Riyadh: The Saudi Investment Recycling Company (SIRC), which is wholly owned by the Public Investment Fund (PIF) in Saudi Arabia, has signed a Memorandum of Understanding (MoU) with King Faisal University in the Eastern Region’s Al-Ahsa Governorate. The agreement will see the two parties collaborate to transform research and studies conducted by the University on the recycling of agricultural waste at the Date Palm Research Center of Excellence and construction and demolition waste at the College of Engineering into value-added products.
The MoU was signed at the headquarters of SIRC in Riyadh in the presence of His Excellency Dr. Mohammad bin Abdulaziz Al-Ohali, President of King Faisal University, and Eng. Ziyad bin Mohammad Al-Shiha, Group CEO of the Saudi Investment Recycling Company (SIRC), in addition to a number of senior officials and representatives from both parties.
The agreement encompasses the study of technical solutions in various recycling fields that fall within the objectives of the Saudi Investment Recycling Company to divert the amount of waste sent to landfills and increase the rate of recycling across the Kingdom in areas including municipal solid waste, agricultural waste, industrial waste, medical waste, and others.
Under the terms of the MoU, the two parties will seek to establish cooperation and integration for the benefit of society in line with the aspirations of the wise leadership’s Vision 2030, as well as invest in enhancing the collective expertise and capabilities of both parties and utilize these without compromising the course of the academic process or operational processes.
His Excellency Dr. Mohammad bin Abdulaziz Al-Ohali, President of King Faisal University, expressed his appreciation for the efforts made by SIRC to develop the waste management sector and its endeavors to achieve an advanced circular economy. He emphasized that the MoU will contribute to strengthening the University's vital role in enriching the research and studies on recycling carried out by the Date Palm Research Center of Excellence and the University's College of Engineering, in addition to promoting cooperation with SIRC to provide an optimal waste management model and achieve profitable economic returns and low environmental impacts.
Eng. Ziyad bin Mohammad Al-Shiha, Group CEO of SIRC, stated that the MoU comes as part of the company’s efforts to develop the means to deal with all types of waste, as well as finance these activities, with the aim of building Saudi Arabia’s recycling capacity and creating a circular economy to achieve a more sustainable future. He also confirmed SIRC’s commitment to achieving the ambitious recycling goals of Vision 2030 and contributing to enhancing the role of the Saudi Green Initiative by increasing the rate of waste diversion from landfills to 94% by 2035.
The Saudi Investment Recycling Company was founded in 2017 in order to achieve the environmental and sustainability goals outlined in Vision 2030 by contributing to the development of waste management, encouraging recycling, preserving natural resources, and transitioning to a circular economy, in addition to seeking out investment opportunities, forging alliances with local partners and attracting foreign investments.
© Press Release 2021
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