NADEC signs MoU with SIRC to recycle biowaste

Logos of National Agricultural Development Co. and Saudi Investment Recycling Co.

National Agricultural Development Co. (NADEC) sealed, on Jan. 30, a memorandum of understanding (MoU) with Saudi Investment Recycling Co. (SIRC) for the purpose of recycling biowaste to contribute to environmental protection.

In a statement to Tadawul, the company said the MoU establishes a general framework for the two parties' cooperation.

This includes both parties' intention to study the recycling of biological waste to contribute to environmental protection, in addition to recycling approximately 400,000 tons of biological waste per annum and processing them into high-efficient, organic fertilizers.

The two parties agreed to combine their efforts and social responsibility to the environment in a manner that does not conflict with their joint interests.

The MoU is effective for one year from its signing date, the statement said, adding that there is a related party, Abdulaziz Al-Rebdi, who is NADEC Chairman and a board member at SIRC.

The financial impact and any relevant developments will be announced in due course.