Saudi’s Tadweer (National Environmental Recycling Co) announced on Monday that it has signed a Memorandum of Understanding with Ministry of Communications and Information Technology.

Under the MoU, Tadweer is expected to develop the opportunity for electronics recycling and device refurbishment in the Kingdom with a target of one million products within five years, the company said in a stock exchange statement.

Tadweer said the contract is expected to have a positive financial impact on the company's financial results from the fourth quarter of 2022.

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com)