Saudi investment manager Energy Capital Group (ECG) has announced the first close of its US$150 million energy fund.
The fund was born from the merger of ECG with Bahrain-based investment firm Cayan Holdings.
Riyadh-based Watar Partners served as the financial advisers to the fund.
According to a statement, the fund is designed to promote leading companies in the energy space.
Furthermore, stated the company, the fundraising resulted from its strategy of targeting firms within the energy sector that are tech-focused – a strategy in line with the kingdom’s economic reform plan know as Saudi Vision 2030.
©2022 funds global mena