Latest news with #CVCDIF
Mid East Info
19 hours ago
- 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
a day ago
- 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.'
Business Recorder
2 days ago
- Business
- Business Recorder
Gulf bourses end mixed; Dubai at 17-year high
Stock markets in the Gulf ended mixed on Monday with some including the Saudi index hit by profit-taking, while those in the United Arab Emirates continued their rebound following Iran-Israel ceasefire and Dubai reached a 17-year high. Dubai's main share index rose for sixth consecutive session to close 0.4% higher, at its highest since June 2008, with blue-chip developer Emaar Properties rising 1.1%. In other sectors, National Central Cooling Co (Tabreed) advanced 1.8%. Tabreed and private equity firm CVC's infrastructure strategy arm, CVC DIF, plan to acquire Abu Dhabi-based Multiply Group's district cooling business. CVC DIF and Tabreed have entered into a partnership to acquire PAL Cooling Holding at an equity value of about 3.8 billion dirhams ($1.03 billion). Multiply Group shares were up 2.6%. The market appears well-supported by strong fundamentals for a continued upward trend, said Osama Al Saifi, Managing Director for MENA at Traze. In Abu Dhabi, the index gained 0.7%. Most Gulf markets end higher on Iran ceasefire, US rate cut expectations Saudi Arabia's benchmark index dropped 0.4%, snapping a five-session winning streak, weighed down by a 2.5% fall in Al Rajhi Bank. The Saudi market concluded its second quarter with losses. The next significant event could be upcoming second-quarter earnings results, which could help spur a recovery in the second half of the year, said Al Saifi. 'However, the potential for lower oil prices remains a headwind,' he said. On the other hand, oil giant Saudi Aramco added 0.1%. Oil prices - a catalyst for the Gulf's financial markets - held steady as Middle East risks eased, while a possible OPEC+ output increase in August and uncertainty over the global demand outlook weighed on the market. The Qatari benchmark lost 0.2%, ending six consecutive sessions of gains, with petrochemical maker Industries Qatar declining 1%. Outside the Gulf, Egypt's blue-chip index retreated 1.1%, with Talaat Moustafa Group Holding dropping 2.3%. Meanwhile, Egypt's economy grew by 4.77% in the third quarter of its 2024/25 fiscal year, up from 2.2% in the same quarter a year earlier, as manufacturing activity recovered, the planning ministry said on Monday. --------------------------------------- SAUDI ARABIA fell 0.4% to 11,204 Abu Dhabi rose 0.7% to 9,958 Dubai gained 0.4% to 5,706 QATAR eased 0.2% to 10,750 EGYPT lost 1.1% to 32,858 BAHRAIN was up 0.3% to 1,944 OMAN eased 0.1% to 4,501 KUWAIT added 0.4% to 9,188 ---------------------------------------
Al Etihad
2 days ago
- Business
- Al Etihad
Multiply Group to sell PAL Cooling Holding for Dh3.8 billion to Tabreed–CVC consortium
30 June 2025 10:43 ABU DHABI (ALETIHAD) Multiply Group, the Abu Dhabi-based investment holding company, has entered into an agreement to divest its entire stake in PAL Cooling Holding to a consortium led by National Central Cooling Company (Tabreed) and CVC DIF for approximately Dh3.8 transaction, which is subject to regulatory approval, marks a major step in Multiply Group's portfolio optimisation strategy and is expected to significantly bolster its liquidity. The company plans to redeploy the proceeds into high-growth sectors and global expansion initiatives across its core verticals, including Energy, Mobility, Media & Communications, Wellness & Beauty, and Retail & Bouazza, Group CEO and Managing Director of Multiply Group, described the divestment as 'a deliberate step in our portfolio optimisation strategy, aimed at delivering superior returns to our shareholders'. She added that the transaction enhances the Group's ability to fuel the next phase of growth, both regionally and in 2006, PAL Cooling Holding is a prominent player in the UAE district cooling sector, with five operational plants and eight long-term concessions servicing leading real estate developments, particularly on Abu Dhabi's Reem Island. Multiply Group had fully acquired PAL Cooling in July 2021 and integrated it into its Energy & Utilities sale process drew strong interest from both strategic and financial investors, reflecting rising demand for cooling infrastructure amid rapid real estate development in the UAE. Multiply Group was advised by Standard Chartered and Clifford Chance, while Tabreed and CVC DIF received counsel from Citi, Synergy Consulting, and White & Voskuyl, Managing Partner at CVC DIF, said the acquisition of PAL Cooling offers long-term concession-based contracts in a fast-growing urban market, providing 'solid returns' and 'potential for long-term growth and sustainable value creation'. Tabreed CEO Khalid Al Marzooqi added that the acquisition will be 'substantial' for the company's growth in Abu Dhabi and reinforces its investment-grade is a key provider of essential and sustainable district cooling services to iconic developments such as the Burj Khalifa, Sheikh Zayed Grand Mosque, Louvre Abu Dhabi, Ferrari World and Emirates Towers. The company owns and operates 92 plants across the region, including 76 in the UAE, five in Saudi Arabia, eight in Oman, and one each in Bahrain, India and Egypt. Founded in 1998 and listed on the Dubai Financial Market, Tabreed has become one of the UAE's strongest growth DIF, the infrastructure strategy of global private markets manager CVC, operates a network of 30 offices and manages €202 billion in assets (as of March 31, 2025). With €19 billion under its dedicated infrastructure strategy, CVC DIF invests on behalf of sovereign wealth funds, pension funds, insurers and other institutions worldwide. Multiply Group is an affiliate of International Holding Company (IHC), with a market cap of Dh26.32 billion.
