SIRC signs deal to advance recycling infrastructure projects in Saudi Arabia
Riyadh -- The Saudi Investment Recycling Company (SIRC), a wholly owned subsidiary of the Public Investment Fund (PIF), has signed a memorandum of understanding (MoU) with the US-based EIG Management Company, LLC.
The MoU aims to enhance cooperation in investment and diversify funding sources to develop and operate infrastructure projects related to the circular economy and waste management in the Kingdom of Saudi Arabia.
According to a press release issued by the SIRC, the MoU was signed by Chief Executive Officer of SIRC Group Eng. Ziad Al-Shiha and Chairman of MENA Operations at EIG Eng. Abdulaziz Al-Gudaimi.
It seeks to strengthen the partnership between the two entities by exploring investment and financing opportunities for strategic projects that support the growth of the circular economy in the Kingdom.
It also emphasizes the exchange of knowledge and expertise related to future projects and market developments, in accordance with regional and international laws and regulations.
The release added that the MoU includes joint efforts to develop critical waste management projects. The two sides intend to co-finance and establish advanced facilities for the production of refuse-derived fuel (RDF) from waste to be used as an alternative fuel for kilns in heavy industries, starting in Riyadh as the initial location, with projected investments reaching approximately $375 million.
Additionally, the MoU outlines plans to establish and operate specialized facilities for processing end-of-life tires into green energy products, such as pyrolysis oil and recycled carbon black, with investments estimated at $250 million.
On this occasion, Eng. Al-Shiha affirmed that SIRC continuously strives to build strong partnerships and collaborations with leading international players in the circular economy sector, aligning with the goals of Saudi Vision 2030 and the Kingdom's ambition to lead in this rapidly evolving global field.
'Our partnership with EIG represents a significant step forward in supporting and accelerating the Kingdom's efforts to build a comprehensive and sustainable circular economy,' he added.
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