Beeah to set up new venture in Madinah
The deal aims to foster the circular economy, while shaping a cleaner and greener province in alignment with Saudi Vision 2030 and the UN’s Sustainable Development Goals
An agreement has been signed between Beeah, the Saudi Investment Recycling Company (SIRC) and Al Maqar Development Company (ALMQR), the investment arm of the Municipality of Madinah. The deal will create a new organisation that will provide integrated waste management solutions in the Saudi province, from the collection of waste at the source through to treatment, recycling and disposal in the general landfill.
According to the agreement, Beeah, SIRC and ALMQR will work together to drive innovation and efficiencies across the waste management value chain, from waste collection to waste treatment and enhanced material recovery. Ultimately, the partnership aims to foster the circular economy, while shaping a cleaner and greener province in alignment with Saudi Vision 2030 and the United Nations Sustainable Development Goals.
SIRC is a wholly-owned subsidiary of the Saudi sovereign wealth fund PIF (Public Investment Fund).
The agreement was signed by Khaled Al Huraimel, Group CEO of Beeah, Engineer Ziyad AlShiha, Group Chief Executive of SIRC, and Majed Alshalhoob, CEO of ALMQR at a key ceremony held in Yanbu in the presence of Prince Faisal bin Salman bin AbdulAziz Al Saud, Governor of Madinah Province, Abdulrahman bin Abdulmohsen Al-Fadley, Minister of Environment, Water and Agriculture, and Fahad bin Mohammed Albelaihshi, Secretary of Madinah Province.
“We are pleased to partner with SIRC and ALMQR, two institutions leading the way in the areas of circularity and urban development,” said Al Huraimel. He also stated that Beeah looks forward to drawing from its experience in waste management in Madinah and in the UAE.
“By combining our strengths with SIRC and ALMQR, we look forward to achieving new benchmarks in sustainable waste management, supporting the development of thriving communities, shaping the circular economy and progressing towards a zero-waste to landfill future in the Province of Madinah,” he added.
AlShiha pointed out that creating local and global partnerships were key to innovation and investing in circular economy solutions.
Madinah is an important area for both the kingdom and SIRC, as we work to drive the circular economy. Through this partnership with ALMQR and Beeah, we look forward to implementing advanced solutions and leveraging recycling best practices to uncover value across the waste management chain in Madinah, he concluded.
