Abu Dhabi: UAE investment firm Waha Capital on Monday said it acquired a significant minority stake in Dubai-based oilfield services company Petronash Holdings for $88 million (Dh323.22 million).

Abu Dhabi-listed Waha may further increase its stake in Petronash up to 50 per cent, it said in a statement.

Petronash, as part of this deal, will set up research and development centres in Chennai (India) and Dammam (Saudi Arabia) to drive innovation, the statement said.