As Part of Its Efforts to Attract and Develop High-Impact Economic and Environmental Projects: SIRC Signs MoU with EIG to Seek to Advance Recycling Infrastructure Projects in[...]

Riyadh - The Saudi Investment Recycling Company (SIRC), a company wholly owned by the Public Investment Fund (PIF), has signed a Memorandum of Understanding (MoU) with the U.S.-based EIG Management Company, LLC. The MoU aims to enhance mutual cooperation in investment and the diversification of funding sources to develop and operate infrastructure projects related to the circular economy and waste management in the Kingdom of Saudi Arabia.

The Saudi Investment Recycling Company (SIRC), a company wholly owned by the Public Investment Fund (PIF), has signed a Memorandum of Understanding (MoU) with the U.S.-based EIG, a leading institutional investor in the global energy and infrastructure sectors. The MoU aims to enhance mutual cooperation in investment and the diversification of funding sources to develop and operate infrastructure projects related to the circular economy and waste management in the Kingdom of Saudi Arabia.

The MoU was signed by Eng. Ziad Al-Shiha, CEO of SIRC Group, and Eng. Abdulaziz Al-Gudaimi, Chairman of MENA Operations at EIG. The agreement seeks to strengthen the partnership between the two entities by exploring investment and financing opportunities to develop strategic projects that have the potential to support the growth of the circular economy in the Kingdom. It also emphasizes the exchange of knowledge and expertise related to future projects and market developments, in accordance with applicable regional and international laws and regulations.

The MoU includes joint efforts seeking to develop critical waste management projects. The two parties intend to co-finance and establish advanced facilities for the production of Refuse-Derived Fuel (RDF) from waste to be used as an alternative fuel for kilns in heavy industries, starting in Riyadh as the first location, with projected investments expected to reach approximately USD 375 million.

Additionally, the MoU outlines plans to establish and operate specialized facilities for the processing of end-of-life tires into green energy products, such as pyrolysis oil and recycled carbon black, with investments estimated at USD 250 million.

On this occasion, Eng. Ziad Al-Shiha affirmed that SIRC continuously strives to build strong partnerships and collaborations with leading international players in the circular economy sector, in alignment with the goals of Saudi Vision 2030 and the Kingdom's ambition to lead in this rapidly evolving global field.

He added: "Our partnership with EIG represents a significant step forward in supporting and accelerating the Kingdom's efforts to build a comprehensive and sustainable circular economy. At SIRC, we firmly believe in the importance of forging robust partnerships that drive the development of projects with substantial economic and environmental impact-projects that are in line with the Kingdom's aspirations and future vision."

For his part, Eng. Abdulaziz Al-Gudaimi, Chairman of MENA Operations at EIG, expressed his optimism following this strategic milestone, and looked forward to a continued and fruitful collaboration with SIRC. He reiterated EIG's commitment seeking to support major development projects in the Kingdom and its intent to contribute to increased investments in key sectors that may serve sustainable development goals.