Al Ahli Private Investment Fund Company – “Nusaned Fund 2” – signed an agreement to acquire a 35% stake in the “Golden Compass 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 lead investor and technical advisor in Nusaned Fund II.
The “Golden Compass Mining Services Company”, which is based in Jeddah, provides; Geological and mining consulting services and exploratory drilling of all kinds, in addition to mine operation services and supporting exploration services, with the aim of enhancing settlement and increasing local content.
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.
On the other hand, Meshary Al-Ali, founder and CEO of Golden Compass Mining Services Company, said that this agreement will help consolidate the company’s presence locally, open doors to regional markets and finance its future growth in the mining sector.