INVESTCORP's Gulf Opportunity Fund has agreed to acquire a 38 percent stake in Al Yusr Industrial Contracting Company WLL (AYTB), a leading provider of technical industrial support services to the petrochemical, oil & gas and other key industrial sectors in Saudi Arabia and Qatar. AYTB was founded in 1979 in Jubail and over its 33 year history has made a significant contribution to the industrial growth of the Kingdom. The company has rapidly developed its capabilities and offering to become a leading provider of a full range of industrial services outsourcing solutions to support its clients' needs in operation and maintenance, construction and fabrication, industrial cleaning as well as facility management, catering and accommodation services. AYTB's clients include many of the region's leading petrochemical and oil & gas companies, including SABIC and Saudi Aramco. The company employs over 4,000 people across its operations in Saudi Arabia and Qatar. Just four months ago, the Investcorp Gulf Opportunity Fund also invested in Hydrasun, an international provider of fluid control equipment and solutions for the global offshore oil and gas sector. In 2007, Investcorp acquired Moody International, a leading global provider of inspection services and international certification. During Investcorp's ownership of Moody, Moody completed six add-on acquisitions, facilitating the company's international expansion. Mohammed Al-Shroogi, President of Investcorp's Gulf activities, said: “Saudi Arabia is currently experiencing a boom in industrial growth and as a trusted, well-established partner of choice to its many clients, 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.” Amr Ben Halim, founding shareholder and board member of AYTB, said: “We look forward to partnering with Investcorp. This investment demonstrates confidence in the future prospects of AYTB. We are well suited partners, sharing deep knowledge and experience of the oil and gas and petrochemicals industries and we very much look forward to leveraging its extensive network in the region to facilitate AYTB's expansion in both Saudi Arabia and internationally.” – SG
