Energy Capital Group (ECG), a Saudi-based investment firm specializing in industrial services and global technologies, has announced the successful closing of its ECG2.0-Fund2, raising SAR600 million ($161 million) in an oversubscribed funding round. Backed by prominent institutional investors, the fund sets ambitious goals to transform the industrial services sector and pursue innovative technological advancements.
Strong Backing for Strategic Vision
ECG’s ECG2.0-Fund2 garnered support from key institutional investors, including Jada Fund of Funds and BSF Capital, underscoring confidence in the company’s strategic initiatives. The fund surpassed its initial target, reflecting robust market interest in advancing Saudi Arabia’s industrial landscape.
The fund’s focus includes two primary areas:
- Industrial Services: Targeting key sectors such as oil and gas, petrochemicals, power and water, metals, and mining.
- Global Technologies: Investing in cutting-edge solutions to enhance operational efficiency and differentiate business models.
Engineer Ali Alturki, founder and managing partner of ECG, expressed gratitude for investor confidence, stating:
“We are honoured by the trust and overwhelming support of our investors. This achievement underscores our alignment with market needs and our commitment to driving growth in industrial services and advanced technologies within the region.”
IPO Plans and Broader Economic Goals
ECG2.0-Fund2 is designed to consolidate industrial services within Saudi Arabia, fostering market expansion and competitive differentiation. The fund anticipates exiting its industrial services platform through an initial public offering (IPO) within two years, aligning with Saudi Vision 2030’s goals of economic diversification and global competitiveness.
By exploring technological innovations and global opportunities, ECG seeks to contribute to the kingdom’s evolving industrial landscape while ensuring sustained growth and liquidity for stakeholders.
Future Plans: ECG2.0-Fund3
Riding the momentum of Fund 2, ECG has unveiled plans for ECG2.0-Fund3, targeting SAR1.125 billion. Fund 3 will expand its investment focus to include manufacturing services and innovative material value chains, emphasizing sustainable advantages in the industrial sector.
Alturki commented on the next phase of ECG’s journey:
“Fund 3 represents an opportunity to deepen our investments across industrial services and technology sectors while aligning with Saudi Arabia’s commitment to sustainable economic growth and technological innovation.
