Dubai: Investcorp, Bahrain’s asset manager, acquired a majority stake in one of Saudi Arabia’s ICT companies, Nour Internet for Communication and Information Technology Company (or NourNet).
The latter began operations in 1998 as a hundred percent subsidiary of Nour Communications Co. NourNet started as an ISP for B2B consumers and has gradually expanded to offer value-added ICT services, adding cloud services, controlled IT, security/cybersecurity and knowledge center management.
It has more than 450 employees serving a clientele of more than 1200 corporations in 30 cities throughout the Kingdom.
Investcorp has greater exposure to Saudi entities and lately has nine such investments in healthcare, consumer, generation services, business services, transportation and logistics, and business services. potential call for their respective pre-listing trainings at that time. Investcorp’s holding corporations employ more than 23,000 workers across the Kingdom.
NourNet is Investcorp’s momentary investment under its recently introduced pre-IPO expansion fund in Saudi Arabia. team to contribute to their expansion journey,” said Walid Majdalani, Head of MENA Private Equity and SEA at Investcorp.
“NourNet is an indispensable component of Saudi Arabia’s Vision 2030,” said Amjad A. Hafez, CEO of the Saudi company. “It provides the full diversity of connectivity and ICT to meet the developing desires of Saudi Arabia’s major public and private users. “players, with whom we remain deeply committed to providing the highest quality service. “
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