Saudi news

Nusaned Fund 2 signs an agreement to acquire 35% of the “Golden Compass”

Al Ahli Private Investment Fund Company – “Nusaned Fund 2” – has signed an agreement to acquire a 35% stake in the “Golden Compass for Mining Services” company, through shares subscription.

Nusaned Investments, an independent investment company wholly owned by SABIC, engaged in the acquisition and development of small and medium-sized companies, is the main investor and technical advisor in Nusaned Fund II.

The “Golden Compass for Mining Services”, which is based in Jeddah, provides; Geological and mining consultancy services and exploratory drilling of all kinds, in addition to mine operation services and support exploration services, with the aim of enhancing settlement and increasing local content, according to the Saudi Press Agency, SPA.

Nayef Al-Ayed, CEO of Nusaned Investment Company, explained that this investment will contribute to achieving the company’s goals to support and enhance local content by localizing part of the mining services, which supports the objectives of the Kingdom’s Vision 2030 and the National Industry Development Program and Logistics Services, which focuses on transforming the Kingdom into a powerhouse. Major industrial.

He added that the agreement will greatly diversify the investment portfolio of Nusaned Investment Company by focusing on one of the unique and promising sectors.

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