RIYADH, Saudi Arabia, October 17, 2017 /PRNewswire/ --
In line with objectives to preserve the environment and protect natural resources
The Public Investment Fund has announced its intention to establish The Saudi Recycling Company, a new waste management company to support and operate the Fund's investments in domestic recycling sector projects.
Aligned with Vision 2030 goals to safeguard the Kingdom's environment by improving recycling across the Kingdom, the new company will develop and operate projects designed to increase landfill diversion rates and recycle waste, creating alliances with private sector companies to achieve the highest international standards.
Preliminary studies have indicated that the Kingdom currently recycles around 10 percent of recyclable waste matter, with 90 percent disposed through landfill sites, causing damage to the environment, and not making full use of the potential of recyclable materials. More than 40 percent of recyclable materials in the Kingdom are produced in three major cities: Riyadh, Jeddah, and Dammam. Recyclable materials in the Kingdom amount to 50 million tons, and the new plan offers the opportunity to recycle around 85 percent of this material, utilizing it as a source of alternative energy to be used in manufacturing.
The company will play a key role in achieving the strategic goals of Vision 2030 in preserving the environment and the development and protection of natural resources by developing innovative solutions to preserve the quality of life within the Kingdom. The company's scope of operations will cover all recyclable materials, as well as each stage of the value chain.
In addition to its core activities, the company will increase public awareness through campaigns and initiatives designed to introduce the concepts of recycling and sustainability.
SOURCE The Public Investment Fund