AlNaqool signs commitment pact to invest SAR 15 mln with Graphene Ventures Fund

Logo of Mohammed Hasan AlNaqool Sons Co.

Mohammed Hasan AlNaqool Sons Co. signed a commitment agreement with Graphene Ventures Fund (Shariah compliant) to invest SAR 15 million ($4 million) in Silicon Valley, the US.

The fund aims to explore promising technology opportunities and invest capital at an early stage in emerging companies in the technology field in general and construction technology in particular, the company said in a bourse filing today, Sept. 7.

The fund added that it specifically targets emerging companies that promise significant technological innovation, whether it is a transformative force in traditional industries or meets the new requirements and needs of the digital economy.

The fund’s duration is a maximum of eight years, the statement noted, adding profits will be distributed as soon as they are achieved.

However, the company has the right to reinvest the profits if it desires.

This agreement will support the company's future plans in order to achieve a positive impact on the return on capital investments.

Moreover, it provides opportunities for future partnerships with promising companies in the construction technology field, the statement noted.