Latest news with #Tabreed
Zawya
15-07-2025
- Business
- Zawya
Saudi Arabia, UAE lead sustainable bond issuances in MENA
Saudi Arabia topped the Middle East and North Africa (MENA) for sustainable bond issuances in the first six months of 2025, driven by Vision 2030 infrastructure spending, according to Bloomberg's Capital Markets League Tables. Issuances from the kingdom reached $6.25 billion in H1 2025, a 25% increase year-on-year (YoY) and accounting for 66% of total green, social, sustainable, and sustainability-linked (GSSS) bond activity in the region. The Saudi government led with a $1.58 billion issuance, while Al Rajhi Bank issued two sustainable sukuks totaling $1.7 billion. Additional issuers included Saudi Electricity Company ($1.25 billion), Alinma Bank ($500 million), and Saudi Awwal Bank with a $650 million additional tier 1 (AT1) sukuk. Annual regional GSSS issuances fell 4.4% to $9.47 billion in the first six months of 2025 from $9.91 billion a year earlier, impacted by higher global interest rates and a pause in deals from Egypt and Qatar. The UAE contributed the remaining 34% of the total, with $3.22 billion in GSSS issuances. Notable issuances were from National Central Cooling Company (Tabreed) at $700 million and real estate developer Omniyat, which raised $500 million, according to Bloomberg. Islamic instruments dominated the regional sustainable debt issuances, totaling $6.8 billion — a 17% YoY increase. AT1 issuance reached $3.15 billion — the highest first-half total in the past five years. AT1 issuances help banks comply with the Basel 3 framework ahead of the initial phase implementation in 2026. 'The sustainable bond market in Saudi Arabia and the UAE continues to mature and evolve,' Venty Mulani, Data Specialist - Sustainable Fixed Income, Bloomberg, said.
Arabian Business
02-07-2025
- Business
- Arabian Business
Tabreed CEO Al Marzooqi says company is ready for more acquisitions
Khalid Al Marzooqi, Chief Executive Officer of Tabreed, said his company was 'deep-pocketed' and did not rule out further acquisitions following Tuesday's announcement that it was partnering with infrastructure investment company CVC DIF and buying PAL Cooling Holding from Abu Multiply Group for AED 3.8 billion (approximately US$1 billion). Speaking to Bloomberg TV, Al Marzooqi said the new Maktoum Airport will be of interest to Tabreed and added: 'We're deep-pocketed and if the opportunity arises, for sure, we're going to pursue it. 'Hopefully, something else is coming. Tabreed has had quite a significant year. We've announced our acquisition for Palm Jebel Ali, which is almost two and a half times larger than Palm Jumeirah, and we basically added Reem Island. 'We have our eyes on some new upcoming business in Dubai, namely, the new Maktoum Airport.' Al Marzooqi said the strength of Tabreed's new partners allows them to look at new acquisitions. Asked if Tabreed will continue to look at opportunities along with CVC DIF, he added: 'That might be the case as well. We looked at a lot of investors. CVC are very strong when it comes to infrastructure investors. They run about AED81 billion worth of assets for pension funds and other infrastructure investments. So, we see them as a very, very strong partners. We had a bunch of other companies that we kind of filtered out, and CVC DIF came out as the strongest and the best partners in our JV. 'The gist of this thing is to keep our investment grade, and this was one of the major drivers for us to partner up with the likes of CVC DIF. 'It will allow us to pursue new acquisitions as well, as long as our investment grade is kept solid. We will be funding it, part of it from our cash reserves and company debt. It will unlock our potential for new acquisitions. If the opportunity arises and we see that value accretive for our shareholders, for sure, we're going to pursue it.'
