Riyadh, Saudi Arabia; January 6, 2025: Energy Capital Group (ECG), a Saudi-based investment firm specializing in industrial services and global technologies, proudly announces the successful closing of ECG2.0-Fund2. The fund surpassed its initial target, closing at an oversubscribed total of SAR 600 Million ($161 million). This milestone underscores ECG’s dedication to fostering local content development, technology transfer, and sustainable job creation in alignment with Saudi Vision 2030 and the Aramco IKTVA (In-Kingdom Total Value Add) program, driving economic diversification and industrial growth both locally and regionally.
The fund was backed by anchor investor Jada Fund of Funds, alongside reputable institutional investors such as BSF Capital, reflecting strong confidence in ECG’s vision and strategy.
ECG2.0-Fund2 is designed to revolutionize industrial services and advance technology-driven solutions to enhance the operational efficiency of critical sectors. The fund’s strategic investment priorities include:
- Industrial Services: Oil and gas, petrochemicals, power and water, metals, and mining sectors.
- Global Technologies: Cutting-edge solutions delivering competitive advantages and differentiated business models.
By consolidating the industrial services sector in Saudi Arabia, ECG2.0-Fund2 seeks to foster competitive differentiation, integration, and market expansion while exploring global opportunities to enhance technological innovation and value creation.
ECG2.0-Fund2 anticipates exiting its industrial services platform through an IPO targeted in 2 years, reinforcing its commitment to delivering long-term value to its stakeholders.
“We are honored by the trust and overwhelming support of our investors,” said Eng. Ali Alturki, Founder and Managing Partner of ECG. “This achievement underscores our alignment with market needs and our commitment to driving growth in industrial services and advanced technologies within the region.”
Building on the success of ECG2.0-Fund2, ECG is now setting its sights on ECG2.0-Fund 3. With a target size of SAR 1,125 Million (USD 300 million), Fund 3 will expand investments across services, select manufacturing, and manufacturing-as-a-service, with a focus on innovative material value chains that deliver critical and sustainable advantages. ECG looks forward to continuing its dialogue with investors as it embarks on this exciting next phase.
