Riyadh - Sharikat Mubasher: The Saudi Investment Recycling Company (SIRC), a wholly-owned subsidiary of the Public Investment Fund (PIF), acquired a 35% stake in Waraq, a leading paper and cardboard recycling company in the Middle East, to bolster national efforts toward achieving environmental sustainability and promoting the circular economy.

This partnership includes direct financing to enhance Waraq’s operational capacities, enabling the company to expand its production lines and improve its operational efficiency, SIRC announced in a press release today.

The acquisition represents a pivotal step toward realizing Vision 2030’s goals of reducing reliance on landfills, increasing recycling rates, eliminating carbon emissions, and building sustainable infrastructure. It further aligns with SIRC’s strategy to support local recycling companies and empower them to offer innovative and sustainable solutions that transform waste into valuable economic resources.

This investment further reflects SIRC’s commitment to achieving the United Nations Sustainable Development Goals (SDGs), particularly Goal 12 related to responsible consumption and production.

The partnership between SIRC and Waraq represents a practical model for enhancing local content through national capacity development, providing specialized job opportunities in the recycling sector, and supporting local companies to become leaders in the green economy.

Moreover, this partnership highlights the PIF’s strategic role as a key driver of economic development through fostering partnerships that support the private sector and creating innovative business models that contribute to achieving developmental goals.