Riyadh – Mubasher: The Saudi Investment Recycling Company (SIRC), a wholly-owned subsidiary of the Public Investment Fund (PIF), has completed all procedures to acquire a 100% stake in Global Environmental Management Services (GEMS) from Jadwa Waste Management Opportunities Fund.
Following the transaction, SIRC aims to meet the national recycling target of 85% for the industrial and hazardous waste in Saudi Arabia and landfilling the remaining 15% by 2035, according to SIRC’s statement on Monday.
Completing the acquisition marks the latest milestone in SIRC's mission to pioneer solutions that support the recovery of resources through recycling and reduce diversion of waste to landfills, in line with the objectives of Vision 2030 program.
The deal will allow SIRC to become the biggest player in the GCC's industrial and hazardous waste management sector as well as provide a platform to further develop capacity and state-of-the-art technologies to treat hazardous waste in an environmentally-friendly way, according to Jeroen Vincent, CEO of SIRC.
Recent preliminary studies by the PIF showed that Saudi Arabia recycles around 10% of the 50 million tonnes of total recyclable waste it produces, with 90% diverted to landfills.
"SIRC intends to fully integrate industrial and medical waste treatment into its value chain operations, particularly in the mining, minerals, manufacturing and industrial segment, in order to reuse and recover resources," Vincent noted.
The CEO added that SIRC will expand its current capacity to cater for 88% recycling and operations of GEMS facilities and unlock the potential for a new market for raw materials recycled from mining and medical waste.
SIRC, which was established in 2017, plans to develop, own, operate and invest in various activities across all waste types in the Kingdom.
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