Public Investment Fund to set up new recycling company

Saudi Arabia’s Public Investment Fund (PIF) plans to set a recycling company to run the fund’s activities in that sector, according to a statement on the official Saudi Press Agency (SPA).

The Saudi Recycling Company will invest in projects designed to increase recycling operations by establishing alliances with specialized private sector companies. 

The new company will cover all kinds of recyclable materials across the Kingdom and value chain stages, the statement said.

Preliminary studies indicate that the Kingdom recycles only around 10 percent of its recyclable materials, while 90 percent is disposed.

More than 40 percent of Saudi Arabia’s recyclable materials are in the cities of Riyadh, Jeddah, and Dammam, SPA said.

The amount of recyclable materials reaches 50 million tons per year, and 85 percent of that can be used as alternative energy and as raw materials for manufacturing purposes.