Energy Capital Group (ECG), a Saudi investment firm focused on industrial services and global technologies, has completed the full acquisition of MT Enterprises through its ECG2.0-Fund2. This acquisition bolsters ECG’s industrial services platform and aligns with its commitment to local content development, technology transfer, and sustainable job creation, supporting the goals of Saudi Vision 2030 and the Aramco IKTVA program.

Founded in 2007, MT Enterprises has established a reputation for delivering high-quality technical services across various industrial sectors in Saudi Arabia. The company specializes in several areas, including testing and commissioning, calibration and maintenance, training programs, and installation and repair services for gas turbines, steam turbines, and electrical systems.

The integration of MT Enterprises into ECG’s portfolio is expected to enhance their combined capabilities, allowing for a broader range of services and improved innovation across multiple industries. This strategic move not only strengthens ECG’s presence in Saudi Arabia but also enhances its ability to support clients throughout the Middle East.

ECG2.0-Fund2 aims to transform industrial services and promote technology-driven solutions to improve operational efficiency in critical sectors such as Oil & Gas, Petrochemicals, and Mining. The fund is also committed to investing in global technologies that provide competitive advantages and unique business models.

By consolidating the industrial services sector in Saudi Arabia, ECG2.0-Fund2 seeks to foster differentiation, integration, and market expansion while exploring global opportunities for technological innovation. The fund plans to exit its industrial services platform through an Initial Public Offering (IPO) within two years, emphasizing its dedication to delivering long-term value to stakeholders.

Ali Al Turki, Managing Partner of ECG, emphasized that the acquisition of MT Enterprises is a major milestone in their strategy to create a consolidated industrial services company. He stated that the combined expertise and resources will drive innovation and enhance service delivery, opening new growth opportunities in Saudi Arabia and the region.

Wael Elakkawi, General Manager of MT Enterprises, expressed enthusiasm about the partnership with ECG, noting that it marks an exciting chapter for the company. He indicated that this acquisition validates their technical expertise and market reputation while providing a platform for accelerated growth and innovation. Elakkawi is confident that with ECG’s strategic vision and resources, they will enhance their service offerings and deliver greater value to customers and stakeholders.

Energy Capital Group was founded in 2008 and has successfully closed over USD 5 billion in local and international transactions. The firm has built key strategic partnerships in the sector, supported by experienced leaders in the energy space. For more information, visit www.ecgsaudi.com.