Energy Capital Group (ECG), a Riyadh-based specialist investor, has launched a $300 million private equity fund aimed at supporting Saudi Arabia’s industrial transformation and advancing the Kingdom’s Vision 2030 objectives.
The ECG-Industrial Metals and Services Fund will focus on investments in integrated industrial and mining services that strengthen local supply chains and support long-term industrial growth.
The fund has already secured around US$100mn in soft commitments from investors. ECG focuses on energy, industrial and resource-based sectors, with a strategy centred on building and scaling businesses that reinforce critical supply chains and contribute to sustainable industrial development across the region.
Saudi Arabia’s Vision 2030 sets out an ambitious agenda to diversify the economy, attract domestic and international investment, and position the Kingdom as a global industrial and investment hub. Through targeted investments in metals services and supply chains, the new fund is intended to support these goals while capitalising on the Kingdom’s expanding mining and industrial base.
Ali Alturki, Managing Partner of ECG, said, “The aim of this fund is to capitalise on Saudi Arabia’s generational mining investment opportunity, supporting the localisation of essential services and driving innovation across industry and downstream processing.
This new fund will support the Kingdom’s ambition by investing in Saudi-based service platforms, positioning metals supply as a reliable, contracted service to the Kingdom’s industrial base.“For this fund we are partnering with Jay Hambro and the Verdigris team who bring broad knowledge of the metals sector and an excellent track record of value delivery.”
Jay Hambro has joined ECG as Managing Partner for the ECG – Industrial Metals and Services Fund, with the team from Verdigris Strategic providing sector-specific strategic advice. Verdigris Strategic is a metals supply chain services advisory group with experience across global markets.
Hambro said, “ECG’s new fund’s strategy places it at the forefront of a rapidly evolving sector critical to the energy transition and supply chain resilience. Saudi Arabia has identified US$2.5 trillion in untapped mineral resource capability which is being scaled rapidly through licencing rounds, public capital and policy support. The Kingdom has recently issued over two thousand exploration licences and is targeting a US$75bn contribution to its GDP before the end of the decade.
“My team and I have been working with ECG, one of leading industrial services private equity investors in the region, for nearly four years and the fund is a natural evolution in this partnership.”
The fund was launched at the 2026 Future Minerals Forum in Riyadh, a government-led platform focused on shaping the future of the global minerals sector, held at the King Abdulaziz International Conference Center.
US$300mn fund to back Saudi industrial and mining services
