Jada backs Saudi Energy Technologies and Services equity group
RIYADH, November 1, 2021
Jada Fund of Funds, a wholly owned by the Public Investment Fund (PIF), has become the anchor investor of a new fund by Saudi Arabia-based Energy Capital Group (ECG).
The fund was set up following a merger between the ECG and Cayan Holdings.
From 2008, the previous private equity funds, launched and exited, achieved impressive multiples and provided a proven track record of growing portfolio companies, primarily within Saudi Arabia and the GCC.
The new fund between both groups will target the creation of National Champions in energy and energy-related technologies, said a statement from Jada Funds.
The fund’s strategy is aligned with Saudi’s Vision 2030 and Aramco’s IKTVA program. The main goal is to acquire leading local companies to develop local content and bolt-on cutting-edge technologies for transfer to Saudi," remarked ECG founder Ali Abdulaziz Alturki.
The fund will focus on establishing a solutions and technology-oriented National Champion across the energy sector.
Alturki also thanked Jada and the other investors of the new fund for their confidence in the launch and in the ECG leadership team.
Riyadh-based Watar Partners, a leading Saudi multi office family investment company, has agreed to be a strategic advisor to the new fund.- TradeArabia News Service
