Waha Capital has taken a 20 per cent equity stake valued at Dh279 million in National Petroleum Services, as it looks to invest more heavily in the energy sector.
Waha was part of a consortium of investors that included Fajr Capital and the Arab Petroleum Investment Corp, with the overall deal valued at Dh1.36 billion.
The UAE energy services company has 20 subsidiaries and 1,300 employees across the Middle East and South East Asia.
“NPS is a well-established company with a strong regional management team. We are excited to support the company in continuing to expand its service offering and geographic reach,” said Salem Al Noaimi, the chief executive of Waha.
This is the first investment of a new team at Waha, which has been set up to generate returns from investments in the energy industry.
“The energy sector across the Mena region continues to grow rapidly, presenting significant investment opportunities for regional private sector companies,” said Mr Al Noaimi.
“We are establishing a dedicated and experienced investment team focusing on the sector, and have identified a strong pipeline of potential acquisitions,” he added.
The company currently holds a 49 per cent stake in the Stanford Marine Group, which provides offshore supply vessels to clients in the oil and gas industry.
Waha recorded strong first quarter results, with profit rising 78 per cent compared with the previous year, after revenues were boosted by the sale of its lucrative stake in AerLift Leasing.
The firm has also moved to invest in the healthcare sector on the back of the introduction of mandatory health insurance coverage in Dubai.
In its most recent financial statement, before the announcement of its stake in NPS, Waha said it had a further Dh1bn of funds available to invest, following the refinancing of an existing loan facility with 13 banks.
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