Tabreed and CVC DIF to acquire Abu Dhabi’s PAL Cooling from Multiply Group

calendar_month June 30, 2025

Existing portfolio includes eight long-term concessions currently serviced by five, state-of-the-art district cooling plants
Significant growth potential, with expected operational connected load of approx. 600,000 refrigeration tons

Abu Dhabi, United Arab Emirates – 30 June 2025: CVC DIF, the infrastructure strategy of leading global private markets manager, CVC, and Tabreed, the world’s leading district cooling company, have entered a partnership to acquire PAL Cooling Holding from Abu Dhabi’s Multiply Group.

The transaction, with an equity value of approximately AED 3.8 billion, includes three long-term concessions in the Abu Dhabi main island area and five long-term concessions on Al Reem Island, and remains subject to customary regulatory approvals. The concessions are serviced by five existing, sustainable district cooling plants and associated networks in Abu Dhabi, with connected capacity of 182,000 refrigeration tons (RT) as of December 2024. An additional plant is currently under construction and three more are in the planning phase. Together the nine plants and eight concessions are expected to represent approximately 600,000 RT.

PAL was founded in 2006 and is a prominent player in the UAE district cooling market, catering to landmark residential, commercial and mixed-use developments. The company has eight, long-term concession agreements and partnerships with leading master developers, including Aldar Properties, Modon and Imkan. PAL is strongly positioned on Al Reem Island, which is a strategic destination now fully part of the ADGM free zone, the vibrant financial centre of Abu Dhabi, and is poised to benefit from the expected development ramp-up, with future network expansion already licenced by Abu Dhabi’s Department of Energy.

Chairman of Tabreed, Dr Bakheet Al Katheeri, emphasised the significance of the partnership: “Tabreed is always looking to the future and ensuring we remain agile. 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. This year has been historic for Tabreed, with ventures like our Palm Jebel Ali JV and continued growth in Abu Dhabi. These steps position us to meet the UAE’s rising demand for sustainable cooling, driven by population growth and decarbonisation targets.”

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.”

Özgür Önder, Head of CVC Middle East, said: “Our partnership with Tabreed, a regional leader with deep industry expertise, aligns perfectly with CVC’s commitment to investing in the UAE, backing mission-critical businesses that support sustainable development across the country.”

CVC DIF’s investment focus and experience spans key sectors including Energy Transition, Digital Infrastructure, Utilities and Transport – areas that are critical to Tabreed’s strategic vision. Its expertise and investment approach makes CVC DIF an ideal partner for a transformative project of this scale.

Commenting on the transaction, Samia Bouazza, Group CEO and Managing Director of Multiply Group, said: “The monetisation of PAL Cooling Holding is a deliberate step in our portfolio optimisation strategy, aimed at delivering superior returns to our shareholders. It reflects our ability to realise 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.”

The deal was signed during a special ceremony at Multiply’s Abu Dhabi headquarters by Samia Bouazza, Group CEO and Managing Director of Multiply Group, Khalid Al Marzooqi, Chief Executive Officer of Tabreed and Özgür Önder, Head of CVC Middle East, in the presence of Tabreed’s Chairman, Dr Bakheet Al Katheeri.

- ENDS –

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calendar_month September 11, 2026

