Saudi-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. It was anchored by Jada Fund of Funds.

This fund was formed following a merger between ECG and Cayan Holdings. Riyadh-based Watar Partners served as a strategic advisor to the fund.

Announcing this, ECG said 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.

A major regional player, Energy Capital Group (ECG) was founded in 2008 by Ali Alturki and Co-GP's comprising prominent industrial and financial sector leaders who closed over $5 billion of local and international transactions.

With significant investments in Saudi Arabia and the region, ECG is supported by experienced operating partners in the sector and a network of experienced and successful leaders in the energy space.

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