The deal will see Al Naqool strengthen its presence in the states via a fund that has invested in the likes of Snapchat and Lyft.
Saudi Arabian Construction company, Mohammed Hassan Naqool Sons Co., has signed an agreement to invest $4 million (SAR 15 million) in Silicon Valley venture capital firm, Graphene Ventures.
The investment will be used by Graphene Ventures to explore promising technical opportunities and invest in emerging companies in the field of technology, with a particular focus on construction technology. There is a Saudi-link between the two, with KSA native Nora Al Kadi serving as a Partner at Graphene.
Mohammed Hassan Naqool Sons Co. has been producing Readymix concrete since 1984, dominating the eastern market as a quality supplier. The agreement between the two parties will last a duration of up to eight years, with profits distributed to Al Naqool as soon as they are achieved. As part of the deal, the construction company will be permitted to reinvest its profits should it wish to.
Graphene Ventures is an early-stage investor in tech-startups, with previous investments made in disappearing photo-sharing app Snapchat and transport service Lyft.