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Engie-backed National Central Cooling Company, known as Tabreed, and private equity firm CVC Capital Partners have entered exclusive negotiations to acquire PAL Cooling Holding , the district cooling arm of Abu Dhabi’s Multiply Group. The transaction is expected to value the business at approximately $1.1 billion, according to individuals familiar with the matter.

The joint bid by Tabreed and CVC emerged as the leading offer among several contenders, including KKR, I Squared Capital, Investcorp, and Abu Dhabi National Energy Company . Discussions have now progressed to a bilateral phase between the preferred bidders and Multiply Group, a subsidiary of International Holding Company , chaired by Sheikh Tahnoon bin Zayed Al Nahyan.

PAL Cooling Holding operates six district cooling plants in Abu Dhabi, with a combined installed capacity of approximately 139,800 refrigeration tonnes. The company maintains long-term service agreements with prominent real estate developers such as Aldar Properties and Reem Developers, providing chilled water for air conditioning to a range of commercial and residential properties across the emirate.

District cooling systems, which distribute chilled water through insulated pipes to multiple buildings, offer a more energy-efficient and environmentally friendly alternative to traditional air conditioning. These systems are particularly prevalent in the Gulf region, where summer temperatures can exceed 50 degrees Celsius, making efficient cooling solutions essential for urban infrastructure.

The potential acquisition aligns with Tabreed’s strategic expansion plans. The company currently operates over 80 district cooling plants across the Middle East, delivering more than 1.2 million refrigeration tonnes of cooling capacity. Tabreed’s portfolio includes high-profile projects such as the Burj Khalifa, Sheikh Zayed Grand Mosque, and the Dubai Metro.

CVC Capital Partners, headquartered in Luxembourg, has been actively seeking investment opportunities in the Middle East, reflecting a broader trend among international private equity firms. The region’s push to diversify economies away from oil dependency has made sectors like sustainable infrastructure increasingly attractive to foreign investors.

Multiply Group, the seller in this transaction, is an investment holding company with interests spanning media, utilities, and technology. The divestment of its district cooling unit is part of a strategic realignment to focus on core business areas. The company had engaged Standard Chartered Bank to explore potential buyers for PCH earlier this year.

Following reports of the exclusive talks, Tabreed’s shares experienced a 4.3% increase, reaching 2.68 dirhams during midday trading on the Abu Dhabi Securities Exchange. This uptick reflects investor optimism regarding the company’s growth prospects and the strategic value of the potential acquisition.

All 133 units of the Waldorf Astoria Residences Yas were sold out on launch day, generating AED 850 million in sales. This marks the first branded residential development on Yas Island, reflecting a significant demand for luxury living in Abu Dhabi.

Aldar Properties, the developer behind the project, reported that the swift sell-out underscores Yas Island’s growing appeal as a premier destination for both investors and residents seeking upscale living experiences. The development’s success is attributed to its prime location, waterfront views, and association with the Waldorf Astoria brand, known for its luxury and service excellence.

The residences, part of a broader strategy by Aldar to introduce iconic hospitality brands to Abu Dhabi, are situated near key leisure and entertainment attractions on Yas Island. This aligns with Aldar’s AED 1.5 billion investment programme aimed at transforming its hospitality portfolio to cater to the growing demand for premium experiences in the emirate.

The rapid sell-out of the Waldorf Astoria Residences Yas follows similar successes by Aldar, including the complete sale of Yas Riva, a luxury canal-front community, within 24 hours, generating over AED 1.4 billion in sales. These developments highlight the robust demand for high-end residential properties in Abu Dhabi, particularly among younger buyers and international investors.

The trend indicates a shift towards branded residences that offer not only luxurious accommodations but also a lifestyle associated with renowned hospitality brands. Aldar’s strategic partnerships with global brands like Waldorf Astoria and IHG’s Vignette Collection are central to this approach, aiming to enhance Abu Dhabi’s position in the global luxury real estate market.

The UAE’s real estate sector recorded transactions exceeding AED239 billion in the first quarter of 2025, driven by investor confidence, regulatory reforms, and a robust pipeline of developments. A total of 94,719 sales, purchase, and mortgage deals were registered across Abu Dhabi, Dubai, Sharjah, Ajman, and Ras Al Khaimah, signalling a strong start to the year for the property market.

Dubai led the surge with 45,474 transactions valued at AED142.7 billion, marking a 22% increase in volume and a 30% rise in value compared to the same period in 2024. The ready property segment achieved its highest quarterly performance in over a decade, with 20,034 transactions worth AED87.5 billion. Off-plan sales also remained robust, accounting for 25,440 transactions valued at AED55.2 billion. This growth reflects sustained demand from both end-users and investors, supported by a shift from renting to owning amid rising rental prices.

