Tabreed and CVC DIF to acquire Abu Dhabi's PAL Cooling from 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.
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