Gulf Today
01-07-2025
- Business
- Gulf Today
Dubai Holding to develop new projects at Palm Jebel Ali and d3
Dubai Holding and Select Group, a leading multi-discipline real estate development and investment group along with its long-standing JV partner Emirates Strategic Investments Company (ESIC), have entered a strategic agreement to develop landmark projects at two of the most iconic locations in Dubai, Palm Jebel Ali and Dubai Design District (d3). The milestone agreement marks Dubai Holding's first strategic land sale with a third-party developer at Palm Jebel Ali, underscoring its commitment to unlocking long-term value across its world-class master developments. This landmark transaction reinforces a shared vision to create dynamic communities that strengthen Dubai's position as a global destination of choice. Select Group will develop and deliver two transformative large-scale developments. At Palm Jebel Ali, the Group will create upscale residential and hospitality offerings that establish new benchmarks for luxury waterfront lifestyles in this world-class destination. Meanwhile, the d3 project will serve as a vibrant mixed-use community, seamlessly blending culture, innovation and contemporary urban living in one of Dubai's most creative hubs. Commenting on the partnership, Khalid Al Malik, Chief Executive Officer of Dubai Holding Real Estate, said, 'Palm Jebel Ali is an iconic development poised to elevate Dubai's global reputation as a premier waterfront destination. By joining forces with Select Group, we are delivering on the leadership's vision of creating a world-class coastal destination that sets new standards in luxury residential and hospitality experiences. This partnership reaffirms our commitment to consolidating the emirate's position as a globally renowned lifestyle and investment destination.' Rahail Aslam, Chairman of Select Group, added, 'Dubai continues to cement its position as a global destination for investment, innovation, and quality living. This acquisition represents an important step in our ongoing strategy to deliver exceptional developments in key growth corridors. We are incredibly excited about what we will be bringing to market in both Palm Jebel Ali and d3 – two unique locations that align perfectly with our brand ethos of waterfront location, quality, sophistication and long-term value creation.' In March, 2025 National Central Cooling Company (Tabreed) and Dubai Holding Investments, part of Dubai Holding, have entered a concession agreement to provide district cooling services for Palm Jebel Ali in Dubai. The agreement establishes a joint venture, with Tabreed holding a 51 per cent stake and Dubai Holding Investments 49 per cent. This structure is designed to optimise cooling capacity, enhance information-sharing and strengthen customer protection, while ensuring sustainable cooling solutions for one of Dubai's most transformative developments. Supported by Tabreed's major shareholders, sovereign investor Mubadala (42 per cent) and the French low-carbon energy and services company ENGIE (40 per cent), the agreement was signed by Khalid Al Marzooqi, CEO of Tabreed, and Omar Karim, CEO of Dubai Holding Investments, in the presence of senior officials from Tabreed, Dubai Holding, Mubadala and ENGIE. Subject to customary approvals, construction of the district cooling network is expected to commence in Q2 2025, with the first cooling services expected to be delivered by 2027. Over time, the system will address the need for approximately 250,000 RTs of cooling capacity and require an estimated investment of Dhs1.5 billion. Following the signing, Dr. Bakheet Al Katheeri, Chairman of Tabreed and Chief Executive Officer of Mubadala's UAE Investments Platform, said, 'Mubadala has a worldwide reputation for being a responsible investor with an unwavering focus on its ESG framework and Tabreed is a vital part of our portfolio as a driver of sustainability and societal progress. The signing marks a major milestone in Tabreed's 27-year history and underscores the company's commitment to providing sustainable, high-efficiency cooling solutions for large-scale developments.' Karim commented, 'This agreement reinforces Dubai Holding's long-term vision of developing sustainable communities with high-quality infrastructure at their core. Palm Jebel Ali is one of Dubai's most ambitious developments and by incorporating district cooling services we support our customers and align to our commitment to deliver future-ready urban environments.' In turn, Al Marzooqi said, 'Palm Jebel Ali is a transformative project that will shape Dubai's future and we are proud to play a role in ensuring its infrastructure meets world-class standards.' Earlier in May 2025 Dubai Holding, a diversified global investment company with investments in more than 30 countries, has announced the launch of its Early Careers Programme, a future-focused initiative designed to attract, nurture and accelerate high-potential talent. WAM
Mid East Info
01-07-2025
- Business
- Mid East Info
Tabreed and CVC DIF to acquire Abu Dhabi's PAL Cooling from Multiply Group - Middle East Business News and Information
Existing portfolio includes eight long-term concessions currently serviced by five, state-of-the-art district cooling plants Significant growth potential, with expected operational connected load of approx. 600,000 refrigeration tons Abu Dhabi, United Arab Emirates –June 2025 : 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.
ME Construction
01-07-2025
- Business
- ME Construction
CVC and Tabreed acquire PAL Cooling Holding from Multiply Group
Industry News CVC and Tabreed acquire PAL Cooling Holding from Multiply Group By The deal was signed during a ceremony at Multiply's Abu Dhabi headquarters CVC, a global private markets manager, and Tabreed have partnered to acquire PAL Cooling Holding from Abu Dhabi's Multiply Group. The transaction, valued at US $1.035bn, includes three long-term concessions in the Abu Dhabi main island area and five on Al Reem Island. These actions are serviced by five existing, sustainable district cooling plants and associated networks in Abu Dhabi, with a combined capacity of 182,000 refrigeration tons (RT) as of December 2024. The deal was signed during a 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. An additional plant is currently under construction, and three more are in the planning phase. Together, these nine plants and eight concessions are expected to represent 600,000RT. 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, said a statement. '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,' said Dr Bakheet. Gijs Voskuyl, Managing Partner at CVC DIF added, '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.' Önder noted, '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.' 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.' Bouazza commented, '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.'