Tabreed Announces Appointment of Dr Yousif Al Hammadi as Chief Executive Officer

Appointment follows a 12-year career at Tabreed spanning Projects, Business Development, Asset Management and executive leadershipDr Yousif brings more than two decades of experience across Tabreed, Mubadala, ADNOC and the Ministry of InteriorMarks first time a new CEO has been appointed from within the groupAbu Dhabi, United Arab Emirates – 11 September 2026: National Central Cooling Company PJSC (DFM: TABREED), the world’s leading and most diversified district cooling company, today announces the appointment of Dr Yousif Al Hammadi as its Chief Executive Officer.Since joining Tabreed in 2014, Dr Yousif has held senior roles across Projects and Business Development. In 2022, he joined the company’s Executive Management Team as Chief Asset Management Officer before being appointed Interim CEO in January 2026. During his 12 years at Tabreed, he has been integral in the company’s most significant transactions and growth initiatives, including the acquisition of the Downtown Dubai district cooling infrastructure, the acquisition of PAL Cooling and the Palm Jebel Ali concession.Dr Bakheet Al Katheeri, Tabreed’s Chairman, said: “Tabreed is an essential part of the UAE’s utilities infrastructure and a key enabler of resilient cities. As demand for sustainable cooling continues to grow, leading the company requires strong expertise in the industry, strategic planning and asset management across diverse markets.“Dr Yousif is well positioned to lead the company through its next phase of growth, bringing together this breadth of experience with deep institutional knowledge of Tabreed and a proven ability to build trusted relationships with investors, partners and other key stakeholders.“His appointment also reflects our commitment to empowering UAE national talent and enabling high-performing individuals to progress into senior leadership roles. On behalf of the Board, I congratulate Dr Yousif and look forward to working with him and the Tabreed team as we pursue new opportunities and deliver long-term value for our shareholders and the communities we serve.”Commenting on his appointment as Chief Executive Officer, Dr Yousif Al Hammadi said: “I would like to thank the Board of Directors for their trust and confidence in appointing me to lead Tabreed as Chief Executive Officer. During my time at Tabreed I have developed a deep understanding of what drives performance at scale: disciplined execution, high-quality assets and sustained investment in capability and national talent. I now take on this role with a strong sense of responsibility and a clear vision to lead Tabreed into its next phase of growth and value creation.“Our recent portfolio expansion has created a stronger platform for growth, and our priority now is to translate that scale into sustainable commercial value. This means maximising the opportunities within our existing portfolio, realising the full potential of the strategic investments we have made and maintaining a disciplined, selective approach to future opportunities.”He added: “I will continue to pursue growth where it strengthens our market position, enhances returns and creates long-term value, while building on the operational excellence and trusted partnerships that have established Tabreed as the world’s leading district cooling company.”Prior to joining Tabreed he held leading positions at Mubadala, ADNOC and the Ministry of Interior, where he worked on major strategic and infrastructure initiatives supporting the UAE’s long-term development.Dr Yousif holds a Bachelor of Engineering (Honors) and Master of Business Administration (Distinction), as well as a Doctorate in Business Administration and Management (Honors).-ENDS-

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calendar_month August 11, 2026

Tabreed Delivers Resilient H1 2026 Performance with Strong Cash Generation and Continued Growth

Connected capacity increased 15% YoY to 1.58 million Refrigeration TonsRevenue increased to AED 1.13 billion, while net operating cash flows rose 40% YoY to AED 632 millionSecond consecutive year of declaring interim dividends, reflecting confidence in recurring cash flows and financial strengthAbu Dhabi, United Arab Emirates – 11 August 2026: National Central Cooling Company PJSC (DFM: TABREED / ISIN: AEA002201018), the world’s leading and most diversified district cooling company, has today announced its financial and operational results for the six-month period ending 30 June 2026, reporting revenue of AED 1.13 billion and net profit of AED 192 million.Tabreed delivered revenue growth of 2% year-on-year during the first half of 2026, supported by fixed capacity charges, ongoing capacity expansion, and its diversified presence across the district cooling business value chain. The company’s operational performance remained resilient, enabling strong operating cash generation and healthy free cash flow conversion during the first half of the year, while further enhancing its balance sheet position.Operational GrowthConnected capacity increased by 15% year-on-year to 1.58 million Refrigeration Tons (RT) as of 30 June 2026, clearly demonstrating the strength of Tabreed’s long-term growth strategy, while the period also saw organic capacity increase by 4,500 RT following the completion of various projects. Cooling consumption volumes reached one billion refrigeration ton hours (RTh) during the first half of 2026, reflecting milder weather conditions compared to the same period in the previous year.Commenting on the results, Chairman of Tabreed, Dr Bakheet Al Katheeri, said: “Tabreed’s essential role in this nation’s utilities infrastructure remains unassailable. And the company’s operating performance during the first half of 2026 clearly demonstrates the continuing strength of its core business, as well as the vitality of district cooling within the markets we serve, bringing long term revenue visibility and sustainable returns for shareholders.“Our recent portfolio expansion, including the acquisition – with our partners CVC DIF – of Abu Dhabi’s PAL Cooling, as well as ongoing organic growth initiatives, demonstrates the wisdom of our disciplined approach to investing in high-quality infrastructure assets with long-term cash generation potential. As we continue to integrate these investments and pursue selective growth opportunities, we remain committed to prudent capital allocation and sustainable long-term value for our stakeholders. Tabreed continues to surpass itself, providing comfort to millions while conserving precious energy and other resources in its relentless pursuit of operational excellence.”Financial ResilienceIn H1 2026, Tabreed reported EBITDA at AED 615 million with a margin of 55%. Reported net profit of AED 192 million during the period reflected a more normalised expense base, higher financing costs following the 2025 refinancing at prevailing market rates, as well as additional interest expense associated with growth investment funded through acquisition-related debt.Net operating cash flows increased by 40% year-on-year to AED 632million and continue to support ongoing investment in growth opportunities, balance sheet optimisation and shareholder returns. As a result, Tabreed’s leverage (Net Debt to EBITDA) improved to 4.57x by the end of H1 2026 and the company continues to maintain its investment grade credit ratings with both Moody’s and Fitch.The companyenjoys a robust liquidity profile with a stable cash balance of AED 661 million (as of 30 June 2026) and continues to have access to an undrawn Green Revolving Credit Facility (RCF) of AED 1.2 billion with no near-term debt maturities.Interim Dividend Returns, Positive OutlookTabreed’s Board of Directors once again approved an interim cash dividend, following the first such payout during 2025. An amount of 5.0 fils per share was approvedfor H1 2026, representing a dividend payout ratio of 74% of net profit and reflecting the Board’s continued commitment to disciplined capital allocation, balancing healthy returns for shareholders with the financial flexibility required to invest in future growth opportunities.For the remainder of 2026, Tabreed remains focused on prudent execution amid a dynamic operating environment. While the execution timeline of certain customer projects continues to align with broader real estate market activity, Tabreed’s underlying pipeline remains healthy, with projects continuing to be actively managed in line with customer delivery schedules. With a strong pipeline of potential projects in the near term, the company will maintain its focus on its core UAE market, where Tabreed remains a reliable and essential player in the country’s critical infrastructure.

