Azerbaijan State Oil Fund invested one billion dollars in a UAE company

The State Oil Fund of Azerbaijan together with the Arab Energy Fund has invested in a joint venture created to acquire a 50% stake in PAL Cooling Holding (PAL) through the DIF VII fund as part of a partnership with CVC DIF.

As reported by BAKU.WS, the collaboration between the funds is aimed at developing infrastructure projects in the region and improving energy efficiency.

In June 2025, leading global investor CVC and Tabreed agreed to purchase one of the world's largest district cooling operators - PAL Cooling Holding. The deal was conducted through a joint venture between CVC DIF and Tabreed with an equal 50/50 distribution of shares. The total value of the transaction was approximately 3.8 billion UAE dirhams (1,034,717,490 US dollars).