PIF-backed recycling company to work with King Faisal University on waste research
The Saudi Investment Recycling Company, owned by the Kingdom’s Public Investment Fund, has signed an agreement with with King Faisal University in the Eastern Region’s Al-Ahsa Governorate to collaborate on research on new waste solutions.
The two organizations will work with the Date Palm Research Center of Excellence on recycling of agricultural waste and with the university’s College of Engineering on construction and demolition waste.
The Saudi Investment Recycling Company aims to reduce the amount of waste sent to landfills and increase the rate of recycling across the Kingdom in areas including municipal solid waste, agricultural waste, industrial waste and medical waste.
The project contributes to the development of an advanced circular economy, including a waste management model that is both profitable has low environmental impacts.
Food waste is costing Saudi Arabia SR40 billion ($10.6 billion) annually with food loss and waste hitting 33 percent, the Saudi Press Agency reported on August 19, citing minister of agriculture and chairman of the Saudi Grains Organization (SAGO) Abdul Rahman Al-Fadhli.
Under Vision 2030, Saudi Arabia aims to reduce waste sent to landfill by 94 percent by 2035.
The Saudi Investment Recycling Company was founded in 2017 in order to achieve the environmental and sustainability goals outlined in Vision 2030 by contributing to the development of waste management, encouraging recycling, preserving natural resources, and transitioning to a circular economy, in addition to seeking out investment opportunities, forging alliances with local partners and attracting foreign investments.