Emirati pipeline company draws investment
KUWAIT CITY, November 20, 2023 – Gulf Investment Corporation (GIC) has taken a significant stake in the UAE’s Pipecare Group, Reuters reported on Monday.
The transaction took place on November 15, 2023, according to a joint statement by the two companies.
Cost and exact shares were not disclosed.
“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, chairman of Pipecare Group.
GIC is a Kuwait-based financial institution that is owned by six members of the Gulf Cooperation Council.
Pipecare Group is a pipeline inspection company that uses predictive artificial intelligence in its operations.