NADEC signs MoU with SIRC for recycling biowaste to contribute to environment protecting

The National Agricultural Development Company (NADEC) announces the signing of a memorandum of understanding with the Saudi Investment Recycling Company (SIRC), on Monday January 30, 2023 AD, for the purpose of recycling biowaste to contribute to protecting the environment.

The memorandum of understanding establishes a general framework for the two parties’ joint cooperation, as follows:

1. Both parties’ intention to study the recycling of biological waste in order to contribute to environmental protection.
2. the MOU aims to recycle approximately 400,000 tons of biological waste per annum and process it into organic fertilizer.
3. The two parties agreed to combine their efforts and social responsibility to the environment in a manner that is in line with their shared interests.

NADEC announced the presence of a related party, Mr. Abdulaziz Saleh Al-Rebdi (Chairman of the Board of Directors), based on his membership in the Board of Directors of SIRC company.

The financial impact will be announced later and any material developments will be announced in due time.