The Saudi-investment company Energy Capital Group (ECG) announced the closing of its US$150 million fund in a bid to boost the sector of energy and energy-related technologies.
The Riyadh-based Watar Partners was the strategic consultant for the deal between ECG and Cayan Holdings. The funding occurred after the ECG and Cayan Holdings merged.
The fundraising is aligned with the ECG’s strategy to create and develop industrial services and technology-oriented national leaders across the energy sector in line with Saudi Vision 2030 and Aramco’s IKTVA program.
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.
The fund plays a key role in achieving the industrial development agendas of Saudi Arabia and of the GCC region.
With significant investments in Saudi Arabia and the region, ECG is supported by experienced partners in the energy sector and a network of experienced and successful leaders.
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