Saudi Arabia's National Company for Glass Industries (Zoujaj) announced on Monday that it has signed a memorandum of understanding with the Saudi Investment Recycling Company (SIRC) to set up a joint venture for processing glass waste to produce a raw material for glass production.

Zoujaj said in a Arabic language stock exchange statement that the MoU also covers research, exchanging information necessary to develop activities as stipulated in MoU in addition to commercial, technical and operational assistance from SIRC.

The duration of the MoU is two years, the statement said.

SIRC, a wholly owned subsidiary of the Public Investment Fund (PIF), was founded in 2017 to develop, own, operate, and finance recycling capacities in the Kingdom.

(Writing by SA Kader; Editing by Anoop Menon)
(anoop.menon@lseg.com)

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