Saudi Arabia has announced it will establish a recycling sector company via the Public Investment Fund (PIF), as part of its ambitious Vision 2030 programme.
The creation of the The Saudi Recycling Company, a new waste management company, is part of Vision 2030’s goal of diversifying the economy and developing the public sector.
The new company will protect the Kingdom’s environment and encourage recycling through alliances with private sector industries.
As it stands, Saudi Arabia recycles just 10 per cent of recyclable waste matter, while the other 90 per cent is sent to landfill sites, causing damage to the environment, which could be prevented. Under new proposals 85 per cent of the 50 million tons of recyclable materials produced in the Kingdom will be used as a source of alternative energy to be used in manufacturing.
Using the PIF, which is developing a portfolio of high quality domestic and international investments, the new company will work with all recyclable materials at each stage of the value chain.
As well as encouraging private sector companies to recycle, the initiative will also increase public awareness of the importance of recycling and sustainability in order to ensure a better future for the Kingdom.
The news comes on the same day that Britain gave Saudi's transformative Vision 2030 programme its full backing.
Britain’s foreign minister for the Middle East, Alistair Burt met Adel Al Jubeir, the Saudi Arabia foreign minister in Riyadh on Monday for bilateral meetings with the Governments of Saudi Arabia and Yemen.
“Saudi Arabia is one of our strongest regional allies and we continue to work closely together in a range of important areas. We support the delivery of Saudi Arabia’s ambitious reform programme, Vision 2030, and the need to resolve the ongoing dispute with Qatar,” he said after the trip to the Saudi capital.