PIF-owned recycling firm completes acquisition of GEMS
Saudi Investment Recycling Company (SIRC), a wholly owned subsidiary of the Public Investment Fund (PIF), has completed all procedures to acquire a 100 percent stake in Global Environmental Management Services (GEMS) from Jadwa Waste Management Opportunities Fund, which is managed by Jadwa Investment, it said in a statement on Monday.
Following its acquisition of GEMS, SIRC aims to meet the national recycling target of 85 percent for the industrial and hazardous waste in Saudi Arabia and landfilling the remaining 15 per cent by 2035. The company had signed the acquisition deal in April this year.
Jeroen Vincent, Chief Executive Officer, SIRC, said that the deal will allow SIRC to become the biggest player in the GCC's industrial and hazardous waste management sector as well as provide a platform to further develop capacity and state-of-the-art technologies to treat hazardous waste in an environmentally-friendly way.
"SIRC intends to fully integrate industrial and medical waste treatment into its value chain operations, particularly in the mining, minerals, manufacturing and industrial segment, in order to reuse and recover resources.”
Vincent added: “We will expand our current capacity to cater for 88 percent recycling and operations of GEMS facilities and unlock the potential for a new market for raw materials recycled from mining and medical waste.”
GEMS is an industrial waste management company, providing hazardous waste management, industrial and engineering services to oil, petrochemical and industrial corporations.
Currently, it operates four facilities in Yanbu, Rabigh, Johfa and Dammam. The fifth plant, under construction in Jubail, is expected to begin operations this year, while preparations for the sixth facility in Jizan have commenced.