Energy Capital Group (ECG), a Saudi Arabia-based investment company, has announced the first close of its US$150mn fund that looks to create and develop national leaders in energy and energy-related technologies, in line with Saudi’s Vision 2030 and Aramco’s IKTVA programme
It was anchored by Jada Fund of Funds.
The fund, former following a merger between ECG and Cayan Holdings, plays a key role in helping achieve the ambitious industrial development agendas of Saudi Arabia and the GCC region. The end goal is to strengthen current supply market constraints to the energy and industrial value chain and asset base to further the industrial growth of Saudi Arabia and the broader GCC.
“Demand for energy-related services and equipment and the supply of such services and equipment is expected to grow long-term,” said ECG in a statement on its website. “Consequently, ECG expects there will be an increasing need for specialised services in servicing the energy sector.”
