Arab News, Monday, Mar 20, 2023 | Sha'ban 28, 1444
PIF-owned Saudi Investment Recycling to acquire 60% of Masab Plastic Factory
Public Investment Fund-owned Saudi Investment Recycling Co. has signed an
agreement to acquire 60 percent of plastic resin manufacturer Masab Plastic
The agreement aims to pave the way for the
recycling firm to establish solid partnerships with the Kingdom’s private
sector, according to Saudi Press Agency.
Masab collects plastic scrap materials from
households and recycles them using mechanical and processes into secondary raw
materials. The factory also exports plastic scrap raw materials in the form of
flakes to makers of fibers and bottles.
The deal was signed on the sidelines of the
Private Sector Forum, which was held from March 14 to March 15.
The two-day gathering was aimed at boosting
existing connections and forming new ones with PIF, portfolio companies, local
private sector players, and government leaders.
The event saw various partnership opportunities
being showcased, alongside several announcements regarding deals already
More than 4,000 private sector participants are
estimated to have attended the event, alongside more than 50 exhibitors.
Ahead of the event, PIF governor Yasir Othman
Al-Rumayyan said: “As a key growth engine for the Saudi economy, PIF and its
portfolio companies are looking to further develop long-term partnerships with
the local private sector to realize Vision 2030 objectives. These will result in
diversifying the economy and enhancing its competitiveness, increasing local
content, as well as unlocking new sectors.”
Founded in 2017, the Saudi Investment Recycling
Co. aims to help meet, or exceed the objectives of the Saudi Vision 2030,
supporting various initiatives identified by the revised Waste Management
National Regulatory Framework.
Moreover, the firm’s vision is to be the National
Waste Management champion, driving the circular economy for a sustainable
Back in 2021, the PIF-owned firm announced that it
is seeking to reduce waste landfill from 100 percent at the time to effectively
zero percent by 2035.
The firm’s overall recycling strategy is targeted
at 12 separate elements of waste, including raw sewage, construction/demolition
debris, solid municipal waste and agricultural sludge.
These also include industrial effluent,
end-of-life vehicles and batteries, old tires, automotive lubricants, disused
electronic equipment and cooking oil.