RIYADH: Public Investment Fund-owned Saudi Investment Recycling Co. has signed an agreement to acquire 60 percent of plastic resin manufacturer Masab Plastic Factory Co.
The agreement aims to pave the way for the recycling firm to establish solid partnerships with the Kingdom’s private sector, according to Saudi Press Agency.
Masab collects plastic scrap materials from households and recycles them using mechanical and processes into secondary raw materials. The factory also exports plastic scrap raw materials in the form of flakes to makers of fibers and bottles.
The deal was signed on the sidelines of the Private Sector Forum, which was held from March 14 to March 15.
The two-day gathering was aimed at boosting existing connections and forming new ones with PIF, portfolio companies, local private sector players, and government leaders.
The event saw various partnership opportunities being showcased, alongside several announcements regarding deals already struck.
More than 4,000 private sector participants are estimated to have attended the event, alongside more than 50 exhibitors.
Ahead of the event, PIF governor Yasir Othman Al-Rumayyan said: “As a key growth engine for the Saudi economy, PIF and its portfolio companies are looking to further develop long-term partnerships with the local private sector to realize Vision 2030 objectives. These will result in diversifying the economy and enhancing its competitiveness, increasing local content, as well as unlocking new sectors.”
Founded in 2017, the Saudi Investment Recycling Co. aims to help meet, or exceed the objectives of the Saudi Vision 2030, supporting various initiatives identified by the revised Waste Management National Regulatory Framework.
Moreover, the firm’s vision is to be the National Waste Management champion, driving the circular economy for a sustainable society.
Back in 2021, the PIF-owned firm announced that it is seeking to reduce waste landfill from 100 percent at the time to effectively zero percent by 2035.
The firm’s overall recycling strategy is targeted at 12 separate elements of waste, including raw sewage, construction/demolition debris, solid municipal waste and agricultural sludge.
These also include industrial effluent, end-of-life vehicles and batteries, old tires, automotive lubricants, disused electronic equipment and cooking oil.