Abu Dhabi’s real estate market also demonstrated significant growth, with transaction values increasing by 34.5% to AED25.3 billion across 6,896 deals. Saadiyat Island emerged as the leading area for real estate transactions, recording deals amounting to AED5.6 billion, followed by Yas Island with AED3.6 billion and Mohammed Bin Zayed City with AED2.1 billion. The emirate’s focus on high-value existing homes indicates a maturing and strategic market movement.

Sharjah reported a 31.9% increase in real estate transactions, totaling AED13.2 billion across 24,597 deals. Muwailih Commercial led the sales with 1,787 transactions worth AED1.9 billion. The growth is attributed to legislative changes allowing foreign ownership in specific areas, enhancing the emirate’s position on the global real estate investment map.

Ajman recorded 15,125 real estate transactions in 2024, with a value totaling AED20.5 billion, marking a 21% growth compared to 2023. The numbers indicate the emirate’s upward trajectory in real estate, supported by modern infrastructure and a wide array of investment opportunities.

Talal Al Dhiyebi, Group Chief Executive Officer at Aldar Properties, noted that the UAE’s real estate boom is fuelled by the country’s broader economic and cultural progress, making it one of the world’s most attractive destinations for living, working, and investing. He highlighted that 40% of property buyers are international, reflecting the growing interest in the region.

Kuwait’s Combined Group Contracting Company has secured a significant contract through its UAE subsidiary, CGCC-UAE, to deliver infrastructure maintenance services in Abu Dhabi. The deal, worth approximately 1.012 billion UAE dirhams , has been awarded by leading property developer Aldar Properties. This contract, focused on the Al-Nahda area near the Al-Ain motorway, will run for a period of 914 days, marking a notable achievement for CGCC-UAE in the competitive UAE market.

The infrastructure maintenance services outlined in the contract are essential for the upkeep and development of the region, which has seen growing interest from both residential and commercial sectors. Al-Nahda, situated in close proximity to major transport routes, is an area with significant development potential, positioning it as an ideal location for a project of this scale. Aldar Properties, renowned for its ambitious projects across the UAE, is known for its meticulous approach to urban development and infrastructure.

CGCC-UAE’s involvement in this project signifies a key step in the company’s strategy to expand its footprint in the UAE’s infrastructure sector. The project is poised to contribute substantially to CGCC’s revenues over the next two and a half years, aligning with the company’s long-term goals of securing high-value contracts in the region. The company’s experience in handling large-scale projects and its strong reputation in the construction industry have been pivotal in securing this deal.

Aldar Properties, which has a diverse portfolio of residential, commercial, and retail developments, continues to focus on enhancing its infrastructure to support the growing needs of the UAE’s population. The collaboration with CGCC-UAE reflects Aldar’s commitment to maintaining its high standards of construction and operational excellence.

The contract’s value places it among the noteworthy infrastructure projects currently underway in the UAE, an economy that has shown resilience and growth even amid global challenges. As the country continues to diversify its economy, large-scale infrastructure projects such as this one are essential to supporting both urban expansion and sustainability goals.

A high-stakes bidding war is unfolding for PAL Cooling Holding , the district cooling subsidiary of Abu Dhabi’s Multiply Group, with global asset managers vying for a deal estimated at approximately $1 billion. Among the contenders are KKR, I Squared Capital, Investcorp, and CVC Capital Partners, the latter collaborating with Engie-backed National Central Cooling Company, known as Tabreed. Abu Dhabi’s energy firm TAQA is also reportedly evaluating a bid.

PCH, established in 2006, operates six state-of-the-art district cooling plants across Abu Dhabi, boasting a designed capacity of nearly 193,800 refrigeration tonnes . The company maintains long-term agreements with prominent developers such as Aldar Properties, Al Qudra, Al Tamouh Investment, and Reem Developers. Its services provide 24/7 chilled water for air conditioning to landmark residential, commercial, and mixed-use developments, contributing to the UAE’s strategy to reduce carbon emissions.

The sale of PCH aligns with Multiply Group’s broader strategy to capitalize on the construction boom in the UAE. The investment firm, controlled by International Holding Company and chaired by Sheikh Tahnoon bin Zayed Al Nahyan, is working with Standard Chartered Plc on the transaction. Sheikh Tahnoon, a key figure in the UAE’s ruling elite, oversees a sprawling business empire, including two sovereign wealth funds.

The district cooling sector in the Gulf region is experiencing significant growth, driven by the need for energy-efficient and environmentally friendly alternatives to traditional air conditioning. District cooling systems, which deliver chilled water via insulated pipes to cool buildings, are particularly suited to the region’s climate, where summer temperatures can exceed 50 degrees Celsius. These systems are approximately 50% more energy-efficient than conventional cooling methods, making them an attractive investment for firms focusing on sustainable infrastructure.

