GCC-owned GIC grabs minority stake in Pipecare:Kuwait-based Gulf InvestmentCorporation (GIC) said it acquired a “significant minority stake” in UAE-based Pipecare Group Holding, a global provider of pipeline inspection services, according to a company statement. The transaction was executed on 15 November, the statement read, without disclosing the size of the stake acquired and the value of the transaction.

Where the funds are going: Pipecare will use the cash infusion to speed its international expansion with a focus on expanding its premium offerings — namely its “high-end in-line inspection technologies” — in the North American market.

It’s another Gulf-Goes-Global story: “This investment highlights the interest of GIC in partnering with a successful GCC company to help it expand its operations outside the region,” Group Head of Principal Investments at GIC Meshary Al-Judaimi said.

What’s GIC? Established in 1983 by the Gulf Cooperation Council (GCC), GIC is an investment company jointly owned by the six GCC member states. Its primary objective is to boost cooperation and growth through equity commitments, both within the GCC and globally.

About Pipecare: Pipecare Group, established in 1998, is a key global provider of in-line inspection services for pipeline operators in some 85 countries.

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