Azerbaijan’s State ‍Oil ‍Fund (SOFAZ) and the ​Arab Energy Fund (TAEF) ⁠have agreed to invest alongside ⁠infrastructure investor CVC ‌DIF in PAL Cooling Holding, one ⁠of the United Arab Emirates’ largest district cooling operators, ⁠they said in ​a statement.

TAEF and SOFAZ will participate ‍through a co-investment vehicle ​that invests alongside DIF VII, CVC DIF’s flagship infrastructure fund, which recently acquired a 50% stake in PAL Cooling Holding. Financial terms of ⁠the investment ‌by TAEF and SOFAZ were not ‌disclosed.

(Reporting ⁠by Nailia Bagirova; Editing ⁠by Mark Trevelyan)