Saudi Arabia hosted an “Investment Forum in the Waste Management Sector” with the participation of over 300 local international investors from 25 countries aiming to transform waste from an environmental burden into an economic value.
Minister of Environment, Water, and Agriculture, and Chairman of the Board of Directors of the National Center for Waste Management (MWAN) Abdurrahman al-Fadhli, inaugurated the Forum, which holds many promising investment opportunities for economic development in the Kingdom.
MWAN CEO Abdullah al-Sbaei said that the Forum aims to introduce the transformation journey in the waste management sector, stimulate investment, and value the participation of the private sector.
Sbaei indicated that the transformation is the most important building block on which waste management and environmental sustainability are established, asserting the Kingdom’s endeavor to transform the sector from a load into an economic value.
On the sidelines of the Forum, Saudi Downtown Company, wholly owned by the Public Investment Fund (PIF), signed a memorandum of understanding (MoU) with MWAN to cooperate in programs and initiatives related to waste management.
The MoU also targets training, raising the level of performance of technical personnel, ensuring compliance with legislation and controls, and boosting joint work to improve the services provided to residents and visitors of Downtown Company projects in 12 cities in the Kingdom.
Downtown Company board member Naif al-Hamdan and MWAN CEO signed the MoU.
Hamdan explained that the agreement aims to develop integrated plans and programs to achieve sustainability and optimal use of resources and enhance the quality of life through the 12 projects.
The agreement comes within the framework of the Company’s strategy for environmental, social, and corporate governance practices, whose objectives include sustainability, community participation and interaction, and efficient use of resources.
Downtown Company aimed to achieve these goals by adopting best governance practices, practical cooperation with all relevant parties, formulating policies, using modern technologies, and spreading awareness.
It focuses on developing and establishing urban destinations and centers with a sustainable economic and social impact in 12 cities: al-Madinah, al-Ahsa, al-Khobar, Buraydah, al-Taif, Arar, Hail, Tabuk, Dumat al-Jandal, Jizan, Najran, and al-Baha.
The projects will be built on a total area of more than 10 million square meters. They aim to provide a platform to enhance lifestyles and promote economic growth and offer diverse choices of shopping, business, and living experiences that improve the quality of life and catalyze development.
Meanwhile, MWAN concluded a memorandum of understanding with the Federation of Saudi Chambers at the Forum to enhance economic sustainability by stimulating investment and improving the quality of waste management.
The agreement aims to ensure environmental protection and public health, reduce waste production by applying the best technical practices of circular economy, increase public awareness to reduce waste production, and encourage reuse and recycling.
