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Saudi Arabia to Produce 100 Mln Tons of Waste by 2035

Investment opportunities to be offered by the Saudi waste management sector over coming years. (Asharq Al-Awsat)
Investment opportunities to be offered by the Saudi waste management sector over coming years. (Asharq Al-Awsat)
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Saudi Arabia to Produce 100 Mln Tons of Waste by 2035

Investment opportunities to be offered by the Saudi waste management sector over coming years. (Asharq Al-Awsat)
Investment opportunities to be offered by the Saudi waste management sector over coming years. (Asharq Al-Awsat)

A Saudi research paper has predicted that around 106 million tons of waste will be produced by the Kingdom by 2035. A labor force of 77,000 workers and around 1,329 facilities and landfills are needed to manage the waste.

The findings of the study were reviewed by CEO of the Saudi Waste Management Center Dr. Abdullah Al Sebaei during a meeting organized by Asharqia Chamber on Monday.

Sebaei noted that the waste management sector in Saudi Arabia continues to offer attractive investment opportunities.

The greatest challenge facing it is found in the production and storage branches of the sector, he added.

More so, the study goes over the six main stages of developing the Kingdom’s waste management sector.

According to researchers, the current stage involves analysis on multiple levels, followed by drafting a regulatory system and attracting investors.

“There is a lack of control and supervision in the various stages of the value chain, a lack of general environmental awareness at the level of individuals and waste producers, and a lack in human qualifications and experiences in the workforce in the sector,” said Sebaei, stressing that the recycling sector is unorganized.

Furthermore, he remarked that the participation of the private sector remains limited.

Farah al-Gharib, a member of Asharqia Chamber’s environmental committee, told Asharq Al-Awsat that real awareness must be raised among investors around the material and developmental benefits of investing in the waste management sector.

Saudi Arabia has carried out a number of structural economic reforms and launched a group of emerging sectors that included waste management which aims at achieving integrated economic and environmental sustainability.

The waste management sector is being developed through increasing its efficiency, establishing comprehensive projects for recycling and reducing all types of pollution.

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Dollar Recovers as Trump Proposes Canada, Mexico Tariffs

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Dollar Recovers as Trump Proposes Canada, Mexico Tariffs

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The US dollar rose on Tuesday, recovering from its biggest daily percentage drop in 14 months after President Donald Trump suggested the US could impose tariffs on Canada and Mexico by Feb. 1, countering expectations he might take a gradual approach.

Trump told reporters he was thinking about implementing tariffs of around 25% on imports from Canada and Mexico at the start of February over illegal immigrants and fentanyl crossing into the country. He also raised the possibility of a universal tariff but said the US was "not ready" for that yet.

The dollar fell sharply on Monday after Trump's first day in office passed with no specific plans on tariffs and officials said any new taxes would be imposed in a measured way, a major relief for trade-exposed currencies, Reuters reported.

"What you're seeing here, too, is just how crowded long dollar positioning is, so all you need is some ambiguity on the tariff front, and you get these kind of moves," said Erik Bregar, director, FX & precious metals risk management, at Silver Gold Bull in Toronto.

"The bigger outside moves are going to come now if we see some deals happening, some stuff being negotiated and some of this fear getting priced out. The dollar positioning is long enough that you're going to see some smart people trying to bet on a turn."

The dollar index, which measures the dollar against a basket of currencies, rose 0.32% to 108.33 after dropping 1.24% on Monday. It was up as much as 0.68% earlier in the session.

The euro was down 0.22% at $1.0391. The EU is also seen as a likely target for Trump's tariff policies. Sterling weakened 0.26% to $1.2291.

Talking to reporters on Monday, Trump said he would remedy the trade imbalance either through tariffs or by Europe buying more US oil and gas.

A subsequent trade memo directed agencies to investigate and remedy persistent trade deficits. Analysts at Jefferies said the memo should be seen as a "blueprint for what to expect next on tariffs," and April 1 will be an important date as the agency reports are due by that date.

The Canadian dollar weakened 0.8% versus the greenback to C$1.44 per dollar while the Mexican peso was down 0.86% versus the dollar at 20.698.

The inauguration speech focused on emergencies in immigration and energy and a more expansionist foreign policy, including a pledge to take back the Panama Canal.

In his first term in office, Trump had a history of announcing imminent plans for policy proposals, including on healthcare and infrastructure, only for nothing to take shape.

Against the Japanese yen, the dollar weakened 0.11% to 155.42.

The yen has strengthened against the dollar in three of the last four sessions, supported by growing expectations the Bank of Japan will raise interest rates on Friday.

Japan's top currency diplomat Atsushi Mimura said on Tuesday at a Reuters NEXT Newsmaker event that a weak yen would increase inflation by boosting import costs. Mimura said the government and the central bank were communicating closely every day through various channels.

Markets are pricing an 86.2% chance of a quarter-point increase.

The dollar strengthened 0.23% against the offshore Chinese yuan to 7.278. Trump has threatened China with tariffs of up to 60% but did not detail any plans on Monday.

Beijing later set a stronger fix for the yuan, suggesting it was still inclined to take steps to prop up the currency.