RIYADH: Saudi investment firm Energy Capital Group has announced the first close of its $150 million fund that aims to create leading companies in the energy space. According to a company press release, the fundraising results from the company’s strategy to create industrial services and technology-oriented entities across the energy sector in line with Saudi Vision 2030 and Saudi Arabian Oil Co.’s In-Kingdom Total Value Add program. The statement said the company aims to strengthen its existing supply market controls on the industrial value, energy and asset base to promote industrial growth in Saudi Arabia and the Gulf Cooperation Council. The fund was formed following a merger between ECG and Cayan Holdings. Riyadh-based Watar Partners served as a strategic adviser to the fund, with Jada Fund of Funds acting as the anchor. ECG was founded in 2008 by Ali Al-Turki and partners comprising prominent industrial and financial sector leaders who have closed over $5 billion of local and international transactions.