Jadwa Refining Opportunity Fund acquired a significant minority stake in Innova Holdings in 2015. Following the acquisition, Innova has initiated a major construction of a new processing facility that will allow it to triple its production capacity.

Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, said: “When we acquired Innova, it marked our first private equity investment outside Saudi Arabia as we had recognized its potential for growth. We believe that the abundance of petrochemical by-products in the GCC, Innova’s innovative expansion plans, and the depth and expertise of its management team continue to drive the company’s growth prospects as one of leading regional players in the petrochemical by-products industry. We are pleased to see that the recently completed dividend recapitalization transaction has allowed our investors to realize a portion of the investment’s value creation.”

Headquartered in the UAE, Innova is an integrated petrochemical by-products and used lube oil processing, trading, and logistics company. Through its advanced facilities, Innova transforms petrochemical by-products and used lube oil into value-added products that are used in numerous industries, including construction, pharmaceuticals, and textiles. The company employs a versatile team of professionals, including scientists and researchers, engineers and marketing professionals, working together to serve international clients worldwide.