A joint acquisition is steering a landmark shift in Abu Dhabi’s district cooling landscape, as Tabreed and CVC’s infrastructure strategy arm (CVC DIF) move to acquire PAL Cooling Holding from Multiply Group in a deal valued at approximately AED 3.8 billion. The transaction, which encompasses eight long-term concessions serviced by five district cooling plants, targets a substantial connected load of around 600,000 refrigeration tons once all ongoing and planned facilities come online. With regulatory approvals still pending, the deal signals a strategic consolidation in the UAE’s sustainable cooling sector, aligning with ambition-driven real estate development and decarbonisation targets across the region. PAL Cooling, established in 2006, has emerged as a central player in the UAE’s district cooling market, partnering with major developers such as Aldar Properties, Modon, and Imkan, and concentrating its assets in key urban corridors like Al Reem Island, now part of the ADGM free zone. The following sections unpack the deal’s scope, the strategic rationale for the buyers, the asset footprint, the regulatory context, stakeholder perspectives, and the broader implications for the UAE’s cooling economy and sustainability trajectory.
Overview of the deal and asset footprint
The transaction brings together some of the UAE’s most active investors in sustainable urban infrastructure. Tabreed, the UAE-based district cooling specialist, joins forces with CVC’s infrastructure strategy arm (CVC DIF) to acquire PAL Cooling Holding from Multiply Group, in a deal valued at about AED 3.8 billion. The purchase includes eight long-term concession agreements that PAL Cooling holds, which are serviced by a network of five district cooling plants located across Abu Dhabi and its environs. The assets are projected to support a connected load of roughly 600,000 refrigeration tons once all existing plants reach full operation and when all planned facilities come online. The structure of the deal is still contingent on regulatory approvals, a standard prerequisite for major cross-border and cross-company asset transfers in strategic infrastructure.
PAL Cooling, which was founded in 2006, has established itself as a pivotal operator in the UAE’s district cooling sector. Its business model revolves around delivering cooling services under long-term concession-based contracts, a framework that provides revenue visibility and stable returns for investors in the UAE’s rapidly urbanising environment. The company’s portfolio includes collaborations with some of the nation’s leading developers, notably Aldar Properties, Modon, and Imkan, reflecting a deep integration with premier urban redevelopment and mega-projects. Importantly, a significant portion of PAL Cooling’s assets are concentrated in strategic geographic corridors, with Al Reem Island cited as a major focal point; this area is also associated with the ADGM free zone, underscoring the strategic alignment between cooling infrastructure and business-friendly regulatory ecosystems in Abu Dhabi.
In its current configuration, the PAL Cooling asset base comprises eight concessions and five plants, which together form a substantial backbone for the cooling needs of high-density residential, commercial, and mixed-use developments. The nine-figure investment cited by the parties reflects both the capital intensity of district cooling assets and the anticipated value appreciation from expanding connected load, efficiency gains, and the ability to service a growing urban population. The acquisition is presented as a “pivotal” move that would enable Tabreed to broaden its geographic and capacity footprint while leveraging CVC DIF’s long-term investment discipline and governance framework to accelerate returns within a sustainable infrastructure mandate. The announced signing of the agreement took place during a dedicated ceremony in Abu Dhabi, attended by executives from Multiply, Tabreed, and CVC DIF, signaling an official commitment to move the deal forward through the regulatory process.
The asset footprint is defined not only by the number of plants and concessions but also by the strategic locations of the projects. The Al Reem Island corridor, among others, is highlighted as a central cluster for cooling capacity, reflecting its role as a premier development zone within Abu Dhabi’s urban planning schema. The concentration of assets in this area aligns with broader city-scale planning strategies that emphasize integrated utilities to support high-density, mixed-use development. The ADGM free zone designation around Al Reem Island adds a regulatory dimension that investors often consider favorable for infrastructure concessions and long-term service contracts, enhancing predictability in tariff structures, service quality, and revenue continuity. Taken together, the deal promises to consolidate a high-performing portfolio of district cooling assets that are well-positioned to meet rising demand driven by population growth and rapid urbanisation, while supporting decarbonisation goals through efficient energy delivery.
The seller, Multiply Group, frames the transaction as a strategic move to optimise its asset mix and improve liquidity. Executives have underscored that the deal reflects Multiply’s ability to unlock significant value from its portfolio, while enabling the company to deploy liquidity into its next phase of growth. This sentiment is echoed by industry observers who view such asset rotations as a mechanism to reallocate capital toward growth initiatives and diversify funding sources. The signing ceremony reaffirmed the strategic alignment among all parties, with a clear emphasis on long-term, concession-based contracts that anchor cash flows and enable stable, predictable returns for the investors involved.
