Oil & Gas GIC buys stake in UAE pipeline inspection firm By Reuters November 20, 2023 Unsplash.com GIC completed the acquisition of a minority stake in Pipecare Group Holding on November 15 Kuwait-based Gulf Investment Corporation (GIC) has acquired a significant minority stake in Pipecare Group Holding, a major provider of pipeline inspection services. A joint statement from GIC and UAE-based Pipecare Group on Monday said the transaction was completed in Abu Dhabi on November 15. It did not give details of the size of the stake, nor the value of the investment. Abu Dhabi weighs bid for 34% stake in UK port operator Gulf sovereign wealth funds vary recipes for success UAE splashes out more foreign investment than it receives GIC is a financial institution equally owned by the six member states of the Gulf Cooperation Council (GCC), which was established to promote cooperation and growth across the region. Pipecare, which inspects gas and oil pipelines with a fleet of tools and predictive AI software solutions, said it will leverage GIC’s capital injection for its international expansion, especially in the American market. “We are excited to enter a new phase in our company’s growth in partnership with GIC to further develop our technology and play a critical role in supporting our customers in the safe delivery of energy,” said Khaled El-Shami, Pipecare Group’s chairman.
