Latest news with #SaudiInvestmentRecyclingCompany
Zawya
05-05-2025
- Business
- Zawya
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.
Asharq Al-Awsat
14-02-2025
- Business
- Asharq Al-Awsat
Saudi Fashion Commission Launches Pioneering ‘Sustainable Ihram Initiative'
The Saudi Fashion Commission unveiled its latest sustainable initiative, the Sustainable Ihram Initiative, during a news conference at the Islamic Arts Biennale The initiative focuses on recycling Ihram garments by collecting, sorting, and repurposing textile waste from pilgrims to create new, sustainable Ihram attire. The Fashion Commission launched the initiative in collaboration with Saudi Investment Recycling Company (SIRC), a leading company specializing in waste management and the circular economy, and Tadweem, a prominent company in sustainable fashion, aiming to transform used Ihram garments into new, eco-friendly Ihram clothing. The innovative process highlights the viability of textile recycling within the fashion industry and contributes to a more sustainable textile ecosystem. Additionally, the commission partnered with SANKO Textile, a specialized group in sustainable textiles, with support from RE&UP, an innovative textile-to-textile recycling technology company, further reinforcing the environmental impact of the initiative. The Sustainable Ihram Initiative aligns with Saudi Vision 2030's environmental protection goals, marking a significant step toward a more sustainable fashion ecosystem in the Kingdom. It aims to promote sustainable practices, raise consumer awareness about textile recycling, and support the development of a circular textile economy in Saudi Arabia. 'The Sustainable Ihram Initiative demonstrates our commitment to innovation in sustainable practices, honoring the cultural and spiritual significance of the Ihram while safeguarding our planet for future generations,' said Saudi Fashion Commission chief executive Burak Cakmak. He emphasized that the commission is committed to promoting a vibrant and sustainable fashion industry in the Kingdom in line with global sustainability standards, promoting conscious consumption and recycling.
Arab News
26-01-2025
- Business
- Arab News
Saudi energy minister joins launch of consortium to promote sustainable concrete
RIYADH: Saudi Energy Minister Prince Abdulaziz bin Salman on Sunday attended the signing of a memorandum of understanding to launch the NovusCrete consortium, a global collaboration to develop and accelerate the adoption of sustainable and durable saltwater concrete. The consortium, led by the Kingdom's Oil Sustainability Program, also seeks to create standards for using seawater in concrete, promote sustainability in construction by recycling waste, extend infrastructure lifespan, and reduce environmental impact. Leading Saudi organizations taking part in the consortium include the Public Investment Fund, Saudi Investment Recycling Company, NEOM through its Design and Construction Sector, Sika, and ClimateCrete. The participating parties said they aim to develop sustainable technologies for concrete production, focusing on reducing the construction sector's carbon footprint and enhancing material efficiency. They will also improve Saudi Arabia's construction sector by promoting seawater concrete solutions using local materials. The signing ceremony in Riyadh was also attended by Yasir Al-Rumayyan, governor of PIF; Saad Al-Qasabi, governor of the Saudi Standards, Metrology, and Quality Organization; and Khalid Al-Salem, president of the Royal Commission for Jubail and Yanbu. The new consortium includes international organizations, such as the American Concrete Institute. It aligns with Saudi Vision 2030, which aims to balance economic growth and environmental sustainability.
