SIRC and EIG Sign MoU for Saudi Recycling Projects
Deal News | May 05, 2025 | EIG Global Energy Partners
The Saudi Investment Recycling Company (SIRC), fully owned by the Public Investment Fund, has signed a Memorandum of Understanding with US-based EIG Global Energy Partners. The agreement aims to enhance mutual cooperation in investment and diversify funding sources for infrastructure projects related to the circular economy and waste management in Saudi Arabia. The partnership intends to develop critical waste management projects, with the first initiative focusing on the production of Refuse-Derived Fuel (RDF) in Riyadh, with investments projected at USD 375 million. Additionally, they plan to process end-of-life tires into green energy products, led by investments estimated at USD 250 million. This collaboration is aligned with the goals of Saudi Vision 2030, aspiring to build a comprehensive and sustainable circular economy.
Sectors
- Waste Management
- Circular Economy
Geography
- Saudi Arabia – The MoU centers on projects within the Kingdom of Saudi Arabia, supporting its Vision 2030 sustainability goals.
Industry
- Waste Management – The article focuses on developing waste management projects in Saudi Arabia, including the production of Refuse-Derived Fuel and recycling end-of-life tires into energy products.
- Circular Economy – The collaboration between SIRC and EIG aims to advance the circular economy in Saudi Arabia, aligning with national goals to enhance sustainable economic frameworks.
Financials
- USD 375 million – Projected investment for the production of Refuse-Derived Fuel facilities in Riyadh.
- USD 250 million – Estimated funding for processing end-of-life tires into green energy products.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Saudi Investment Recycling Company (SIRC) | Target | Company | Owned by the Public Investment Fund, focused on waste management and recycling initiatives in Saudi Arabia. |
| EIG Global Energy Partners | Bidding Company | PE Firm | A leading institutional investor in global energy and infrastructure sectors, collaborating with SIRC to develop projects in Saudi Arabia. |
| Public Investment Fund (PIF) | Owner of SIRC | Government | Saudi Arabia's sovereign wealth fund, owner of SIRC. |
| Eng. Ziad Al-Shiha | CEO of SIRC | People | Chief Executive Officer of SIRC, leading the partnership endeavors with EIG. |
| Eng. Abdulaziz Al-Gudaimi | Chairman of MENA Operations at EIG | People | Chairman responsible for EIG's Middle East and North Africa operations, engaging with SIRC on mutual projects. |