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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
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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.

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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.