April 1, 2023

During its participation in the Public Investment Fund-Private Sector Forum, the Saudi Refining Investment Company (SRIC) reviewed the important roles it plays, the goals of the Kingdom in the management of the refining sector, the problems that hinder the achievement of the goals, processing methods and methods, in addition to its efforts to build and expand partnerships in the circular economy.

In his opening remarks at the forum, His Excellency Yasser bin Osman Al Rumayan, Governor of the State Investment Fund, explained the support for a prosperous economy path in line with the guidance of generous leadership, as it is given great attention and desire to involve the private sector in achieving the “Saudi Vision 2030” and encouraging innovation and economic diversification to increase the contribution of the private sector from 40% to 65% by 2030, and that one of the most important pillars of the Fund’s strategy is to develop a strategy for the development of 13 strategic sectors in the Kingdom and launch initiatives to develop a clear mechanism to engage the private sector as investor and partner in these sectors. The Refining Sector and the Investment Fund have worked to support it as Circle has worked with relevant authorities to create an environment for private investment that helps stimulate the sector and attract local and international capital to invest in the Kingdom’s promising circular economy, which will open up many direct jobs. gross domestic product to more than 37 billion rials and improving the quality of life with its private sector partners.

Since its inception, Circ has developed a strong strategy to truly develop the sector by developing, owning, operating and investing in various activities covering various types of waste, including state-of-the-art treatment and recycling facilities.

On the other hand, H.E. Engineer Ziyad bin Muhammad Al-Shiha, Chief Executive Officer, emphasized during a forum discussion titled “The Role of the Private Sector in the Development of New Sectors” that the “circular” has many messages and purposes. which he intends to achieve, which are presented in the reduction of gas and carbon emissions, indicating that he aims to exceed 90 percent of the recycling utilization rate through cooperation with the private sector, and he explained that the “circle” has 14 waste streams that it aims to recycle and recycle after processing, and then pump them into the national economy with multiple products.

Circ has demonstrated its willingness to live up to the aspirations and guidance of wise leadership and to contribute to the strengthening of the role of the Saudi Green Initiative by increasing the recycling rate from landfills to 94% by 2035.

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