RIYADH: Energy Capital Group, a Saudi Arabia-based investment firm, has announced the first closing of its $150 million fund, which aspires to establish leading energy companies. The corpus was anchored by the Jada Fund of Funds.
The funding is the consequence of the business’s plan to build industrial services and technology-oriented companies across the energy sector in accordance with Saudi Vision 2030 and Saudi Arabian Oil Co.’s IKTVA initiative, according to a company press statement.
The corporation intends to tighten its existing supply market controls on industrial value, energy, and asset base to encourage industrial growth in Saudi Arabia and the Gulf Cooperation Council, according to the statement.
The fund was created as a result of a combination between ECG and Cayan Holdings. Watar Partners, based in Riyadh, served as the fund’s strategic adviser.
Source: Arab News