SIRC, SNB Explore Playing Leading Role

The Saudi Investment Recycling Company (SIRC) and the Saudi National Bank (SNB) jointly hosted a virtual forum titled: “Vision Aspirations, in the Kingdom’s Leadership, in a Circular Economy,” resulted in a number of initiatives, the most notable of which was a financial initiative known as “Green Finance,” through which SIRC was able to acquire one of the largest industrial solid, liquid, and gaseous waste treatment company, for SR1 billion.

The meeting was attended by Eng. Ziad Al-Shiha, CEO of the Saudi Investment Recycling Company and Ammar Al-Khudairi, Chairman of the Saudi National Bank’s Board of Directors.

SNB and the company meeting, is a part of a series of events to promote the Kingdom’s Vision 2030 programs and initiatives, as well as its ambitious projects.

The forum also favorably looked, at the bank’s and company’s successful relationship, as well as the adoption of a set of projects and ideas worth studying, as part of the Kingdom’s ongoing efforts to improve and float the notion of a circular economy, to meet the aims of the “Green Saudi Arabia” program.

During the meeting, Al-Shiha expressed his gratitude to the SNB for organizing this platform, providing a vital space to review the company’s prospects and aspirations, as well as the innovative waste management concepts, it has established, and world class practices, with quality features consistent with the bank’s effective financing contribution.

Enabling the company to acquire one of the largest industrial waste treatment companies, was a real feat, and the bank’s has displayed a pioneer role, in launching what is dubbed,  nowadays, as green finance, based on increasing support for environmental investment projects.

SNB Chairman Al-Khudairi reaffirmed the bank’s eagerness to organize such dialogue platforms, in parallel with its initiatives, aimed at supporting qualitative and strategic projects, emanating from Vision 2030, given that the bank places a premium on compatibility with the requirements of the circular economy, through support and financing it provides for the environment and sustainable development.

The forum focused on the importance of fortifying strategic partnerships between promising projects led by the Public Investment Fund and private sector firms, particularly financing agencies, in order to realize the aspirations of such projects, as they are the main pillars of achieving comprehensive targeted development.

A diverse group of investors, economists, environmental specialists, and local and international strategists attended the meeting. The event also discussed the SIRC’s hope to paly a role in attracting clean technology to the Kingdom, in order to improve the Kingdom’s environment and promote the waste treatment sector, keeping with the Kingdom’s strategy.

By 2035, the set goal is for garbage to be diverted from landfills, at a rate of 94%.