Image: Tabreed/ X
UAE-based district cooling company Tabreed and global investment firm CVC’s infrastructure strategy (CVC DIF) have agreed to acquire Abu Dhabi’s PAL Cooling Holding from Multiply Group in a deal valued at approximately Dhs3.8bn, the companies said in a joint statement.
The acquisition includes eight long-term concessions serviced by five district cooling plants in Abu Dhabi, with an expected connected load of around 600,000 refrigeration tons once ongoing and planned plants are completed. The deal remains subject to regulatory approvals.
Founded in 2006, PAL Cooling is a key player in the UAE’s district cooling sector, working with major developers such as Aldar Properties, Modon and Imkan.
Its assets are concentrated in strategic areas like Al Reem Island, now part of the ADGM free zone.
“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,” said Dr Bakheet Al Katheeri, chairman of Tabreed. “These steps position us to meet the UAE’s rising demand for sustainable cooling, driven by population growth and decarbonisation targets.”
CVC DIF managing partner Gijs Voskuyl called the acquisition a “high-quality investment” with the potential to deliver long-term growth and returns. “PAL Cooling services its clients under long-term, concession-based contracts, in a fast-growing urban environment,” he added.
Pivotal acquisition for Tabreed’s portfolio
Tabreed CEO Khalid Al Marzooqi described the acquisition as pivotal: “As part of Tabreed’s portfolio, these additional plants will be operated and maintained by the world’s leading experts in sustainable cooling.”
Özgür Önder, head of CVC Middle East, said the partnership with Tabreed reflects CVC’s commitment to investing in sustainable, mission-critical infrastructure across the UAE.
Multiply Group CEO Samia Bouazza said the transaction supports its strategy of portfolio optimisation and liquidity enhancement. “It reflects our ability to realise significant value from our assets while enhancing liquidity to fuel Multiply Group’s next phase of growth,” she said.
The agreement was signed during a ceremony in Abu Dhabi by executives from Multiply, Tabreed, and CVC DIF.
