Riyadh – Mubasher: Multi-business group MENA Industrial Services Company (MENAISCO) has been fully acquired by investment company Energy Capital Group (ECG), which is headquartered in the capital of Saudi Arabia.
With a track record exceeding 40 years, technical and engineering services firm MENAISCO has offices across the region in the UAE, Bahrain, and Egypt, as well as Algeria and Iraq.
The acquired entity has completed more than 80 projects to date, while it delivers engineering services in several segments, including oil and gas, power and water, and petrochemicals, according to a press release.
Founder and Managing Partner of Energy Capital Group, Ali Alturki, said: “The acquisition of MENAISCO by ECG2.0 - Fund 2 is a great addition to the fund’s Industrial National Champion Program and is a great step towards realising its ambitious goals.”
The Riyadh-based group collaborated with industrial service providers in the region and has an objective of providing reliable, cost-effective solutions to its customers.
Meanwhile, ECG2.0 - Fund 2 is expected to become a major player in the industrial services sector and in addition to capitalising on the growing demand for specialised services.