Latest Threads on News from companies
Threads on regulatory news from companies
Tabreed and CVC DIF have partnered to acquire PAL Cooling Holding from Multiply Group for approximately AED 3.8 billion. The acquisition includes eight long-term concessions serviced by five district cooling plants in Abu Dhabi, with significant growth potential to reach an operational connected load of around 600,000 refrigeration tons. PAL Cooling, established in 2006, is a key player in the UAE district cooling market, with partnerships with major developers like Aldar Properties. The acquisition aligns with Tabreed's strategic goals to support Abu Dhabi's real estate projects and meet the increasing demand for sustainable cooling. CVC DIF highlighted PAL Cooling's long-term contracts in a rapidly growing urban environment. The deal is pending regulatory approvals.
Hany Mostafa Sabri Mohamed Sabri Mostafa, an independent and non-executive board member of Takaful Emarat Insurance PSC, has resigned from the company's Board of Directors due to personal reasons. The resignation was accepted and became effective on June 26, 2025. The document confirming the resignation was signed by Adnan Saba Elaish, the Acting Chief Executive Officer, on the same date.
Agility Public Warehousing Company announced that its subsidiary, Agility Global, has secured an additional $100 million through an incremental commitment to an existing multiyear credit facility. This funding is part of the refinancing efforts by Al Farwaniya Project Development Company, responsible for developing Reem Mall. The additional funds will be used to partially repay a short-term facility provided by one of Agility Global's subsidiaries. This repayment will be reflected in the consolidated financial statements of the group by reducing the outstanding balance of the facility.