Riyadh, Saudi Arabia, 20 February 2025, Massive Media: 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.”
Ends
About Energy Capital Group (ECG):
Founded in 2008 by Ali Abdulaziz Alturki and Co-General Partner, Akram Alrabayah and
Abdulwahab Al Betairi comprising prominent industrial and financial sector leaders, ECG
has successfully closed over USD 5 billion in local and international transactions. In 2021,
ECG launched its latest fund after merging with Cayan Holdings. The ECG team has a solid
track record in building key strategic partnerships with local and global service providers.
With significant investments in Saudi Arabia and the region, ECG is supported by
experienced operating partners in the sector and a network of experienced and successful
leaders in the energy space.
