Tokyo, The Saudi Investment Recycling Company (SIRC), wholly owned by the Public Investment Fund (PIF), signed a series of agreements and memoranda of understanding (MoUs) during the Saudi-Japan Vision 2030 Business Forum 2024 in Tokyo.
SIRC chief executive Eng. Ziyad bin Mohammed Al-Shiha represented the company. He was accompanied by several executive management members, including technology and innovation division director Eng. Sultan Al-Saif and project finance division director Mona Al-Shehri.
The first agreement was with Mitsubishi Research Institute (MRI) to prepare a detailed study of landfill treatment solutions in the Kingdom of Saudi Arabia. The study will include an assessment of landfills’ technical and economic feasibility and the best solutions for managing them.
The study is expected to reduce methane emissions from landfills in the Kingdom by over 220,000 tons annually, equivalent to a carbon credit of over SAR250 million per year. This step is essential in the Kingdom’s efforts to impr
ove the environment and reduce harmful emissions.
The agreements also included a financial advisory contract with Mitsubishi UFJ Financial Group (MUFG) for the comprehensive waste-management solution project in Riyadh, worth over $6 billion. The project aims to recycle and convert waste into energy, which will contribute to strengthening the city’s environmental infrastructure and achieving sustainability goals.
In the same context, SIRC signed an MoU with Hitachi Zosen Inova (HZI) to develop advanced solutions for converting waste into energy. The cooperation will enhance the Kingdom’s ability to benefit from modern technologies in converting waste into sustainable energy resources.
An MoU was also signed for cooperation in the field of converting waste into sustainable fuel and recycling electronic waste with Marubeni Corporation. The agreement, with estimated investments over $2 billion, reflects SIRC’s commitment to developing innovative and sustainable waste-management solutions, including electron
ic waste, which is a growing environmental challenge.
These ambitious steps confirm the commitment of the Saudi Investment Recycling Company (SIRC) to achieving the goals of the Kingdom’s Vision 2030, which aims to diversify the economy and achieve environmental sustainability. They also reflect the fruitful international cooperation and attraction of foreign investment, which enhances the Kingdom’s position as a regional leader in waste management and the circular economy.
Source: Saudi Press Agency