Add MEEF to my Favorites

Main Page

About Us





Contact Us








Projects Archive



Site Stats

Submit Release

AmerCable Incorporated

MEEF - Middle East Engineering Projects News & Releases - previous page

Go to  July | August | September | OctoberNovember |December | January Projects News

GCC Energy Fund Invests in Maritime Industrial Services’ Expansion Drive


The GCC Energy Fund – the region’s first private equity fund focused on the energy sector – has expanded its role in the oil and gas sector, taking part in the US$80 million private placement raised for Maritime Industrial Services (MIS), it was announced today.

As part of the investment consortium that secured the private placement, The GCC Energy Fund stands to benefit from MIS’s ongoing expansion and the development of its business.

“We believe that, in addition to providing investment funds for MIS through the private placement, the GCC Energy Fund is well-positioned to work as a strategic partner for this highly successful and dynamic group,” said Adil Toubia, Chief Executive Officer, the GCC Energy Fund.

“In particular, the depth of our institutional knowledge about the rig business, and the ongoing growth of the fund across different business streams will provide an invaluable resource for MIS,” he added.

Involved in the petroleum related construction and services industry in the Middle East since 1979, MIS has continually expanded the scope of its operations to provide a fully integrated onshore and offshore engineering, procurement, shipyard and construction service.

Jerry Smith, Managing Director of MIS, said: “We have an aggressive plan for growth and business development, and the support of regional groups like the GCC Energy Fund provides a solid vote of confidence in our strategy for the future – we are delighted to have the fund as a significant investor in our company.”

“MIS is confident that this capital injection will enable us to continue to find new areas of business opportunities and to provide the highest possible levels of service and support for our customers,” he added.

Capital from the private placement will be used to facilitate the company’s continuing expansion into the lucrative rig manufacturing business.  MIS has already won two orders from Mosvold Jackups Ltd, a Norwegian company, to build two new jack-up rigs, and executives are confident that the enhanced capacity provided by its new yard in Sharjah will enable it to secure further international business.

“A combination of factors including rising E&P budgets of oil companies, an ageing jack-ups fleet and limited shipyard space are driving capital expenditures in the industry. MIS is not only located in the centre of a very buoyant market but also has the available yard capacity to capitalize on the opportunity,” Toubia said.

The fund’s involvement in the private placement represents a further step in its strategy to invest across the value chain of the energy sector, having already played the leading role in acquiring a controlling interest in Oman’s Dhofar Power Company, as well as purchasing a 33 percent equity stake in The Gulmar Offshore Group – all within the same time period.

Through these transactions, the fund has now made direct investments in the power generation, transmission and distribution sectors, as well as in oil and gas support and service companies. It also has a number of new deals close to completion, which it hopes to announce within the first quarter of 2007.

The GCC Energy Fund was launched in 2005 as a private equity fund focused on making investments in companies and projects across a range of industries within the energy sector.

Moving forward, executives are keeping their options open with regards to the format of their next major initiative.

“Given the nature of the deals we have concluded to date and the increasing level of opportunities we are seeing in the energy sector, we are currently reviewing a number of options available to us to bring in more investors.” concludes Toubia.

The GCC Energy Fund is a private equity fund focused on the energy sector in the Middle East. The Fund is sponsored by Gulf International Bank (GIB) and Standard Bank and co-sponsored by Emirates National Oil Company (ENOC).

As a pioneering initiative, the Fund offers regional and international investors a unique opportunity to invest in the world’s most important energy market, through a well-diversified energy portfolio under the management of a professional team based in Dubai.

The Fund has positioned itself as the partner of choice for local and international energy players as they respond to the strategic opportunities and financial demands arising from the ongoing restructuring, privatisation and development initiatives taking place within the region.

About MIS

Established in the Middle East since 1979, MIS has achieved a strong track record in the petroleum-related construction and services industry. MIS focused on local drilling rig fabrication, repairs and maintenance, adding project management services and oilfield safety in the early 1980's to expand its customer base and scope of services. By 1990, MIS was established in the Middle East as a major onshore engineering, fabrication and services company with a reputation for high quality and on time delivery, executed by experienced operating management.

Today MIS provides integrated onshore and offshore engineering, procurement, fabrication, maintenance and construction services for fabrication of oil, gas and petrochemical processing equipment, marine and structural items.

Al Bawaba (


Advertise | Articles | Bulletin | Contacts | CyberShow  | Events | Jobs | Home | Projects  | Sitemap | Stats


Copyright © 2006 Middle East Economic Engineering Forum | RAK Free Zone | UAE | Tel/Fax: +971 50 374 0617 All rights reserved..


This site is best viewed using Internet Explorer 4 or higher

Website Created: Mar. 7th. 06  - Add MEEF to my Favorites