SIRC Newsletter Issue 1 2020 EN

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SIRC completes acquisition of GEMS

Jeroen Vincent

Hanif Wally Dahya

The Saudi Investment Recycling Company (SIRC) signed a definitive agreement to fully acquire Global Environmental Management Services (GEMS) from Jadwa Waste Management Opportunities Fund, which is managed by Jadwa Investment. GEMS is the leading industrial waste management company in Saudi Arabia, providing hazardous waste-management, industrial and engineering services to the oil, petrochemical and industrial corporations. Commenting on this significant milestone, Jeroen Vincent, CEO of SIRC, said: “We are delighted to announce the first major investment by SIRC, as it seeks to play a leading role in developing the waste management sector in Saudi Arabia”. “Following its acquisition of GEMS, SIRC aims to meet the national recycling target of 85 per cent for the industrial and hazardous waste in Saudi Arabia and landfilling the remaining 15 per cent by 2035,” Eng. Jeroen Vincent added. “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.”

He emphasized that 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. He added: “We will expand our current capacity to cater for 88% recycling and operations of GEMS facilities and unlock the potential for a new market for raw materials recycled from mining and medical waste”. Hanif Wally Dahya, CEO of GEMS, commented: “Since starting operations 10 years ago, GEMS has grown to become the market leader of industrial waste management services in the GCC and this acquisition by the Saudi Investment Recycling Company marks a new era in the company’s journey as it continues to deliver excellence with the most innovative, state-of-the-art technologies in the industry, with the aim to create long-term value and realize the Kingdom’s national sustainability targets.” He added: “GEMS is a well-established, respected player in the Kingdom, and we look forward to utilizing SIRC expertise to expand our footprint in the Industrial Waste Sector while maintaining and expanding GEMS operations.”

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