Dubai-headquartered oil services provider Amak Group has secured a $25m investment from Abu Dhabi-based alternative asset manager Gulf Capital to fund its growth in Egypts oil and gas sector.
Amak, which provides services for both onshore and offshore sectors in Egypt, sees growth potential in the North African countrys upstream oil sector as the countrys government takes steps to attract new investment.
This institutional investment will assist Amak in achieving its target of becoming the leading provider of integrated oil & gas services in Egypt, said Mohamed Farouk, chairman and CEO of Amak in a statement.
The Egyptian government has reached an agreement with foreign oil firms to pay off its arrears by 2017 in an effort to revitalise the industry.
Gulf Capital made the investment via its regional fund, Gulf Credit Partners. It is the seventh investment to be made in the fund which targets fast-growing regional industries, including healthcare, education as well as power, oil and gas services.
The investment follows Gulf Capitals acquisition of a strategic minority stake in the Egyptian company Middle East Glass Manufacturing in September.