Latest news with #KhalidAlMarzooqi
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.'
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.'
Bloomberg
01-07-2025
- Business
- Bloomberg
Abu Dhabi Utility Tabreed Considers More Deals After Buying PAL
Abu Dhabi-based utility National Central Cooling Co. sees scope for further acquisitions after announcing a $1 billion deal to buy another air-conditioning provider in the United Arab Emirates capital. 'We're deep pocketed and if the opportunity arises, for sure we're going to pursue it,' Khalid Al Marzooqi, chief executive officer of the company known as Tabreed, said in a Bloomberg Television interview.
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.
Mid East Info
17-06-2025
- Business
- Mid East Info
UAE's Ministry of Defence Strengthens its Environmental Credentials with Tabreed and Emerge - Middle East Business News and Information
New Abu Dhabi project sees the integration of solar power into Tabreed's energy mix Abu Dhabi, United Arab Emirates – June 2025: The UAE Ministry of Defence, in partnership with Tabreed, the world's leading district cooling company, and Emerge, a joint venture between the UAE's Masdar, a global clean energy leader, and France's EDF Group, announced today the completion of a new project to integrate solar energy into two district cooling plants serving the Ministry's facilities in Abu Dhabi. In March 2024, a partnership agreement was signed to develop solar PV plants to be operated for a period of 25 years. Approximately 4,000 solar panels have been installed at the district cooling plants, supplying their thermal energy storage infrastructure and chilled water pumps with 2.4 megawatt (MW) of clean electricity. This will help reduce reliance on the electricity grid during peak periods and prevent emissions of more than 2,600 tons of CO2 annually. The project was officially inaugurated by a senior delegation from the Ministry of Defence, Tabreed and Emerge. This initiative follows the unveiling of the UAE Armed Forces Climate Change Strategy in December 2023, announced by the UAE Ministry of Defence to reinforce its commitment to reducing carbon emissions through a long-term energy transition. Tabreed's CEO, Khalid Al Marzooqi, explained that this achievement further strengthens the already close strategic relationship between the company and the Ministry of Defence, which began with the commissioning of its first district cooling plant in 1998. He added, 'Sustainability is a core concept at Tabreed, and we continually analyse and improve our operations in line with global aspirations to achieve climate neutrality. Recently Tabreed made a significant leap in diversifying its energy mix by introducing geothermal energy, and today we are proud to introduce another renewable: solar. These achievements underscore Tabreed's commitment to the UAE's net-zero goals and we will continue to integrate renewable energy at additional plants, to further our support of the public and private sectors in achieving their own environmental targets.' Michel Abi Saab, General Manager of Emerge, said: 'This milestone reflects the growing momentum for distributed solar solutions across vital sectors of the UAE. We are proud to support the Ministry of Defence and Tabreed in advancing their sustainability goals by integrating clean energy into core infrastructure. At Emerge, we remain committed to enabling partners across the region to decarbonise their operations, reduce energy costs and drive measurable impact towards the UAE's net-zero ambitions.' About National Central Cooling Company PJSC (Tabreed) Tabreed provides essential and sustainable district cooling services to iconic developments such as the Burj Khalifa, Sheikh Zayed Grand Mosque, Louvre Abu Dhabi, Ferrari World, Emirates Towers, Yas Island, Al Maryah Island, Dubai Mall, Dubai Opera, Dubai Metro, Bahrain Financial Harbor and the Jabal Omar Development in the Holy City of Makkah. The company owns and operates 92 plants in its portfolio, including 76 in the United Arab Emirates, five in the Kingdom of Saudi Arabia, eight in Oman, one in the Kingdom of Bahrain, one in India and one in Egypt, in addition to other international projects and operations. Tabreed is a leading driver of progress for people, communities, and environments around the world towards a more sustainable future. Founded in 1998 and publicly listed on the Dubai Financial Market, it is one of the UAE's strongest growth companies. Through its extensive regional and international operations, industry-leading reliability and efficiency, R&D programmes and investment in AI technology, Tabreed further solidifies its position as the industry's global leader. In addition to district cooling, Tabreed's energy efficiency services extend the company's sustainability impact, helping businesses and organisations to improve their overall energy consumption, in turn preventing CO2 emissions and assisting in the achievement of carbon neutrality objectives. About Emerge: Emerge is a joint venture between Masdar and EDF Group established to develop solar generation, energy storage and hybrid solutions in the Middle East. We support our business partners in achieving their sustainability goals. A home-grown company, Emerge was founded in 2021 and has since established a robust performance record. Emerge provides clients with comprehensive renewable energy solutions via solar power agreements. Clients do not have to make any initial financial commitments. This empowers our customers to concentrate on their core operations while reducing operational and energy expenditures. About Masdar: Masdar (Abu Dhabi Future Energy Company) is one of the world's fastest-growing renewable energy companies. As a global clean energy leader, Masdar is advancing the development and deployment of solar, wind, geothermal, battery storage and green hydrogen technologies to accelerate the energy transformation and help the world meet its net-zero ambitions. Established in 2006, Masdar has developed and invested in projects in over 40 countries with a combined capacity of 51 gigawatts (GW), providing affordable clean energy access to those who need it most and helping to power a more sustainable future. Masdar is jointly owned by TAQA, ADNOC, and Mubadala, and is targeting a renewable energy portfolio capacity of 100GW by 2030 while aiming to be a leading producer of green hydrogen by the same year. About EDF Group: The EDF Group is a key player in the energy transition, as an integrated energy operator engaged in all aspects of the energy business: power generation, distribution, trading, energy sales and energy services. The Group is a world leader in low-carbon energy, with a low carbon output of 5204TWh, a diverse generation mix based mainly on nuclear and renewable energy (including hydropower). It is also investing in new technologies to support the energy transition. EDF's raison d'être is to build a net zero energy future with electricity and innovative solutions and services, to help save the planet and drive well-being and economic development. The Group supplies energy and services to approximately 40.9 million customers and generated consolidated sales of €118.7 billion in 2024.
