National Environmental Recycling Co. (Tadweeer) has signed a 42.7-million-Saudi-riyal ($11.36 million) contract with Tebrak Trading and Contracting Company and Mounes Mohamed Alshayeb for Civil Construction to construct factories for recycling of electronic, electrical and metal waste.

The factories, which will be built on an area of 42,000 square metres, will have a production capacity of 400,000 tonnes per year, the company said in a statement to the Saudi stock exchange. 

The contract will be valid for 11 months from the signing date. 

The statement noted that the factories will likely begin operations in the second quarter of 2024 and meet the current and future market demand locally and globally.

(Writing by D Madhura; Editing by Anoop Menon)