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Abu Dhabi-based investment firm Waha Capital has launched an energy-focused unit with an inaugural $76mn investment in Dubai-based oil services firm National Petroleum Services (NPS). Waha CEO Salim al-Nuaimi says that the firm intends to follow up with further energy-related investments: “The energy sector across the MENA region continues to grow rapidly, presenting significant investment opportunities... We are establishing a dedicated and experienced investment team focusing on the sector, and have identified a strong pipeline of potential acquisitions.”
Waha joins a consortium of firms buying NPS. Others include Apicorp, the development bank owned by the 10 member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), and Dubai-based Fajr Capital. Waha says the acquisition is worth $370mn in total.
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