KSA’s City Cement sets up JV to produce alternative fuels from waste

A push for waste management for KSA: Saudi Arabia’s City Cement Company said its subsidiary — Green Solutions for Environmental Services Company — has set up a new joint venture aimed at producing alternative fuels from waste, according to a disclosure to Tadawul. The new JV — Innovative Solutions for Environmental Services Company — will have capital of SAR 6.7 mn and aim to slash dependency on fossil fuels by promoting alternative fuel locally and globally, the disclosure said.

What we know: The JV will be co-owned by KSA’s Tadweer Environmental Services Company — which is owned by the KSA’s sovereign wealth fund the Public Investment Fund and Saudi Investment Recycling Company — with a 51% stake and a 29.4% stake by Green Solutions for Environmental Services. Lechtenberg Middle East will hold a 19.6% stake in the company, according to the disclosure.