UAE's Multiply eyes stake in Turkey's Biotrend: Abu Dhabi's investment holding company Multiply Group is in discussions to acquire an undisclosed stake in Turkish waste management and renewables firm Biotrend, Bloomberg reports, citing people with knowledge of the matter. The size and value of the acquisition are still under discussion, the sources say.

What does Biotrend do? Biotrend — a subsidiary of Turkish investment firm Doğanlar Holding — focuses on investing in solid waste management, power generation, cogen heat use, and carbon certification and trading across 19 facilities in Turkey, including 11 waste management and biomass power plants.

Multiply has a green M&A track record: The firm also acquired a majority stake in International Holding Company's (IHC) subsidiary International Energy Holding Company last year. In 2021, the company acquired a 100% of Pal Cooling Holding, a UAE-based district cooling solutions provider. In March of 2022, the conglomerate invested nearly USD 100 mn in the Dubai Electricity and Water Authority’s (DEWA) IPO. Six months later, the conglomerate acquired a 7.3% stake in the Abu Dhabi National Energy Company (Taqa) for USD 2.7 bn.

Other regional players are eyeing Turkey: The UAE’s state-owned renewables firm Masdar also started talks to acquire a stake in Turkey's wind power producer Fiba Yenilenebilir Enerji last month.

UAE 💚 Turkey: The spike in investments comes after the UAE and Turkey signed agreements in July valued at USD 51 bn in a bid by Turkish President Recep Tayyip Erdogan to attract investment from gulf countries.

About Multiply: Multiply Group is an Abu Dhabi-based investment holding company, IHC being its major stakeholder, that invests in and operates various global businesses with a focus on the energy and utilities industries.