Latest news with #Bouazza
Al Etihad
30-06-2025
- 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.
Al Etihad
06-06-2025
- Business
- Al Etihad
Multiply Group unites media assets under one brand with launch of Multiply Media Group
6 June 2025 14:37 ABU DHABI (ALETIHAD) Multiply Group, the Abu Dhabi-based investment holding company, has consolidated its media assets under a single unified brand — Multiply Media Group (MMG). The newly launched entity brings together BackLite Media, Viola Media, and Media 247 to form one of the UAE's largest and most premium out-of-home (OOH) media networks, with over 3,000 advertising units across the announcement was made at the World Out of Home Organization (WOO) Annual Congress in Mexico City, accompanied by a bold global digital media campaign that lit up cities and screens launch of MMG represents one of the most significant media consolidations in the UAE. It signals Multiply Group's broader strategy to redefine the media landscape through scale, innovation, and Bouazza, Group CEO and Managing Director of Multiply Group, described the move as a pivotal step: 'By bringing together market-leading media assets under a single AI and tech-driven group, we are reinforcing our commitment to long-term value creation and shareholder returns. MMG lays a strong foundation for our global ambitions and forward-looking investment strategy.'Out-of-home (OOH) media refers to advertising that reaches consumers outside of their homes. This includes formats such as billboards, transit ads, street furniture displays, and digital signage placed in high-traffic public spaces. As traditional media consumption continues to fragment, OOH has remained a resilient and evolving channel for advertisers to reach audiences where they work, commute, and socialise. With MMG, Multiply Group aims to capitalise on this high-impact medium by leveraging data, AI, and strategic network includes more than 75 premium assets along Dubai's Sheikh Zayed Road and benefits from long-term partnerships with major government entities such as Dubai's Road and Transport Authority (RTA) and Abu Dhabi's Department of Municipalities and Transport (DMT). These partnerships ensure MMG's access to high-visibility locations and institutional support as it scales across the Bicknell, CEO of Multiply Media Group, emphasised the transformative nature of the new venture. 'MMG is a powerhouse that unites some of the region's most strategic media assets under one bold vision. Our mandate is clear: deliver context at scale and reach audiences where it truly matters. MMG is engineered to be agile, data-led, and deeply integrated — enabling our clients to engage audiences with greater relevance and resonance than ever before.'MMG's formation also aligns with Multiply Group's recent strategic partnerships aimed at global expansion. These include a joint venture with Arabian Contracting Services Company (Al Arabia) to invest in international OOH markets, and a memorandum of understanding with Saudi Media Company (SMC). These moves highlight MMG's potential as a regional launchpad for cross-border media Hassan, Head of the Media and Communications Vertical at Multiply Group, noted the group's broader vision: 'Multiply Group's growth strategy has taken us from three integrated companies to a media powerhouse poised to redefine the regional landscape. Through MMG, we are embracing emerging trends such as the transformative role of AI and remain committed to investing in technologies that drive dynamic, innovative campaigns.'In addition to its core OOH portfolio, Multiply Group's media holdings include Yieldmo, a contextual mobile advertising platform, and Firefly, a leading digital taxi-top advertising firm in North America. With these assets, MMG is positioned to deliver holistic, multi-channel media solutions both regionally and internationally. Multiply Group is $7.2 billion investment holding company based in Abu Dhabi. It is part of International Holding Company, the most valuable holding company in the Middle East with a market cap of over $240 billion.
Maroc
17-04-2025
- Business
- Maroc
Electronic Payments: Morocco Plans to Create Acquisition Support Fund for Merchants
Bank Al-Maghrib (BAM) plans to establish, in the short term, an acquisition support fund to encourage merchants to accept electronic payments, announced the Director General of the Central Bank, Abderrahim Bouazza. "Among the short-term actions to strengthen the payment infrastructure, BAM intends to set up an acquisition support fund to facilitate the acceptance of electronic payments by merchants," Bouazza told MAP, on the sidelines of GITEX Africa Morocco, held from April 14 to 16 in Marrakech. Noting that digital payment adoption among merchants remains low, he stated that the Central Bank aims to implement incentive measures to encourage their adoption of the electronic payment system. In the medium term, BAM aims to leverage existing payment platforms to establish a unified instant payment platform offering a more simplified customer experience," Bouazza added. "The Central Bank is working on implementing more attractive pricing for electronic payments by lowering interchange fees, including those for bank cards, while also considering making cash usage more restrictive in the medium term. These actions will be carried out as part of a broader strategy for the digitalization of payments and fintech development, stemming from a rigorous and thorough diagnostic," he continued. This strategy encompasses several areas, notably the adaptation of the regulatory framework to establish regulation that is proportionate, flexible, yet prudent enough to manage risks. Furthermore, BAM DG addressed the issue of cash in Morocco, pointing out that the potential introduction of a digital currency, the "e-dirham," could address certain challenges, but that the project would require considerable time. "The success of this project would depend on how the public perceives the digital currency. It would need to be as credible and accessible as physical cash," he noted. Regarding crypto-assets, Bouazza stated that the draft law is currently at the Ministry of Economy and Finance, which is expected to submit it to a Technical Committee to oversee its adoption process. He emphasized that the technologies underlying crypto-assets could be leveraged for the development of digital financial services. MAP: 16 avril 2025
