Saudi Arabia's City Cement Company said its subsidiary, Green Solutions for Environmental Services, has set up a new joint venture to produce alternative fuel from waste and market it locally and globally.

The newly-created venture, with a capital of 6.77 million Saudi riyals, is owned 29.4 percent by Green Solutions, 19.6 percent by Lechtenberg Middle East for Environmental Services Co. and 51 percent by Tadweer Environmental Services Company, a unit of Public Investment Fund-backed Saudi Investment Recycling Company.

Although details will be announced in due course, the project will contribute to reducing dependence on fossil fuels, cutting carbon emissions, and contributing to the Kingdom's transformation into a circular economy, City Cement said in a statement to the Saudi stock exchange on Sunday.

(Writing by D Madhura; Editing by Anoop Menon)


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