In sum, the deal encompasses a concentrated, strategically situated portfolio of district cooling assets with substantial growth potential, anchored by long-term concession contracts, and supported by a network of five plants designed to meet a projected 600,000 refrigeration-ton connected load. The regulatory approvals stage remains a critical gate, and the integration plan will likely outline how Tabreed and CVC DIF intend to manage operations, integration, and performance optimization post-close to maximize the value of the PAL Cooling portfolio. The asset footprint, alignment with premier developers, and the strategic positioning within Abu Dhabi’s evolving urban framework collectively position the deal as a landmark in the UAE’s sustainable cooling infrastructure narrative.
Strategic rationale for Tabreed and CVC DIF
For Tabreed, the acquisition represents a strategic expansion of its core competency in district cooling within a larger, more diversified asset base. The leadership has framed the deal as perfectly aligned with the company’s strategic objectives and its readiness to adapt to Abu Dhabi’s ambitious real estate projects. This alignment is framed as a natural fit for Tabreed’s existing strengths—operational excellence, a proven track record in delivering and maintaining cooling infrastructure, and the ability to scale through acquisitions that enhance capacity and service reach. The move is also positioned as a step toward meeting the UAE’s escalating demand for sustainable cooling solutions, driven by rapid population growth and decarbonisation targets—an overarching national and regional priority that has already shaped many infrastructure and energy efficiency initiatives in the Gulf region. The integration of PAL Cooling into Tabreed’s portfolio is anticipated to leverage existing capabilities in plant operation, maintenance, and optimization, while also enabling the deployment of best-in-class practices and technologies across a broader geographic footprint.
CVC DIF, as the infrastructure strategy arm of the global investment firm CVC, describes the acquisition as a high-quality investment with the potential to deliver long-term growth and stable returns. The characterization of the deal as “high-quality” signals expectations of durable cash flows supported by long-term concession contracts, a hallmark of district cooling assets that often enjoy stable demand patterns tied to commercial and residential development cycles. The assertion that PAL Cooling serves its clients under long-term concession-based contracts reinforces the perceived resilience of this asset class in a market with steady urban growth. For CVC DIF, the investment aligns with a broader strategy to deploy capital into sustainable, mission-critical infrastructure across the UAE, an area where the firm has demonstrated interest in aligned, policy-supportive environments that create enduring value for investors and communities alike.
Executive leadership from both sides emphasized the strategic synergy between Tabreed’s domain expertise and CVC DIF’s capital discipline. Tabreed’sCEO, Khalid Al Marzooqi, described the acquisition as pivotal for the company’s portfolio, highlighting that the additional plants would be operated and maintained by the world’s leading experts in sustainable cooling. The emphasis on “world’s leading experts” underscores a commitment to high operational standards, reliability, and efficiency—factors that are critical in maintaining service quality and optimizing energy consumption across a growing network. The collaboration is framed as enabling Tabreed to elevate its service offerings and deliver enhanced value to customers through scale, improved dispatch, and optimized energy use, which are essential in a market where demand for sustainable cooling continues to rise.
Özgür Önder, head of CVC Middle East, framed the partnership with Tabreed as reflective of CVC’s broader commitment to investing in sustainable, mission-critical infrastructure across the UAE. This perspective situates the PAL Cooling acquisition within a broader portfolio strategy, one that seeks to combine financial discipline with sustainability to deliver long-term value for investors and end-users. The narrative emphasizes resilience and relevance in a sector that intersects with urban development, energy efficiency, and decarbonisation goals—a core area of interest for institutional investors seeking stable, long-duration investments with social and environmental returns.
The strategic rationale extends beyond the immediate scale of the assets. By integrating PAL Cooling into Tabreed’s operating platform and leveraging CVC DIF’s patient capital approach, the transaction is positioned to unlock synergies in asset management, lifecycle optimization, and technology-enabled improvements in energy efficiency. The long-term concession model provides a predictable revenue stream, which can accommodate ongoing capital expenditure to upgrade equipment, expand plant capacity, and introduce innovative cooling solutions that align with evolving building standards and regulatory requirements. The collaboration’s emphasis on sustainability and mission-critical infrastructure aligns with UAE policy directions that encourage the secure provisioning of essential utilities in a rapidly urbanising economy while supporting the national decarbonisation agenda.
