Latest news with #PALCooling
Mid East Info
a day 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.
Bloomberg
2 days ago
- Business
- Bloomberg
Al Marzooqi: $1B Acquisition Cements Tabreed's Position
Abu-Dhabi based firm Tabreed has acquired local firm PAL Cooling in a joint venture with CVC DIF in a deal worth $1B. This will help expand Tabreed's portfolio and capabilities as the real estate sector in Abu Dhabi continues to grow. CEO of Tabreed, Khalid Al Marzooqi spoke to Bloomberg's Lizzy Burden on Horizons Middle East and Africa on the acquisition plus their expansion pipeline plans. (Source: Bloomberg)
Arabian Business
2 days ago
- Business
- Arabian Business
Tabreed and CVC DIF partner to acquire PAL Cooling for $1 billion
Abu Dhabi's Tabreed, the world's leading district cooling company, and CVC DIF, the infrastructure strategy of private markets manager CVC, are partnering to acquire PAL Cooling Holding from Abu Multiply Group for AED 3.8 billion (approximately US$1 billion). PAL Cooling has three long-term concessions in Abu Dhabi's main island area and five on Al Reem Island. These concessions are serviced by five existing district cooling plants and associated networks with connected capacity of 182,000 refrigeration tons (RT) as of December 2024. The company has an additional plant 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. The acquisition is subject to customary regulatory approvals. Dr Bakheet Al Katheeri, Chairman of Tabreed, commented: '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.' Khalid Al Marzooqi, Chief Executive Officer of Tabreed, 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. 'The acquisition 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.' Founded in 2006, PAL's long-term concession agreements include partnerships with master developers like Aldar Properties, Modon and Imkan. It is strategically positioned on Al Reem Island, which is now fully part of the ADGM free zone, and is poised to benefit from the expected development ramp-up, with future network expansion already licensed by Abu Dhabi's Department of Energy. 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.' 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. 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, 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.'
The National
3 days ago
- Business
- The National
Tabreed teams up with Netherlands' CVC DIF to buy Abu Dhabi's PAL Cooling in $1bn deal
The UAE's National Central Cooling Company − also known as Tabreed − is boosting its presence in the country by teaming up with Netherlands-based fund CVC DIF to acquire Abu Dhabi's PAL Cooling in a Dh3.8 billion ($1.03 billion) deal. As part of the deal, the two companies will acquire PAL's existing portfolio that includes eight long-term concessions − three in Abu Dhabi's main island area and five in Al Reem Island −Tabreed said in a statement on Monday to the Dubai Financial Market, where its shares are traded. The concessions are serviced by five existing district cooling plants and associated networks in Abu Dhabi, with connected capacity of 182,000 refrigeration tonnes, as of December 2024. An additional plant is also under construction currently and three more are in the planning phase. PAL has concession agreements with major developers, including Aldar Properties, Modon and Imkan to provide cooling services. This deal is subject to customary regulatory approvals. The acquisition is part of Tabreed's plans 'to adapt to Abu Dhabi's ambitious real estate projects', Bakheet Al Katheeri, chairman of Tabreed, said. '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,' added Mr Al Katheeri. In March, Tabreed and Dubai Holding Investments entered a concession agreement to set up a joint venture to provide district cooling services for Palm Jebel Ali in Dubai. The construction of the district cooling network is set to commence in the second quarter of 2025, it said previously. The first cooling services at the project are expected to be delivered by 2027. Tabreed also bought a majority stake in Emaar Properties' Downtown Dubai district cooling business for Dh2.48 billion in 2021. It is providing district cooling services to developments such as the Burj Khalifa, Sheikh Zayed Grand Mosque, Louvre Abu Dhabi, Ferrari World, Emirates Towers, Yas Island, and Dubai Metro, among others. The company owns and operates 92 plants − 76 in the UAE, five in Saudi Arabia, eight in Oman, plus one each in Bahrain, India and Egypt − in addition to other international projects and operations. CVC DIF is a global mid-market infrastructure equity fund manager with €19 billion ($22.3 billion) of infrastructure assets under management in energy transition, transport, utilities and digitalisation. It is part of CVC, a global private markets manager with €202 billion of assets under management. PAL Cooling Holding, which was founded in 2006, was acquired by Multiply Group in July 2021. Since then, it has been integrated under Multiply's energy and utilities vertical. The sale process of PAL 'attracted strong interest from numerous strategic and financial investors given the UAE's rapid real estate development and rising demand for district cooling infrastructure', Multiply said in a separate statement. The deal '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', Samia Bouazza, group chief executive and managing director of Multiply Group, said.
Zawya
3 days ago
- Business
- Zawya
Dubai-listed Tabreed expects significant boost in cooling capacity after PAL Cooling's buyout
Dubai-listed Tabreed's total cooling capacity will increase significantly following the acquisition of Abu Dhabi's PAL Cooling Holding. A partnership between Tabreed and CVC DIF acquired 100 percent of PAL Cooling Holding from Multiply Group for 3.8 billion UAE dirhams ($1.03 billion). Founded in 2006, PAL Cooling has three long-term concessions in the Abu Dhabi main island area and five long-term concessions on Al Reem Island. The concessions are serviced by five existing, sustainable district cooling plants and associated networks in Abu Dhabi, with a connected capacity of 182,000 refrigeration tonnes (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 Cooling's concession agreements and partnerships are with leading master developers, including Aldar Properties, Modon and Imkan. The company is firmly positioned on Al Reem Island, which is now fully part of the ADGM free zone and is poised to benefit from the expected development ramp-up, with future network expansion already licensed by Abu Dhabi's Department of Energy. Tabreed CEO Khalid Al Marzooqi said the acquisition will strengthen its already investment-grade status with long-term concession agreements and assured future growth, evidenced by current and planned developments on Reem Island. The acquisition, which is subject to regulatory approvals, is anticipated to close in the second half of 2025, Tabreed said in a statement. (Editing by Anoop Menon) (
