Saudi Investment Recycling Company Expands

In April this year, the Saudi Investment Recycling Company (SIRC) has announced that it has signed definitive agreements to acquire 100 percent of the shares of Global Environmental Management Services (GEMS).

GEMS, owned by Jadwa Waste Management Opportunities Fund, is active in the industrial waste management sector in Saudi Arabia, providing hazardous waste-management, industrial and engineering services to the oil, petrochemical and industrial corporations. It was anticipated that SIRC’s acquisition would be completed during the second quarter of 2019.

The purchasing company, established in 2017 by the Public Investment Fund (PIF) of Saudi Arabia as part of its strategy to develop new sectors, plans to develop, own, operate and invest in various activities across all waste types in the country, including state-of-the-art treatment and recycling facilities and waste to energy solutions that will support the National Renewable Energy Program. According to the information provided by Saudi Press Agency, SIRC will be acting as “the national champion in the waste management sector by creating a range of opportunities for private sector participation, investing in companies across all waste streams and value chains, and identifying opportunities to invest in and localize proven and scalable technologies”. As reported, upgrading the sector would yield significant environmental, social and economic benefits for Saudi Arabia as SIRC aims at contributing over – converted – 10 billion US-Dollar to gross domestic product (GDP), attracting up to six billion Saudi Riyal (or 1.6 billion US-Dollar) in inward investment and creating around 23,000 new jobs by 2030.

(GR 32019, Page 26)