In summary, the strategic rationale behind the deal hinges on three core pillars: (1) expanding Tabreed’s footprint with strategically located assets and an enhanced capacity base; (2) leveraging CVC DIF’s long-horizon investment approach to secure durable, predictable returns and to support infrastructure modernization; and (3) delivering tangible benefits to end-users and developers through improved efficiency, reliability, and sustainable cooling solutions that underpin Abu Dhabi’s and the UAE’s ambitious growth and decarbonisation targets. The combination of a premier operator (Tabreed), a patient capital partner (CVC DIF), and a robust asset portfolio (PAL Cooling) positions the transaction as a potentially transformative milestone for the UAE cooling sector, with implications for development projects, regulatory frameworks, and investor confidence in sustainable infrastructure under a long-term concession regime.
PAL Cooling’s role and asset footprint
PAL Cooling, established in 2006, has earned a reputation as a central figure in the UAE’s district cooling ecosystem. Its business model relies on providing cooling services under long-term concession-based contracts, which create a structured revenue stream and long-horizon visibility for both the utility operator and its project partners. The company’s operations extend across multiple assets that are strategically positioned to serve major developments and high-demand districts, cementing its role as a connector between dense urban growth and efficient, centralized cooling delivery. The eight concessions encompassed by the acquisition are serviced by five district cooling plants, which together form a cohesive network designed to deliver consistent cooling performance to customers across Abu Dhabi and its connected urban corridors.
A key strength of PAL Cooling lies in its asset concentration in strategic urban areas, notably Al Reem Island, a district that is now part of the ADGM free zone ecosystem. This concentration allows PAL Cooling to exploit synergies with nearby developments and infrastructure projects, enabling integrated utility management that can improve efficiency and reduce energy consumption relative to dispersed, standalone cooling solutions. The assets’ location within the ADGM free zone area may also offer regulatory and operational benefits, such as standardized governance frameworks and a business-friendly environment that supports long-term concession arrangements, asset development, and investment continuity.
The company’s collaborations with premier developers—including Aldar Properties, Modon, and Imkan—further underscore the strategic importance of its portfolio. These partnerships place PAL Cooling at the heart of some of the UAE’s most ambitious urban projects, where centralized cooling infrastructure is critical to delivering energy-efficient and climate-resilient buildings. The combination of high-profile development partners and a portfolio anchored in a major growth corridor positions PAL Cooling as a valuable platform for scale expansion and performance improvement, especially when integrated with the expansive capabilities of Tabreed and the capital strength of CVC DIF.
From an operational standpoint, the five district cooling plants under PAL Cooling’s umbrella represent a significant capacity base that supports a connected load projected to reach around 600,000 refrigeration tons once all current and planned facilities are fully commissioned. This capacity is a meaningful size in the regional district cooling landscape and reflects both the evolution of cooling technology and the growing demand for efficient, centralized climate control in dense urban centers. The long-term concessions associated with these facilities imply stable, contractually defined revenue streams and the opportunity to implement ongoing efficiency upgrades, equipment replacements, and capacity expansions that can further enhance performance and reduce operational risk.
In essence, PAL Cooling’s portfolio stands as a cornerstone asset within the UAE’s district cooling sector. Its established relationships with leading developers, its strategically located plants, and its focus on long-term concession-based contracts together create a robust platform for the post-acquisition integration by Tabreed and CVC DIF. The asset footprint embodies a combination of location advantages, developer alliances, and a scalable network that can accommodate future growth while supporting sustainable energy objectives. The anticipated benefits of bringing PAL Cooling into Tabreed’s and CVC DIF’s governance and operational framework include improved asset optimization, heightened reliability of service delivery, and the potential for capital investment that accelerates modernization and expansion in key districts.
Deal structure, governance, and regulatory pathway
The PAL Cooling acquisition is structured around long-term concessions and a series of assets that are central to Abu Dhabi’s cooling infrastructure. The deal’s valuation at approximately AED 3.8 billion reflects the combined value of eight concessions and five plants, as well as the anticipated revenue stability arising from concession-based contracts. The structure emphasizes long-duration investments, a hallmark of district cooling deals that offer predictable cash flows and the opportunity for capital expenditure to sustain and enhance plant performance over time. The regulatorily sensitive nature of such a deal means that it remains subject to customary approvals, including antitrust reviews, regulatory clearance, and any sector-specific permissions required in Abu Dhabi and the UAE to effect a transfer of control or ownership in strategic utility infrastructure.
