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Abu Dhabi, UAE; October 13, 2025: Multiply Group (ADX: MULTIPLY), the Abu Dhabi-based investment holding company that invests in and operates businesses globally, announced today that it has formally completed the transaction to sell 100% of its shares in its district cooling subsidiary, PAL Cooling Holding, for AED 3.871 billion to a consortium comprising Tabreed and CVC DIF.
By closing the transaction, Multiply Group has taken a further decisive step in its pursuit to unlock substantial value from its portfolio and to enhance its capacity to redeploy capital into new and existing verticals.
Commenting on the transaction, Samia Bouazza, Group CEO and Managing Director of Multiply Group, said: “The close of the PAL Cooling Holding agreement marks a deliberate exit and a natural liquidity event for Multiply Group. This is a strategic decision aligned with our disciplined investment framework. We're reallocating capital from an asset which as part of Multiply did not have a clear path to contributing to our target of at least AED 1 billion in EBITDA per vertical, allowing us to focus on growing our core consumer and energy businesses, where we see stronger long-term value creation.”
PAL Cooling Holding is a leading player in the UAE's district cooling sector, that 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 will continue to evaluate strategic opportunities across its verticals to enhance shareholder value.
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