Riyadh, Saudi Arabia–Saudi Investment Recycling Company owned by Public Investment Fund, has signed an agreement to acquire 60 percent of Masab Plastic Factory Co.
The agreement was signed on the sidelines of PIF’s Private Sector Forum, which discussed investment opportunities in several sectors, including the recycling.
This deal aims to support the company’s plan to establish a true partnership with the private sector, Saudi Press Agency reported.
SIRC seeks, through its partnership with the private sector in general, and Masab in particular, to enhance its presence in the field of plastic recycling.
It also aims to establish a real partnership with the private sector to develop the recycling industry.
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.