Saudi Arabia's Mohammed Hassan Al Naqool Sons Co. has signed an agreement to invest $4 million (15 million Saudi riyals) in Silicon Valley venture capital firm, Graphene Ventures.

The investment in shariah-compliant Graphene Ventures Fund will explore promising technical opportunities and invest in capital at an early stage in emerging companies in the field of technology in general and construction technology in particular, the building materials manufacturer, which is listed on the Saudi Nomu parallel market, said in a bourse filing.

The duration of the fund is a maximum of eight years, as profits are distributed as soon as they are achieved, and the company has the right to reinvest them if it so desires, Al Naqool said.

Graphene Ventures is an early-stage investor in tech start-ups and has invested in Snap and Lyft.

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

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