The transaction has been formalized through a signing ceremony in Abu Dhabi, where executives from Multiply, Tabreed, and CVC DIF participated. This formalization signals the parties’ commitment to progress through the regulatory diligence phase and to collaboratively address any conditions precedent that may be attached to the close. The inclusion of multiple high-profile parties—an established utility operator, an international investment firm’s infrastructure arm, and a diversified holding company—adds to the complexity of the regulatory review, but also underscores the deal’s strategic importance and potential for value creation within the UAE’s broader infrastructure program.
A central element of the deal’s governance framework involves how PAL Cooling’s operations will be integrated into Tabreed’s platform and how CVC DIF’s investment discipline will guide long-horizon governance and value creation. The integration will likely entail aligning management practices, standardizing operating procedures across the combined asset base, and implementing a unified performance management regime that emphasizes energy efficiency, reliability, and customer service quality. Given PAL Cooling’s portfolio of concessions and its exposure to major development partners, governance will also need to address contractual obligations, concession terms, tariff adjustments, and the preservation of regulatory compliance across the enlarged portfolio.
In the broader context of Abu Dhabi and the UAE, such a consolidation aligns with strategic aims to strengthen the reliability and efficiency of critical utility services, reduce energy intensity, and catalyze private sector involvement in essential infrastructure through long-term, value-driven investments. The regulatory pathway will require careful coordination with authorities overseeing energy, utilities, and commercial concessions to ensure that the transaction respects competition rules, maintains service continuity for end users, and preserves the integrity of concession-based contracts. The successful navigation of regulatory approvals will be a key determinant of the deal’s timing and ultimate close, as it will determine the pace at which the integration can proceed and the realization of anticipated synergies.
Beyond the technicalities of the transaction, the deal’s governance architecture will be central to delivering long-term value. The combined entity will need to manage a complex portfolio of concessions and plants, coordinate with multiple development partners, and ensure that capital investments are deployed efficiently to sustain service levels and support future growth. The governance framework will likely include clear decision rights, performance metrics, and oversight mechanisms to monitor asset performance, regulatory compliance, and environmental and social outcomes aligned with sustainability objectives. In this sense, the deal is not merely a financial transaction; it is a strategic reconfiguration of a critical utility asset base designed to support Abu Dhabi’s urban growth, energy efficiency measures, and climate ambitions over an extended time horizon.
Stakeholder perspectives and market implications
The parties to the deal have articulated a shared vision of value creation that extends beyond the immediate financial considerations. Multiply Group highlighted that the transaction supports its broader strategy of portfolio optimisation and liquidity enhancement, enabling the company to redeploy capital toward new growth initiatives while maintaining a trajectory of value realization for shareholders. The emphasis on liquidity enhancement reflects a disciplined approach to capital allocation, allowing Multiply to optimize its balance sheet and pursue a new wave of investment opportunities in alignment with its strategic priorities.
For Tabreed, the acquisition represents a meaningful expansion of its operational footprint and a reinforcement of its leadership in sustainable cooling. The company’s leadership has framed the deal as a pivotal development in its portfolio, enabling the company to operate and maintain these assets through the expertise of global leaders in sustainable cooling. The expansion of Tabreed’s platform is expected to deliver enhanced service quality, reliability, and efficiency for end-users and developers alike, while also enabling the company to apply its proven operating model and technology stack to a broader asset base. The collaboration with CVC DIF is anticipated to contribute financial strength, long-horizon governance, and an alignment of incentives to maximize value through ongoing optimization and modernization across the combined portfolio.
CVC DIF’s involvement reinforces the trend of international private capital investing in strategic, mission-critical infrastructure within the UAE. The partnership with Tabreed signals a broader commitment to sustainable, utility-scale investments that can deliver durable returns over extended periods. The emphasis on sustainable infrastructure aligns with a broader global investment theme in which investors seek to deploy capital in assets with predictable cash flows and meaningful environmental and social impact.
From a market perspective, the PAL Cooling acquisition could have several implications for the UAE’s cooling sector and broader infrastructure landscape. First, the deal signals confidence in the UAE’s ability to attract long-term strategic investments in essential utilities, which could attract further capital inflows into related sectors such as energy efficiency, plant modernization, and digital optimization of district cooling networks. Second, the consolidation under a larger platform could drive economies of scale, standardization of operations, and accelerated adoption of energy-efficient technologies across the network. These factors can translate into improved service levels for customers and potentially lower per-tonne cooling costs over time, depending on tariff structures and efficiency gains realized through the integration.
