Nusaned Fund inks SAR 37 mln deal to manufacture sustainable wood plastic composites: Albilad Cap

Albilad Capital's Nusaned Fund signed a SAR 37 million worth of a joint venture deal with Suhul Alkhalej for Industrial Development and Investment Co. (Suhul Alkhalej), fund manager, Albilad Capital said in a statement.

The new venture will own and operate a factory to manufacture wood-plastic composite (WPC) profiles for decking and cladding, WPC sheets, WPC doors and unplasticized polyvinyl chloride (uPVC) profiles for windows and doors.

The deal will be completed after obtaining the required regulatory approvals, according to the statement.

"The fund is studying a number of investment opportunities, which will be revealed in due time," said Zaid Almufarih, chief executive officer of Albilad Capital.

In 2019, Albilad Capital launched Nusaned Fund after SABIC Investment and Local Content Development Co. and Saudi Venture Capital Investment Co. (SVCIC) appointed Albilad Capital as the new manager for their joint fund. SABIC and SVCIC had earlier signed a cooperation agreement to set up SAR 100 million venture capital investment fund to finance startup firms and encourage entrepreneurs.

The new venture capital investment fund was part of Albilad Capital’s strategic plan to expand in the management of similar funds, and provide innovative financial services and solutions.