ECG moves ahead with Saudi industrial and mining services fund

Riyadh-based industrial and tech investment firm Energy Capital Group (ECG) launched a USD 300 mn private equity fund focused on industrial and mining services in the Kingdom, according to a press release. The Industrial Metals and Services Fund has already secured around USD 100 mn in soft commitments and will invest in Saudi-based metals service platforms to support local supply chains.

Why it matters: The fund aims to capitalize on the Kingdom’s USD 2.5 tn untapped mineral resources and support the national target of a USD 75 bn annual GDP contribution from mining and industrial services by 2030.

ICYMI- ECG closed its ECG2.0-Fund2 last week at an oversubscribed SAR 600 mn (USD 161 mn), though the firm did not disclose the oversubscription rate.

Mouwasat plans SAR 900 mn hospital

Mouwasat Medical Services will set up a SAR 900 mn new hospital in Riyadh’s Al-Narjis district, adding 280 beds and a range of specialized medical centers, it said in a disclosure to tadawul. The greenfield project will be financed through a combination of the company’s own funds and long-term Shariah-compliant loans from local banks.

Mouwasat enters the crowded fight for North Riyadh: Mouwasat’s planned 280-bed hospital in Al-Narjis will compete directly with Al Hammadi Holding, whose hospital in the district is due 2028, and National Medical Care who, in November, secured a SAR 1.2 bn in credit facility, some of which will fund a hospital in the same area. Al-Narjis is also served by an existing medical center operated by Dr. Sulaiman Al Habib (HMG).

Nextpower + Abunayyan Holding form JV

Nextpower and Abunayyan Holding launched Nextpower Arabia, a Riyadh-headquartered JV to ramp up utility-scale solar power plants deployment across the Middle East and North Africa, according to a press release. Both sides also unveiled a new manufacturing hub in Jeddah, slated for completion in 2Q. The facility, built on a 42k sqm site, is estimated to have an annual manufacturing capacity of 12 GW and offer 2k jobs.

Why it matters: By providing advanced solar tracker systems, yield management, and sophisticated control solutions, the joint venture aligns with Saudi Arabia’s Vision 2030 and broader regional Net Zero targets, facilitating a large-scale transition toward renewable energy.

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