Investcorp buys 38 per cent stake in Al Yusr Industrial Contracting Co.

Dubai: Bahraini investment firm Investcorp (INVCORP.BH) on Tuesday said one of its funds purchased a 38% stake in Al Yusr Industrial Contracting Co, a Saudi Arabian oil and gas support services company.

“We believe AYTB has excellent growth prospects given the continuing increase in demand for services in the petrochemical, oil & gas, power, water desalination, heavy industrial and mining sectors,” said Mohammad Al Shroogi, head of Investcorp’s Gulf activities.

Earlier this year, the Bahraini company acquired a controlling stake in Hydrasun, a Scotland-based oil field services provider.

AYTB employs 4000 people in Saudi Arabia and Qatar.