UAE’s Gulf Capital invests $25m in Egypt’s Amak Petroleum

UAE-based private equity firm Gulf Capital has announced that it has completed an investment worth $25 million in Egyptian firm Amak Group through its regional fund Gulf Credit Partners.

Amak is provides petroleum services for the onshore and offshore sectors in Egypt along with drilling and workover service to oil companies.

The investment by Gulf Capital is expected to fund Amak’s growth plans, a statement said.

“Gulf Credit Partners’ investment will help Amak continue its strong growth at an exciting time for Egypt’s revitalised oil and gas sector,” said Karim El Solh, CEO of Gulf Capital.

“Amak’s strong position in the Egyptian oil and gas service sector, as well as its ambitious growth strategy and experienced management team, are strongly aligned with our Fund’s investment strategy.”

Ayman Abbas, founder of Amak, said: “This institutional investment from Gulf Capital will strengthen Amak’s capital structure, allow us to fund the rapid growth of the company and help improve overall corporate governance.”