SES is a leading provider of temporary power generation and Gulf Capital aims to capitalize on the growing need for power across the region with this move.

Karim El-Solh, chief executive officer of Gulf Capital, said the power sector represents a resilient and rapidly growing sector, not only in the MENA region, but also in South Asia and Sub-Saharan Africa.

“This investment follows our strategy of investing in defensive and fast growing sectors that benefit from the regional population growth, governmental infrastructure spending and rising GDP per capita," he added.

Walid Ishak, co-founder of SES, said: “With this new institutional backing, SES will emerge as one of the best funded operators in the sector, able to supply more power to existing and future customers across the region."

Richard Dallas, managing director, private equity, at Gulf Capital, said the SES investment gives Gulf Capital exposure to the growing and defensive power sector. 

Dallas said SES is ideally positioned to help regional utilities in the GCC to meet their peak power requirements during the summer and to act as a reliable power supplier to countries, remote areas and construction developments with base load requirements.

Ghassan Ayoub, co-founder of SES, said: "Gulf Capital's investment in SES is a strong demonstration of their confidence in our operation, strategy and our future growth plans."