Abu Dhabi, UAE; June 30, 2025: Multiply Group (ADX: MULTIPLY), the Abu Dhabi-based investment holding company that invests in and operates businesses globally, today announced it has entered into an agreement to monetize 100% of its shares in its district cooling subsidiary, PAL Cooling Holding, for c. AED 3.8 billion to a consortium comprising Tabreed and CVC DIF.
The transaction, which is still subject to the receipt of regulatory approvals, marks a significant milestone for Multiply Group, which will further unlock substantial value and strengthen the Group’s liquidity position. In line with its disciplined investment approach and ongoing evaluation of strategic opportunities to enhance shareholder value, the future proceeds will be strategically deployed to accelerate growth across core verticals and support further global expansion ambitions.
Commenting on the transaction, Samia Bouazza, Group CEO and Managing Director of Multiply Group, said: “The monetization of PAL Cooling Holding is a deliberate step in our portfolio optimization strategy, aimed at delivering superior returns to our shareholders. It reflects our ability to realize 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.”
PAL Cooling Holding, a leading player in the UAE’s district cooling sector, was founded in 2006 and currently operates five active district cooling plants across the country. The company maintains 8 long-term concessions and strategic partnerships with some of the UAE’s leading real estate developers, servicing key residential, commercial, and mixed-use developments—most notably on Abu Dhabi’s Reem Island.
Multiply Group initially acquired a 100% stake in PAL Cooling and its subsidiaries in July 2021. Since then, PAL Cooling Holding has been integrated under the Group’s Energy & Utilities vertical, contributing to its recurring income base and benefiting from operational efficiencies and strategic alignment within the broader portfolio.
The sale process 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 Group has been advised by Standard Chartered and Clifford Chance. Tabreed and CVC DIF have been advised by Citi, Synergy Consulting and White & Case.
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.”
This transaction follows Multiply Group’s solid Q1 2025 financial results, which recently reported AED 572 million in EBITDA excluding fair value changes, up 19% year-on-year, and AED 585 million in revenue, a 50% increase year-on-year, driven by growth across all verticals and the consolidation of The Grooming Company Holding, Excellence Driving and a full quarter consolidating BackLite Media. The Group also maintained a robust asset base of AED 43 billion.
Following this transaction, Multiply Group will further enhance the efficiency of its balance sheet, unlocking capital to deepen its presence in priority verticals— Energy, Mobility, Media & Communications, Wellness & Beauty, and Retail & Apparel—as well as opportunistic investments through Multiply+.
This strategic move reinforces Multiply Group’s commitment to agile capital deployment and longterm value creation through its dual investment model.
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