Riyadh-based Saudi Investment Recycling Company (SIRC), a wholly-owned subsidiary of the Public Investment Fund (PIF) of Saudi Arabia, has signed an agreement to acquire a 35% stake in Dammam-based Arab Paper Manufacturing Company (Waraq), a leading company in kraft paper (cardboard) production and fibre recycling in the kingdom.
The agreement was signed by Hasan Al-Amri, Chief Business Development Officer, SIRC, and Mohammed Al-Khereiji, Vice Chairman, Waraq, in the presence of Ziyad Mohammed AlShiha, CEO, SIRC, in a ceremony held at Waraq’s Dammam headquarters.
SIRC CEO AlShiha says, “The agreement with Waraq comes within the framework of the company’s efforts towards green investments, to collaborate with the private sector and champion the circular economy, and through its achievement, help meet and exceed the objectives of the Vision 2030 to provide a safe and sustainable environment, and attract both local and global investments that will propel us forward.”
SIRC was established in 2017 to advance Saudi’s waste management and recycling operations and coordinate related local and international investments.
Waraq was established in 1994 and owns the largest containerboard production mill in Saudi Arabia. The company’s strategic location in 2nd Industrial City allows prompt delivery of its high-quality products to box manufacturing factories, making it the preferred supplier for regional and international companies.