The involvement of high-profile developers and strategic partners suggests increased appetite among developers for integrated utility solutions that complement ambitious real estate projects. When district cooling networks are tightly integrated with development plans, developers can achieve higher levels of design optimization, energy efficiency, and scheduling alignment, which in turn can influence project timelines, occupancy rates, and long-term operating costs. The market’s reception to this deal will depend on the successful execution of integration plans, the achievement of efficiency gains, and the maintenance of regulatory compliance throughout the transition.
Finally, the deal carries implications for Abu Dhabi’s energy and climate goals. By expanding and strengthening district cooling capacity with efficient, modernized infrastructure, the transaction could contribute to energy intensity reductions and decarbonisation milestones within the UAE. District cooling is widely recognised as a more efficient alternative to traditional building cooling, particularly when scaled across dense urban districts and integrated with centralized energy management. The combination of Tabreed’s expertise and CVC DIF’s patient capital has the potential to accelerate the deployment of cutting-edge cooling solutions and to set benchmarks for reliability, efficiency, and sustainability in the region’s growing urban centers.
Industry context: district cooling in the UAE and sustainability trajectory
District cooling has emerged as a central pillar of the UAE’s approach to delivering energy-efficient, climate-conscious infrastructure for rapidly expanding urban populations. By centralising cooling production and distributing chilled water via an extensive network, district cooling systems can achieve higher energy efficiency than conventional on-site systems. This efficiency benefit translates into lower energy consumption, reduced greenhouse gas emissions, and a smaller environmental footprint for large-scale developments. The UAE’s commitment to decarbonisation, energy efficiency, and sustainable growth has spurred ongoing investments in district cooling networks, modernization of existing plants, and the expansion of service coverage to new districts.
The PAL Cooling acquisition aligns with a broader trend of strategic consolidation in the district cooling sector. As developers push for more efficient and reliable cooling solutions to meet the demands of high-density urban projects, the role of established operators with proven operational expertise becomes increasingly important. The infusion of capital from international investors into UAE district cooling projects signals confidence in the sector’s long-term growth prospects and emphasizes the importance of robust governance, asset management, and technology-driven improvements to sustain performance across aging networks and newly developed areas.
From a technology perspective, district cooling networks are evolving with advances in energy efficiency, plant optimization, and the use of advanced control systems. Modern plants employ sophisticated monitoring, predictive maintenance, and energy management strategies to minimize energy losses and optimize dispatch. The prospect of integrating PAL Cooling’s assets with Tabreed’s broader platform could pave the way for coordinated optimization across multiple plants and the implementation of best-in-class technologies, ultimately enhancing the network’s reliability and resilience in the face of climate variability and demand fluctuations.
The market environment in Abu Dhabi and across the UAE continues to be shaped by regulatory frameworks that encourage private investment in utilities, support long-term concession-based models, and promote sustainable infrastructure development. The regulatory approvals process remains a critical factor in shaping the deal’s timeline and potential for value realization. Investors are closely watching how such approvals balance competitive neutrality, service continuity for customers, tariff fairness, and the preservation of concession terms that underpin revenue stability for decades to come.
In summary, the district cooling sector in the UAE is at a stage of sustained growth, technological advancement, and strategic consolidation. The PAL Cooling acquisition by Tabreed and CVC DIF is a notable example of how large, well-capitalised players are positioning themselves to capitalize on urban growth, development partnerships, and a shared commitment to sustainable cooling solutions. The transaction reflects both the industry’s maturation and the ongoing confidence of global investors in Abu Dhabi’s energy infrastructure and its capacity to support ambitious economic and environmental objectives.
Regulatory environment and the path to close
Regulatory clearance is a central determinant of when and how the PAL Cooling deal will close. The agreement, while announced with fanfare and backed by a signed ceremony in Abu Dhabi, remains subject to regulatory approvals that will govern the transfer of ownership and control of critical infrastructure assets. In a market and jurisdiction where concessions, utility services, and cross-border investment are tightly regulated, the approvals process encompasses multiple layers of scrutiny, including competition considerations, sector-specific licensing requirements, and the potential need for consent from stakeholders tied to concession agreements and service contracts.
