SIRC recycles 5% of waste, new investments with private sector to up recycling rates: CEO

SIRC CEO Ziyad Al Shiha

Saudi Investment Recycling Co. (SIRC) recycled 5% of the total waste in the Kingdom since 2020 until the first half of 2021, Al Eqtisadiah reported, citing Chief Executive Officer (CEO) Ziyad Al Shiha.

The waste recycling process included plastics, metals and paper, the CEO said, adding that SIRC started to invest in projects specifically tailored to increase recycling rates via partnerships with private sector companies.

More than 40% of the waste in the Kingdom, amounting to nearly 56 million tons per annum, are concentrated in Riyadh, Jeddah, and Dammam. Out of which, 85% can be recycled to generate alternative energy and other raw materials for manufacturing purposes.

SIRC is keen to attract SAR 6 billion worth of foreign direct investments and provide 23,000 job opportunities, in addition to contributing SAR 37 billion to the Kingdom’s gross domestic product (GDP).

Al Shiha expects total investments to reach approximately SAR 1.3 billion in construction and demolition waste, nearly SAR 900 million in industrial waste, over SAR 20 billion in municipal solid waste, and SAR 1.6 billion in other waste.

Foreign investors’ contribution to the recycling field is relatively “minimal” at present, compared to other business sectors, as the recycling industry in the Kingdom is deemed an emerging market with a limited number of players, he added.

According to data compiled by Argaam, SIRC was established in 2017 as a wholly-owned subsidiary of the Public Investment Fund (PIF), headquartered in Riyadh. The company works on developing and operating many activities in the recycling field.