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Abu Dhabi’s Multiply eyes $1B divestment from PAL Cooling

Abu Dhabi’s Multiply Group may be getting ready to divest from its PAL Cooling unit, which keeps the UAE capital’s skyscrapers at tolerable temperatures under the Gulf’s sizzling sun.

The firm, a unit of Sheikh Tahnoon bin Zayed’s International Holding Co., could raise as much as $1 billion if it’s put up for sale, Bloomberg reports.

PAL’S cooling technology involves pumping chilled water into buildings from centralized plants.

Multiply is working with Standard Chartered on the sale, which is at an early stage and has drawn interest from both regional and international investors, the news agency said.

Multiply went public more than three years ago and has investments in companies ranging from Getty Images to Rihanna’s lingerie company.

Standard Chartered shakes up executive ranks amid Middle East push

Standard Chartered is shaking up the executive ranks amid a new push to develop its Middle East business.

Leading the team, Reuters reports, is Torry Berntsen, who was promoted to Executive Vice-Chairman for corporate and investment banking in Europe, the Americas, the Middle East and Africa.

Rola Abu Manneh was named chief of the UAE office, with authority over the wider Middle East region and Pakistan. Kariuki Ngari will oversee Africa.

Meanwhile, Financial News reported this week that Nick Philpott, co-founder of Zodia Markets, the London-based crypto firm backed by Standard Chartered, is relocating to Abu Dhabi as part of its Middle East expansion.