emirates7 - CVC DIF, the infrastructure investment arm of global private markets firm CVC, has partnered with Tabreed, the world’s top district cooling company, to acquire PAL Cooling Holding from Abu Dhabi-based Multiply Group.
The deal, valued at approximately AED 3.8 billion in equity, includes eight long-term district cooling concessions—three located on Abu Dhabi's main island and five on Al Reem Island. The transaction is still pending standard regulatory approvals.
Currently, five sustainable district cooling plants and their associated infrastructure serve these concessions, providing a combined capacity of 182,000 refrigeration tonnes (RT) as of December 2024. One additional plant is under construction, with three more in the planning stages. In total, the nine plants and eight concessions are projected to offer around 600,000 RT.
Tabreed Chairman Dr. Bakheet Al Katheeri stated, “This acquisition with CVC DIF supports our strategic goals and strengthens our ability to meet the demands of Abu Dhabi’s growing real estate sector. 2025 has been a landmark year for us, marked by initiatives such as our Palm Jebel Ali joint venture and sustained expansion in Abu Dhabi. These developments position us to support the UAE’s increasing need for sustainable cooling, fueled by population growth and climate goals.”
Gijs Voskuyl, Managing Partner at CVC DIF, added, “PAL Cooling operates under long-term concession agreements in a rapidly growing urban environment. The company has a proven history of building high-quality, energy-efficient, and fully electric district cooling plants. Our partnership with Tabreed, a regional leader in this space, reflects our confidence in PAL Cooling as a valuable investment that offers strong returns and long-term growth potential.”
The agreement was formalized at Multiply Group’s headquarters in Abu Dhabi, with a signing ceremony attended by Samia Bouazza, Group CEO and Managing Director of Multiply Group; Khalid Al Marzooqi, CEO of Tabreed; and Özgür Önder, Head of CVC Middle East, along with Tabreed’s Chairman, Dr. Al Katheeri.
The deal, valued at approximately AED 3.8 billion in equity, includes eight long-term district cooling concessions—three located on Abu Dhabi's main island and five on Al Reem Island. The transaction is still pending standard regulatory approvals.
Currently, five sustainable district cooling plants and their associated infrastructure serve these concessions, providing a combined capacity of 182,000 refrigeration tonnes (RT) as of December 2024. One additional plant is under construction, with three more in the planning stages. In total, the nine plants and eight concessions are projected to offer around 600,000 RT.
Tabreed Chairman Dr. Bakheet Al Katheeri stated, “This acquisition with CVC DIF supports our strategic goals and strengthens our ability to meet the demands of Abu Dhabi’s growing real estate sector. 2025 has been a landmark year for us, marked by initiatives such as our Palm Jebel Ali joint venture and sustained expansion in Abu Dhabi. These developments position us to support the UAE’s increasing need for sustainable cooling, fueled by population growth and climate goals.”
Gijs Voskuyl, Managing Partner at CVC DIF, added, “PAL Cooling operates under long-term concession agreements in a rapidly growing urban environment. The company has a proven history of building high-quality, energy-efficient, and fully electric district cooling plants. Our partnership with Tabreed, a regional leader in this space, reflects our confidence in PAL Cooling as a valuable investment that offers strong returns and long-term growth potential.”
The agreement was formalized at Multiply Group’s headquarters in Abu Dhabi, with a signing ceremony attended by Samia Bouazza, Group CEO and Managing Director of Multiply Group; Khalid Al Marzooqi, CEO of Tabreed; and Özgür Önder, Head of CVC Middle East, along with Tabreed’s Chairman, Dr. Al Katheeri.