Established in 1994, United Power Company (UPC) was the first Independent Power Producer (IPP) to be developed in the Middle East with private sector participation. UPC owns and operates the 270 MW single-cycle gas-fired Manah Independent Power Project in Oman.

In June 2009, MENA Infrastructure acquired a significant minority stake in UPC from GDF SUEZ and International Finance Corporation. Fajr Capital supported MENA Infrastructure Fund LP to exit its stake in UPC to Khaled Juffali Energy and Utilities, a Saudi Arabian power company. The transaction completed in February 2016.