عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Mawani, Reviva Sign Deal for Waste Recycling Complex in Jeddah

Jeddah Islamic Port. Photo: Saudi Ports Authority website
Jeddah Islamic Port. Photo: Saudi Ports Authority website
TT
TT

Mawani, Reviva Sign Deal for Waste Recycling Complex in Jeddah

Jeddah Islamic Port. Photo: Saudi Ports Authority website
Jeddah Islamic Port. Photo: Saudi Ports Authority website

The Saudi Ports Authority (Mawani) and Global Environmental Management Services Ltd. (Reviva), a subsidiary of Saudi Investment Recycling Company (SIRC) Group, have signed an agreement to establish a plant for recycling marine and industrial waste at Jeddah Islamic Port. The project, valued at SAR30 million ($8 million), will cover an area of 10,000 square meters.

The agreement was signed on Sunday by Mawani's President Omar bin Talal Hariri and SIRC's CEO Eng. Ziad bin Mohammed Al-Shiha in the presence of other officials.

This initiative is part of Mawani's efforts to promote environmental sustainability, ensure marine safety, and develop a sustainable maritime sector. It aligns with the National Transport and Logistics Strategy and the Green Ports Initiative, aiming to bolster Saudi Arabia's position as a global logistics center and a hub connecting three continents.

The new plant will enhance waste utilization by converting waste into valuable resources, thereby promoting a thriving circular economy in the Kingdom. It will offer comprehensive waste management and recycling solutions, industrial maintenance services, by-product recycling, and transportation services, which will minimize waste generation and improve waste management operations while preserving the environment.

The collaboration between Mawani and Reviva will contribute to the Kingdom's waste management goals as part of Saudi Vision 2030 and increase the private sector's role in supporting economic growth. The initiative aims to position Jeddah Islamic Port among the top 10 ports globally.

Most Viewed

 
 
Business

Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
TT
TT

Saudi Transport, Logistics Sector Set for 10% Growth in Q2

An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)
An investor monitors a trading screen at the Saudi financial market in Riyadh. (AFP)

As Saudi companies start reporting their Q2 financial results, experts are optimistic about the transport and logistics sector. They expect a 10% annual growth, with total net profits reaching around SAR 900 million ($240 million), driven by tourism and an economic corridor project.

In Q1, the seven listed transport and logistics companies in Saudi Arabia showed positive results, with combined profits increasing by 5.8% to SAR 818.7 million ($218 million) compared to the previous year.

Four companies reported profit growth, while three saw declines, including two with losses, according to Arbah Capital.

Al Rajhi Capital projects significant gains for Q2 compared to last year: Lumi Rental’s profits are expected to rise by 31% to SAR 65 million, SAL’s by 76% to SAR 192 million, and Theeb’s by 23% to SAR 37 million.

On the other hand, Aljazira Capital predicts a 13% decrease in Lumi Rental’s net profit to SAR 43 million, despite a 44% rise in revenue. This is due to higher operational costs post-IPO.

SAL’s annual profit is expected to grow by 76% to SAR 191.6 million, driven by a 29% increase in revenue and higher profit margins.

Aljazira Capital also expects a 2.8% drop in the sector’s net profit from Q1 due to lower profits for SAL and Seera, caused by reduced revenue and profit margins.

Mohammad Al Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that the sector’s continued profit growth is supported by seasonal factors like summer travel and higher demand for transport services.

He predicts Q2 profits will reach around SAR 900 million ($240 million), up 10% from Q1.

Al Farraj highlighted that the India-Middle East-Europe Economic Corridor (IMEC), linking India with the GCC and Europe, is expected to boost sector growth by improving trade and transport connections.

However, he warned that companies may still face challenges, including rising costs and workforce shortages.