Saudi Arabia-based investment company Energy Capital Group (ECG) has announced the first close of its $150 million fund that targets the creation of national leaders in energy and energy-related technologies. The Fund was anchored by Jada Fund of Funds.
The successful fundraising effort is a validation of ECG’s strategy that aims to create and develop industrial services and technology-oriented National Champions across the energy sector in line with Saudi’s Vision 2030 and Aramco’s IKTVA programme. The end goal for ECG 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.
The successful first close is a testament to the expertise and leadership of Energy Capital Group in driving forward the region’s industrial growth. The fund plays a pivotal role in helping achieve the ambitious industrial development agendas of Saudi Arabia and that of the GCC region.
The fund was formed following a merger between ECG and Cayan Holdings. Riyadh-based Watar Partners served as a strategic advisor to the fund.