talks with the seller had started. One of the sources said the bid was close to $1.1 billion. The interest in PCH highlights how international buyout groups are increasingly looking to invest in the Gulf region as governments there strive to diversify their economies from oil. In a statement, Tabreed said it did not comment on market rumours or speculation, adding any material transactions would be disclosed to the market as and when they are finalised. CVC declined to comment, while Multiply Group did not immediately respond to a request for comment. Reuters reported in April that CVC was working with Tabreed to jointly bid for PCH. District cooling plants, which deliver chilled water via insulated pipes to cool offices, industrial and residential buildings, have been developed as a more economical and environmentally friendly alternative to air conditioning. They are popular in the United Arab Emirates and elsewhere in the Arabian Peninsula, where summer air temperatures can soar above 50 degrees Celsius (122 degrees Fahrenheit). Founded in 2006, PCH has several plants in Abu Dhabi with a combined design capacity of 242,000 refrigeration tonnes, according to its website. Reuters reported in April that the sale had drawn interest from bidders including KKR, I Squared Capital, Investcorp and TAQA, and was expected to fetch about $1 billion. Multiply is controlled by IHC ( opens new tab, whose chairman is Sheikh Tahnoon bin Zayed Al Nahyan, the UAE's national security adviser and brother of the country's president who controls a sprawling business empire including two sovereign wealth funds.
Gulf Today
4 days ago
- Business
- Gulf Today
Sheikh Khaled reviews latest innovations at utilities congress
His Highness Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has attended the 4th World Utilities Congress, hosted by Abu Dhabi National Energy Company (Taqa) at ADNEC Centre Abu Dhabi from 27th to 29th May 2025. During the visit, Sheikh Khaled toured several stands of national entities and companies, including Abu Dhabi Department of Energy, TAQA, Enercap — a subsidiary of Apex Investment PSC, and Elsewedy Electric. Sheikh Khaled reviewed the latest innovations in the water, electricity, and utilities management sectors, and the ongoing efforts of national stakeholders to advance sustainability practices across the industry. The three-day event convened global decision-makers and experts and featured high-level discussions, pioneering technological solutions and strategic initiatives driving progress across the power and water utilities sectors. This year's edition welcomed more than 18,000 attendees, 1,400 delegates, and in excess of 500 thought leaders from around the world, further enhancing innovation and reinforcing sustainable and environmentally friendly practices in the utilities sector, amid growing global demand for energy and water. The 4th World Utilities Congress focused on digital transformation, artificial intelligence, resilient smart-grid systems, and sustainable funding for projects powered by renewable energy sources, such as wind and solar, to drive practical, future-ready solutions for the challenges facing the utilities sector. During the visit, Sheikh Khaled Bin Mohamed Bin Zayed Al Nahyan was accompanied by Mohammed Ali Al Shorafa, Chairman of the Department of Municipalities and Transport, Dr Abdulla Humaid Al Jarwan, Chairman of the Abu Dhabi Department of Energy, Saif Saeed Ghobash, Secretary-General of the Abu Dhabi Executive Council and Chairman of the Office of the Crown Prince, Jasim Husain Thabet, Group CEO and Managing Director of TAQA, and Humaid Matar Al Dhaheri, Managing Director and Group CEO of ADNEC. Tabreed's network: National Central Cooling Company, Tabreed, operates a district cooling network comprising 92 plants across six countries, delivering over 1.3 million refrigeration tonnes to its customers, all centrally managed through its control centre in Abu Dhabi. Speaking on the sidelines of the World Utilities Congress held at ADNEC in Abu Dhabi, Khalid Al Marzooqi, Chief Executive Officer of Tabreed, said artificial intelligence will play a pivotal role in the next phase of enhancing energy efficiency in district cooling operations and reducing further carbon emissions. He highlighted that Tabreed is the first district cooling company in the region to collect vast volumes of real operational data over more than 27 years, which has enabled it to accelerate digital transformation and implement AI in its operations. This is demonstrated through its control and monitoring centre located on Saadiyat Island, Abu Dhabi, which remotely oversees and manages all of Tabreed's plants across the six countries. Al Marzooqi added that reaching this level means full automation of plant operations and activation of 24/7 monitoring and control systems, laying the groundwork for the next step-leveraging AI capabilities to proactively optimise plant performance and align production with cooling demand. This, he explained, boosts energy efficiency, reduces pressure on power grids, and ultimately enhances the role of district cooling in cutting carbon emissions and supporting global efforts to achieve net-zero emissions by 2050. Strategic platform: Elsewedy Electric Transmission and Distribution (Elsewedy Electric T&D) has affirmed that its participation in the World Utilities Congress 2025 serves as a strategic platform for engaging with key clients, partners and suppliers. Speaking on the sidelines of the event, Hani Shehata, Chief Executive Officer of Elsewedy Electric T&D, said the current edition saw the announcement of new engineering, procurement and construction (EPC) projects signed with Abu Dhabi National Energy Company (TAQA). He noted that being present at a global event of this scale offers an ideal opportunity to showcase the latest technologies adopted by the company. Among the innovations unveiled is an advanced artificial intelligence-powered solution for project control, which allows remote monitoring of work sites and tracking actual progress against project timelines, thus enhancing performance efficiency and ensuring timely delivery, bringing real added value to clients. Shehata stressed that network security remains a top priority across all company projects, especially with the growing integration of artificial intelligence tools. He underscored the company's commitment to balancing the deployment of advanced technologies with maintaining the safety and stability of power grids, which is key to successful and sustainable project delivery. WAM
Al Etihad
4 days ago
- Business
- Al Etihad
Tabreed operates 92 AI-managed plants in 6 countries from Abu Dhabi hub
29 May 2025 19:03 ABU DHABI (WAM) National Central Cooling Company, Tabreed, operates a district cooling network comprising 92 plants across six countries, delivering over 1.3 million refrigeration tonnes to its customers, all centrally managed through its control centre in Abu on the sidelines of the World Utilities Congress held at ADNEC in Abu Dhabi, the Chief Executive Officer of Tabreed, Khalid Al Marzooqi, said artificial intelligence will play a pivotal role in the next phase of enhancing energy efficiency in district cooling operations and reducing further carbon highlighted that Tabreed is the first district cooling company in the region to collect vast volumes of real operational data over more than 27 years, which has enabled it to accelerate digital transformation and implement AI in its is demonstrated through its control and monitoring centre located on Saadiyat Island, Abu Dhabi, which remotely oversees and manages all of Tabreed's plants across the six Marzooqi added that reaching this level means full automation of plant operations and activation of 24/7 monitoring and control systems, laying the groundwork for the next step—leveraging AI capabilities to proactively optimise plant performance and align production with cooling demand. This, he explained, boosts energy efficiency, reduces pressure on power grids, and ultimately enhances the role of district cooling in cutting carbon emissions and supporting global efforts to achieve net-zero emissions by 2050.
