Waha Capital, an Abu Dhabi investment company, has established a new unit to drive its future investments in the energy sector across the Middle East and North Africa, MENA, region.
“The energy sector across MENA continues to grow rapidly, presenting significant investment opportunities for regional private sector companies such as Waha Capital. We are establishing a dedicated and experienced investment team focusing on the sector, and have identified a strong pipeline of potential acquisitions,” said Salem Al Noaimi, Chief Executive Officer and Managing Director.
The unit, which is part of Waha Capital s Principal Investments Division, has made its first investment in National Petroleum Services, NPS, as part of a consortium that has acquired the U.A.E.-headquartered oil and gas services company.
The NPS transaction, which closed on 26th June, has a total equity value of US$370 million (AED 1.36 billion), with Waha Capital taking a 20.56 percent equity stake for $76 million (AED 279 million).
NPS is a leading oilfield services provider with approximately 1,300 employees and 20 subsidiaries operating in key MENA and Southeast Asian markets, including the U.A.E., Saudi Arabia, Qatar, Iraq, Libya, Algeria, Malaysia, Brunei, India and Turkmenistan.
Source : WAM News Agency for United Arab Emirates
