RIYADH: Kuwait-based Gulf Investment Corporation (GIC) said on Monday it has acquired a significant minority stake in Pipecare Group Holding, a major provider of pipeline inspection services.

A joint statement from GIC and UAE-based Pipecare Group said the transaction was completed in Abu Dhabi on Nov. 15. It did not give details of the size of the stake, nor the value of the investment.

GIC is a financial institution equally owned by the six member states of the Gulf Cooperation Council (GCC) which was established to promote cooperation and growth across the region.

Pipecare, which inspects gas and oil pipelines with a large fleet of tools and predictive AI software solutions, said it will leverage GIC’s capital injection for its international expansion, especially in the American market.

"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, Pipecare Group's chairman, according to the statement.

(Reporting by Aziz El Yaakoubi; Editing by Stephen Coates)