Tabreed, a major player in the district cooling industry, has been expanding its portfolio through strategic partnerships. The company, with significant shareholders including Mubadala and Engie , recently entered a joint venture with Dubai Holding Investments to provide district cooling services for Palm Jebel Ali in Dubai. This AED 1.5 billion project aims to deliver approximately 250,000 RTs of cooling capacity, with construction expected to commence in the second quarter of 2025 and the first cooling services anticipated by 2027.

The UAE’s financial sector has achieved a notable milestone as the market capitalization of its top 20 companies surged to AED 2.8 trillion ($762 billion). This achievement underscores the country’s expanding economic footprint and growing investor confidence.

The remarkable growth in market capitalization reflects a robust performance in the UAE’s equity markets, driven by diverse sectors including banking, real estate, and telecommunications. Dubai’s stock exchange, in particular, has seen significant activity, bolstered by increased foreign investment and strong corporate earnings.

Among the leading companies contributing to this milestone are major players such as Emirates NBD, Etisalat, and Dubai Investments. These firms have shown impressive financial results and strategic growth initiatives, solidifying their positions in both regional and global markets. Emirates NBD, for instance, has been pivotal in enhancing the financial infrastructure of the UAE, while Etisalat’s technological advancements have played a crucial role in expanding the digital economy.

The UAE’s continued focus on economic diversification and infrastructure development has further fueled this growth. Government initiatives, including the Dubai Economic Agenda and Abu Dhabi Vision 2030, aim to transform the UAE into a global hub for trade, finance, and innovation. These strategic plans are designed to attract more foreign direct investment and boost the country’s economic resilience.

Furthermore, the UAE’s financial markets have benefited from favorable regulatory changes and improved market liquidity. The introduction of more transparent and investor-friendly policies has enhanced the attractiveness of the UAE’s stock exchanges to international investors. The Financial Services Regulatory Authority (FSRA) and the Securities and Commodities Authority (SCA) have played pivotal roles in ensuring market stability and promoting investor confidence.

The surge in market capitalization also highlights the growing prominence of UAE-based companies on the global stage. The country’s financial markets are increasingly seen as a viable investment destination, with many international firms looking to enter or expand their presence in the UAE. This influx of global capital not only supports local businesses but also contributes to the overall economic growth of the region.

In addition to financial performance, the UAE’s real estate sector has been a significant contributor to the increased market capitalization. Major real estate developers such as Emaar Properties and Aldar Properties have seen substantial growth, driven by strong demand for residential and commercial properties. Their successful project launches and strategic developments have played a key role in enhancing the market value of the UAE’s leading companies.

The UAE’s ambitious growth plans are expected to continue driving market expansion in the coming years. The country’s leadership remains committed to fostering an environment conducive to business growth and innovation. Initiatives such as the Dubai Expo 2020 and Abu Dhabi’s ongoing infrastructure projects are anticipated to further boost investor sentiment and economic activity.

The combined market capitalisation of the UAE’s 20 largest companies has soared to AED 2.8 trillion ($762 billion), marking a significant milestone for the country’s local stock exchanges. These companies, listed on the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM), now represent 77.6% of the total market capitalisation across UAE markets, which stands at AED 3.59 trillion. This achievement comes as the UAE continues to pursue an ambitious strategy to double its overall market value to AED 6 trillion in the coming years.

The top performer, International Holding Company (IHC), dominates the UAE market with a staggering market capitalisation of over AED 912.3 billion, accounting for 25.4% of the local stock markets. Following IHC is Abu Dhabi National Energy Company (Taqa), which holds a market value of AED 296.8 billion. These two firms exemplify the UAE’s growing prowess in sectors such as energy, infrastructure, and diversified investments.

Several other major players have also solidified their positions in the financial landscape. Adnoc Gas has secured a market value of AED 240.2 billion, while Etisalat by e& and First Abu Dhabi Bank (FAB) follow closely with market capitalisations of AED 161.5 billion and AED 147.6 billion, respectively. Companies like Emirates NBD and Dubai Electricity and Water Authority (DEWA) are also notable contributors to the UAE’s market strength, alongside real estate giants such as Emaar Properties and Aldar Properties.

Industry experts point to the UAE’s pro-business environment and its strategic initiatives to attract foreign investment as key factors driving the exponential growth of the stock market. The UAE government has committed to fostering economic diversification, furthering innovation, and implementing financial reforms that facilitate this expansion.

By Arun Srivastava Sharad Yadav was a module of the triumvirate which brought about basic vicissitudes in the Indian politics and transformed it for ever. He designed the thesis of social justice, a key component of the Mandal philosophy. But unfortunately he could not attain the status of an icon for social justice. This has […]

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