SNB Capital-managed ‘Nusaned Fund II’ acquires 35% of Golden Compass to develop local mining sector

• The agreement aims to promote local content and localization of mining services
• It contributes to achieving the goals of Saudi Vision 2030 and NIDLP
• It will help open doors to regional markets and finance future growth in the mining sector

Alahli Private Fund for Investment Company “Nusaned Fund II” which is managed by SNB Capital, signed a share subscription agreement to acquire 35% equity stake in Golden Compass for Mining and Geological Company (GCMGC).

Commenting on the agreement, Naif Al-Ayed, CEO, Nusaned Investment, said this investment will contribute to achieving Nusaned Investment goals to support and enhance local content by localizing some mining services.

“This will help realize the goals of Saudi Vision 2030 and the National Industrial Development and Logistics Program (NIDLIP), which focuses on transforming the Kingdom into a major industrial powerhouse,” he added.

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

Mashari Al-Ali, CEO, GCMGC, said the agreement will help enhance the company’s presence locally, open doors to regional markets and finance its future growth in the mining sector.

In addition to the investment made by Nusaned Investment, SABIC - through its local content initiative, NUSANED™ - will provide training support to GCMGC employees, thus building the required capabilities and eventually developing the skills of the local workforce.