Tuesday, October 17, 2017

Saudi fund to set up new management company

Saudi Arabia’s top sovereign wealth fund Public Investment Fund (PIF) plans to launch a new waste management company to support its investments in domestic recycling sector projects, reported the official Saudi Press Agency (SPA).

The new firm, Saudi Recycling Company, will operate projects designed to increase landfill diversion rates and recycle waste and strike alliances with private sector companies to achieve the highest international standards, stated the report.

Preliminary studies have indicated that Saudi Arabia currently recycles around 10 per cent of waste matter, with 90 per cent disposed through landfill sites, causing damage to the environment, and not making full use of the potential of recyclable materials.

More than 40 per cent of the country's recyclable materials are produced in three major cities: Riyadh, Jeddah, and Dammam, said the SPA report.

Under the new PIF plan, 85 per cent of the recyclable materials, which amounts to 50 million tons per year, will be used as alternative energy and as raw materials for manufacturing purposes.

This plan is aligned with the Saudi Vision 2030 goal to safeguard the environment by improving recycling across the kingdom, said the report.

The Saudi Recycling Company’s scope of operations will cover all recyclable materials, as well as each stage of the value chain, it added.

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