{"id":76562,"date":"2023-03-20T02:00:23","date_gmt":"2023-03-20T02:00:23","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2023\/03\/20\/saudi-arabias-sirc-acquires-60-of-plastic-recycling-company-masab\/"},"modified":"2023-03-20T02:00:23","modified_gmt":"2023-03-20T02:00:23","slug":"saudi-arabias-sirc-acquires-60-of-plastic-recycling-company-masab","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2023\/03\/20\/saudi-arabias-sirc-acquires-60-of-plastic-recycling-company-masab\/","title":{"rendered":"Saudi Arabia\u2019s SIRC acquires 60% of plastic recycling company Masab"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>SIRC becomes a majority shareholder in Masab: <\/strong>The Saudi Investment Recycling Company (<a href=\"https:\/\/sirc.sa\/?lang=en\">SIRC<\/a>) \u2014 a wholly owned subsidiary of KSA\u2019s sovereign wealth fund the Public Investment Fund \u2014 acquired a 60% share in Masab Plastic Factory Company, the <a href=\"https:\/\/www.spa.gov.sa\/viewfullstory.php?lang=ar&newsid=2435826#2435826\">Saudi Press Agency<\/a> reported.<\/p>\n<p><strong>About Masab:<\/strong> Masab collects plastic scrap materials from households and <a href=\"https:\/\/www.recycleinme.com\/rim-masab\/home\">recycles them<\/a> into secondary raw materials (recycled materials that <a href=\"https:\/\/www.europarl.europa.eu\/legislative-train\/theme-new-boost-for-jobs-growth-and-investment\/file-strategy-for-secondary-raw-materials#:~:text='Secondary%2520raw%2520materials'%2520are%2520recycled,or%2520alongside%2520virgin%2520raw%2520materials.\">can be used in manufacturing processes<\/a>) mostly for export purposes. The company specializes in the export of <a href=\"https:\/\/www.recycletheone.com\/recycle-now\/how-does-pet-plastic-recycling-work\">PET flakes<\/a> \u2014 small fragments of plastic waste cut up and crushed, then heated and molded into a variety of shapes, usually plastic bottles. Masab caters to <a href=\"https:\/\/www.exporthub.com\/masab\/\">fiber and bottle manufacturers<\/a> in Australia, India, Thailand, Turkey, and the UK.<\/p>\n<p><strong>SIRC is on a roll:<\/strong> SIRC signed an agreement with Saudi Arabia\u2019s state-owned National Agricultural Development Company (Nadec) in February to jointly <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/9ba85875-28ad-4cd4-a389-6bbb40367a11\">recycle 400k tons of biowaste<\/a> annually with the goal of converting the refuse into organic fertilizers.<\/p>\n<p><strong>And there\u2019s plenty of plastic to recycle:<\/strong> Saudi Arabia alone accounts for over 67% of GCC plastic resins production, a market overview by the <a href=\"https:\/\/saudipp.com\/overview\/#:~:text=Saudi%20Arabia%20accounts%20for%20over,in%20the%20GCC....\">Saudi Plastics & Petrochemicals Trade Exhibition<\/a> revealed. The country also accounts for 61% of polymer demand in the GCC \u2014 the largest in the region. The consumer packaging industry is at the forefront of polymer use, with the construction sector trailing behind.<\/p>\n<p><strong>The move may help work toward KSA\u2019s Circular Carbon Economy National Program:<\/strong> The kingdom published targets to divert 82% of all landfill waste <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/f09cd157-60c7-4f8c-8228-d6a5dbee4c0b\">in October<\/a>, earmarking USD 27-32 bn to recycle 42% and compost 35% of its waste by 2035. PIF intends to invest USD 11 bn by 2035 to increase recycling, <a href=\"https:\/\/sirc.sa\/about\/#goals\">with the support of SIRC<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SIRC becomes a majority shareholder in Masab: The Saudi Investment Recycling Company (SIRC) \u2014 a wholly owned subsidiary of KSA\u2019s sovereign wealth fund the Public Investment Fund \u2014 acquired a 60% share in Masab Plastic Factory Company, the Saudi Press Agency reported. About Masab: Masab collects plastic scrap materials from households and recycles them into [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":76563,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[329],"tags":[11,660,1521,305,159,1520],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-76562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma","tag-enterpriseclimate","tag-ma","tag-masab","tag-recycling","tag-saudi-arabia","tag-saudi-investment-recycling-company","wpautop","entry"],"acf":{"mongo_id":"5cffe9d8-89b8-4806-a50e-48628752678b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/801.jpg","photo_position":"above","related_issue":[76557],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Saudi Arabia\u2019s SIRC acquires 60% of plastic recycling company Masab - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2023\/03\/20\/saudi-arabias-sirc-acquires-60-of-plastic-recycling-company-masab\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi Arabia\u2019s SIRC acquires 60% of plastic recycling company Masab\" \/>\n<meta property=\"og:description\" content=\"SIRC becomes a majority shareholder in Masab: The Saudi Investment Recycling Company (SIRC) \u2014 a wholly owned subsidiary of KSA\u2019s sovereign wealth fund the Public Investment Fund \u2014 acquired a 60% share in Masab Plastic Factory Company, the Saudi Press Agency reported. About Masab: Masab collects plastic scrap materials from households and recycles them into [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/climate\/2023\/03\/20\/saudi-arabias-sirc-acquires-60-of-plastic-recycling-company-masab\/\" \/>\n<meta property=\"og:site_name\" content=\"Climate\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-20T02:00:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/801.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/03\/20\/saudi-arabias-sirc-acquires-60-of-plastic-recycling-company-masab\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/03\/20\/saudi-arabias-sirc-acquires-60-of-plastic-recycling-company-masab\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Saudi Arabia\u2019s SIRC acquires 60% of plastic recycling company Masab\",\"datePublished\":\"2023-03-20T02:00:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/03\/20\/saudi-arabias-sirc-acquires-60-of-plastic-recycling-company-masab\/\"},\"wordCount\":278,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/03\/20\/saudi-arabias-sirc-acquires-60-of-plastic-recycling-company-masab\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/801.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseClimate\",\"M&amp;A\",\"Masab\",\"recycling\",\"Saudi Arabia\",\"Saudi Investment Recycling Company\"],\"articleSection\":[\"M&amp;A\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/climate\/2023\/03\/20\/saudi-arabias-sirc-acquires-60-of-plastic-recycling-company-masab\/\",\"url\":\"https:\/\/enterpriseam.com\/climate\/2023\/03\/20\/saudi-arabias-sirc-acquires-60-of-plastic-recycling-company-masab\/\",\"name\":\"Saudi Arabia\u2019s SIRC acquires 60% of plastic recycling company Masab - 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