RIYADH, 23 February 2003 — A Saudi company is to spend SR28 million on the import of waste paper from Arab and Gulf countries for recycling in local factories. The project, said to be the first of its kind in the Middle East, is expected to kick off with the import of 84,000 tons of waste paper from seven Arab countries. Profits are estimated to exceed SR26.7 million a year. The company is also looking for an agreement with the Ministry of Education to recycle 30,000 tons of schoolbooks per year.