Energy Capital Group (ECG), a Saudi-based investment firm specializing in industrial services and global technologies, is pleased to announce the full acquisition of MT Enterprises through its ECG2.0-Fund2. This strategic move strengthens ECG’s industrial services platform, advancing its commitment to local content development, technology transfer, and sustainable job creation in alignment with Saudi Vision 2030 and the Aramco IKTVA program.
MT Enterprises, established in 2007, has built a strong reputation for delivering high-quality technical services across the industrial sectors in Saudi Arabia. The company’s team of skilled engineers and technicians brings extensive experience in various technical domains, including:
- Testing and Commissioning: Ensuring systems and equipment meet operational and regulatory standards.
- Calibration and Maintenance: Providing precise calibration and ongoing maintenance for optimal performance.
- Training Programs: Offering comprehensive training to enhance customer technical capabilities.
- Installation and Repair Services: Delivering expert services for Gas Turbines, Steam Turbines, Power Generators, Electrical Excitation & Protection Systems, Controls, and Instrumentation.
The integration of MT Enterprises into ECG’s portfolio will enhance the combined entity’s ability to offer a comprehensive suite of services, fostering innovation and improved service delivery across multiple industries. This acquisition not only bolsters ECG’s presence in Saudi Arabia but also strengthens its capacity to support customers throughout the Middle East.
ECG2.0-Fund2 is designed to revolutionize industrial services and advance technology-driven solutions to enhance the operational efficiency of critical sectors. The fund’s strategic investment priorities include:
- Industrial Services: Focusing on the Oil & Gas, Petrochemicals, Power & Water, Metals, and Mining sectors.
- Global Technologies: Investing in cutting-edge solutions that deliver competitive advantages and differentiated business models.
By consolidating the industrial services sector in Saudi Arabia, ECG2.0-Fund2 aims to foster competitive differentiation, integration, and market expansion while exploring global opportunities to enhance technological innovation and value creation.
ECG2.0-Fund2 anticipates exiting its industrial services platform through an Initial Public Offering (IPO) targeted in less than two years, reinforcing its commitment to delivering long-term value to its stakeholders.
Ali Al Turki, Managing Partner of ECG, stated: “The acquisition of MT Enterprises marks a significant milestone in our strategy to develop a consolidated and compelling industrial services company through ECG’s Fund2. The combined expertise and resources of both companies will drive innovation, enhance service delivery, and unlock new opportunities for growth and collaboration in Saudi Arabia and across the region.”
Wael Elakkawi, General Manager of MT Enterprises, added: “Joining forces with Energy Capital Group marks an exciting new chapter for MT Enterprises. This acquisition not only validates the strength of our technical expertise and market reputation but also provides a platform for accelerated growth and innovation. With ECG’s strategic vision and resources, we are confident in our ability to enhance our service offerings, expand our reach, and deliver even greater value to our customers and stakeholders. We look forward to contributing to ECG’s industrial services platform and supporting its long-term growth objectives.”
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