SIRC And EIG Management Company Sign MoU To Advance Recycling Infrastructure Projects In Saudi Arabia

The Saudi Investment Recycling Company (SIRC), a subsidiary of the Public Investment Fund (PIF), has entered into a memorandum of understanding (MoU) with EIG Management Company, LLC, based in the United States. This agreement aims to boost cooperation in investment and diversify funding for infrastructure projects related to the circular economy and waste management in Saudi Arabia.

Eng. Ziad Al-Shiha, CEO of SIRC Group, and Eng. Abdulaziz Al-Gudaimi, Chairman of MENA Operations at EIG, signed the MoU. It focuses on exploring investment opportunities for strategic projects that support the circular economy's growth in the Kingdom. The agreement also highlights knowledge exchange on future projects and market developments.

The MoU outlines joint efforts to develop essential waste management projects. Both parties plan to co-finance and establish advanced facilities for producing refuse-derived fuel (RDF) from waste. This RDF will serve as an alternative fuel for kilns in heavy industries, starting with Riyadh as the initial location. The projected investments for this initiative are approximately $375 million.

Additionally, plans include establishing specialized facilities for processing end-of-life tires into green energy products like pyrolysis oil and recycled carbon black. Investments for these facilities are estimated at $250 million. These initiatives align with regional and international laws and regulations.

Eng. Al-Shiha emphasized SIRC's commitment to forming strong partnerships with leading international players in the circular economy sector. This aligns with Saudi Vision 2030 and the Kingdom’s ambition to lead globally in this evolving 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 stated.

The collaboration between SIRC and EIG signifies a crucial advancement towards achieving a sustainable circular economy in Saudi Arabia. By focusing on innovative waste management solutions, both entities aim to contribute significantly to environmental sustainability while fostering economic growth within the region.

With inputs from SPA