Gulf Investment Corporation (GIC), a Kuwait-based sovereign wealth fund, has acquired a significant minority stake in Pipecare Group Holding, a leading provider of inline inspection services for oil and gas pipelines in the Middle East, Asia, and Europe.
As reported by Reuters on Monday, Nov. 20, 2023, the transaction was completed in Abu Dhabi on November 15 to support Pipecare's international expansion, particularly in the American market, with details of the stake size and investment kept undisclosed.
The deal will allow Pipecare Group Holding to leverage GIC's capital injection to advance its technology and strengthen its role in ensuring the safe delivery of energy.
"We are thrilled to embark on a new phase of growth alongside GIC," Pipecare Group's chairman, Khaled El-Shami, commented on the remarkable developments.
"This partnership will enable us to further refine our technology and continue serving our customers with the highest standards of safety and efficiency."
Established by the six member states of the Gulf Cooperation Council (GCC), GIC is a prominent financial institution dedicated to promoting regional cooperation and growth, enabling Pipecare to expand its extensive fleet of inspection tools and predictive AI software solutions globally.
With Pipecare’s revolutionary tools playing a crucial role in maintaining the integrity of oil and gas pipelines, the acquisition marks a significant milestone in Pipecare's growth trajectory, aligning its expertise with GIC's financial strength and strategic vision.
The collaboration is expected to drive innovation and expansion within the pipeline inspection sector.