The role of regulators extends beyond mere approval. They are tasked with ensuring that the transaction preserves service continuity, maintains tariff fairness, and safeguards consumer interests while enabling investment partners to implement efficiency enhancements and capacity expansions. For Tabreed and CVC DIF, navigating regulatory requirements will involve presenting a robust integration plan, demonstrating that the post-close governance framework can deliver the promised improvements in reliability, energy efficiency, and customer service quality, while maintaining long-term concession commitments and regulatory compliance. A successful close will unlock the potential for strategic asset optimization, modernization investments, and the deployment of enhanced technologies that can improve the network’s resilience and performance.
As the regulatory review proceeds, stakeholders will be watching for details around how the combined entity plans to manage risk, allocate capital, and monitor performance across eight concessions and five plants. Key governance questions will revolve around management structure, ownership rights, decision-making authority, and the alignment of incentives among Tabreed, CVC DIF, and the retained PAL Cooling governance framework. The post-close integration will also focus on harmonizing asset operations, maintenance schedules, supplier contracts, and customer service processes to deliver a seamless transition for end users and developers who rely on PAL Cooling’s services.
In addition to regulatory approvals, there may be customary conditions precedent that must be satisfied before the deal can close. These can include the orderly transfer of concession rights, the consent of lenders and financiers who have exposure to PAL Cooling assets, the alignment of asset registers, and the completion of any due diligence tasks related to environmental, social, and governance (ESG) considerations. The completion timeline will depend on the speed and thoroughness of these regulatory and due diligence processes, as well as the parties’ ability to finalize post-close integration plans, staffing considerations, and the deployment of capital to realize efficiency gains and capacity expansions.
The regulatory environment in Abu Dhabi and the broader UAE remains supportive of large-scale, strategic investments in infrastructure that align with national development goals. The policy backdrop emphasizes energy efficiency, sustainable growth, and the creation of value through private-sector participation in critical utilities. In this context, the PAL Cooling deal is positioned as a high-profile example of investor confidence in the region’s ability to deliver long-term, value-driven infrastructure projects that contribute to the UAE’s overall energy and climate strategy. The eventual close of the transaction will signal to the market the continuing appeal of Abu Dhabi’s regulatory framework as a stable, transparent, and growth-oriented environment for infrastructure investment.
Conclusion
The AED 3.8 billion PAL Cooling acquisition by Tabreed and CVC DIF represents a strategic milestone in Abu Dhabi’s district cooling landscape, consolidating eight concessions and five plants into a single, expansive platform with a projected connected load of about 600,000 refrigeration tons upon full maturation. The deal anchors a broader narrative of sustainable urban growth, energy efficiency, and long-term value creation, anchored by long-term concession contracts and a portfolio in a strategically important area such as Al Reem Island within the ADGM free zone. The transaction reflects a clear alignment of strategic objectives: Tabreed’s expansion of its cooling footprint, CVC DIF’s commitment to mission-critical infrastructure with stable, long-horizon returns, and Multiply Group’s pursuit of liquidity enhancement and portfolio optimization.
Executive statements from Dr. Bakheet Al Katheeri, chairman of Tabreed, and Gijs Voskuyl, managing partner of CVC DIF, underscore the belief that the acquisition will reinforce the capacity to meet the UAE’s growing demand for sustainable cooling driven by population growth and decarbonisation targets. The remarks from Tabreed’s Khalid Al Marzooqi about the assets being managed by world-class experts in sustainable cooling highlight the emphasis on high standards of operation and maintenance to sustain service quality and efficiency. Özgür Önder’s comments about CVC’s commitment to sustainable, mission-critical infrastructure across the UAE frame the deal as part of a broader investment strategy that seeks to align capital with strategic assets that deliver long-term value. Multiply Group’s leadership, represented by Samia Bouazza, framed the transaction as consistent with its strategy of portfolio optimization and liquidity enhancement, enabling further growth initiatives.
As regulators review the terms and conditions of the deal, market participants will watch closely how the integration unfolds and how the combined platform leverages its expanded scale to deliver efficiency, reliability, and sustainability across Abu Dhabi’s district cooling network. The PAL Cooling acquisition stands as a notable example of how major investments in infrastructure can be structured to support city-building efforts, energy efficiency, and climate objectives while delivering compelling value propositions to investors, developers, and end-users alike. The deal’s eventual close would mark a meaningful step in the UAE’s ongoing evolution toward more integrated, efficient, and resilient urban cooling solutions designed to sustain growth for years to come.