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calendar_month June 25, 2026

Tabreed Wins Two Awards at Global Banking & Markets Awards Middle East 2026

Tabreed has been recognised at the Global Banking & Markets Awards Middle East 2026, winning two awards that highlight the company’s sustainable finance credentials and continued growth.The company received Sustainable Loan Deal of the Year for its AED 1.8 billion dual-tranche green facility, as well as Acquisition Finance Deal of the Year for the AED 2.55 billion multi-tranche senior secured financing supporting the acquisition of PAL Cooling.The awards acknowledge standout transactions across the regional banking, capital markets, and finance industry, including deals that demonstrate innovation, strong execution, and market significance.This recognition reflects Tabreed’s continued focus on disciplined growth, sustainable infrastructure, and the development of efficient district cooling solutions that support the region’s long-term decarbonisation ambitions.

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calendar_month June 04, 2026

Tabreed Announces Appointment of Atef AlBreiki as its new Chief Asset Management Officer

Former Executive Vice President of Operations and Maintenance joins company’s Executive Management TeamAbu Dhabi, United Arab Emirates – 4 June 2026: Tabreed, the world’s leading district cooling company, today announces that its Board of Directors has appointed Atef Mohamed Awadh AlBreiki as its new Chief Asset Management Officer with immediate effect. As Chief Asset Management Officer, Atef will be responsible for maximising value creation of the company’s assets, through portfolio management and value-driven decision-making. He will lead the company's asset management strategy while working closely with internal and external stakeholders to support Tabreed's long-term objectives.Speaking of AlBreiki’s appointment, Dr Bakheet Al Katheeri, Tabreed’s Chairman, said: “During Atef’s eight years at Tabreed, he has proved time and again to be an exceptional and inspirational leader in a number of senior roles. He has consistently demonstrated a deep commitment to our people, our operations and our values. “Atef is exceptionally well placed to lead the Asset Management function as we continue to strengthen asset performance, maximise long-term value creation, and ensure the resilience of our portfolio. His appointment reflects the depth of talent and expertise within Tabreed and the value we place on developing future leaders across the business. Having worked closely with Atef over the years, I am confident that he will continue to develop this important function and build on the strong foundations already in place.”Atef’s most recent role was Executive Vice President – Operations & Maintenance, in which he drove the development and execution of revenue-impacting operational excellence, as well as the O&M strategies and solutions that have given Tabreed its competitive edge in recent years. He has amassed more than 20 years of progressive exposure in developing and driving organisational strategies and has a proven history of delivering business continuity and operational transformation.AlBreiki holds a Master of Business Administration and Management from the London Business School and a bachelor’s degree in Electronics Engineering Technology. He has also attended Executive Professional Development Programmes with internationally acclaimed institutions, such as Wharton University and Singularity University in Silicon Valley, California, USA.

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