The Public Investment Fund-owned Saudi Investment Recycling Co. has signed an agreement to acquire 60% of plastic resin manufacturer Masab Plastic Factory Co., with the agreement aiming to pave the way for the recycling firm to establish solid partnerships with the Kingdom’s private sector.
Masab collects domestic plastic scrap and recycles it into secondary raw materials through mechanical processes. In addition, the factory distributes plastic scrap raw materials in the form of flakes to manufacturers of fibers and bottles.
The Saudi Investment Recycling Co., which was founded in 2017, is committed to helping fulfill or surpass the objectives of the Saudi Vision 2030 by supporting different programs defined by the amended Waste Management National Regulation Framework. The company’s aim is to be the National Waste Management champion, advancing the circular economy for a more sustainable society.
The company set a goal of reducing waste landfill from 100% to effectively 0% by 2035
Back in 2021, the PIF-owned company set a goal of reducing waste landfill from 100% to effectively 0% by 2035.
The company’s total recycling strategy focuses on 12 different waste materials, including raw sewage, construction/demolition debris, solid municipal waste, agricultural sludge, industrial effluent, end-of-life vehicles and batteries, old tires, automobile lubricants, and discarded electronic equipment.
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