Saudi Arabia will allocate nearly SAR4 billion ($1.06 billion) to push the Kingdom further towards improving the environment, protecting cities from pollution, eliminating landfills and managing waste.
This comes at a time the western province of Madinah province is registering remarkable growth in its waste recycling sector.
Madinah Governor Prince Faisal bin Salman bin Abdulaziz was briefed on Sunday on the role of the National Center for Waste Management and the Saudi Investment Recycling Company (SIRC). He also reviewed comprehensive strategic plans and investment opportunities for the waste management sector.
The briefing was attended by the National Center for Waste Management CEO Abdullah al-Sebaei and SIRC CEO Ziyad Al-Shiha.
It reviewed the capabilities of the National Center for Waste Management and its contribution to improving the quality of services provided based on implementing the circular economy approach, achieving sustainable development goals, improving the quality of life, and stimulating investment in the sector to ensure environmental protection and promote public health.
During the meeting, Shiha clarified that SIRC aims to inject investments estimated at SAR 4 billion over 15 years to achieve a 94% exclusion rate of landfills and achieve environmental, economic, and social sustainability with the participation of the private sector.
SIRC, a Public Investment Fund-owned company, had started investing in projects specifically designed to increase conversion rates and recycling operations by establishing alliances with private sector companies specialized in this field.
According to Shiha, SIRC is cooperating with leading local companies, such as SABIC and Aramco, in the recycling of plastic waste. It also cooperating with Maaden in the recycling of mining waste, and several companies in the building materials sector in the field using waste to produce alternative fuels, as well as a group of companies in the field of metal recycling and electronics.