Saudi’s Energy Capital Group closes oversubscribed SAR600m fund

Energy Capital Group (ECG), a Saudi-based investment firm specialising in industrial services and global technologies, announced the successful closing of ECG2.0-Fund2, exceeding its initial target by raising a total of SAR600m ($161m) in an oversubscribed round.

The fund was backed by prominent institutional investors, including anchor investor Jada Fund of Funds, alongside other key investors such as BSF Capital, signalling strong market support for ECG’s strategic vision.

ECG2.0-Fund2 will focus on advancing industrial services and technology-driven solutions to enhance operational efficiency across critical sectors in Saudi Arabia and the broader region. The fund’s strategic priorities include:

Industrial services: Focus on key sectors such as oil and gas, petrochemicals, power and water, metals, and mining.

Global technologies: Investing in cutting-edge solutions to deliver competitive advantages and differentiate business models.

The fund aims to consolidate the industrial services sector in Saudi Arabia, facilitating market expansion, competitive differentiation, and integration.

It will also explore global opportunities for technological innovation to support the kingdom’s evolving industrial landscape.

ECG2.0-Fund2 anticipates exiting its industrial services platform through an initial public offering (IPO) targeted within two years.

This strategy is aligned with Saudi Arabia’s broader objectives of fostering a more diversified and globally competitive economy, providing liquidity for stakeholders while ensuring sustained market growth.

“We are honoured by the trust and overwhelming support of our investors,” said Engineer 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.”

Energy Capital Group looks ahead with ECG2.0-Fund3

Building on the momentum of Fund 2, ECG is now setting its sights on ECG2.0-Fund3. With a target size of SAR1,125m, Fund 3 will expand its investment focus to include select manufacturing services and manufacturing-as-a-service models.

The new fund will place a particular emphasis on innovative material value chains, driving critical, sustainable advantages within the industrial sector.

“We look forward to continuing our dialogue with investors as we embark on this exciting next phase,” added Alturki. “Fund 3 represents an opportunity to deepen our investments across the industrial services and technology sectors while aligning with Saudi Arabia’s commitment to sustainable economic growth and technological innovation.