The Saudi Investment Recycling Company (SIRC), a wholly owned subsidiary of the Public Investment Fund (PIF) of Saudi Arabia, today announced it has signed definitive agreements to acquire 100% of the shares of Global Environmental Management Services (GEMS), from Jadwa Waste Management Opportunities Fund which is managed by Jadwa Investment. It is anticipated that the acquisition will be completed during the second quarter of 2019. SIRC was established by PIF in 2017 as part of the Fund's strategy to develop new sectors within Saudi Arabia. SIRC plans to develop, own, operate and invest in various activities across all waste types in the Kingdom, including state of the art treatment and recycling facilities and waste to energy solutions that will support the National Renewable Energy Program. In addition, SIRC will be acting as the national champion in the waste management sector by creating a range of opportunities for private sector participation, investing in companies across all waste streams and value chains, and identifying opportunities to invest in and localize proven and scalable technologies. Upgrading the sector will yield significant environmental, social and economic benefits for Saudi Arabia as SIRC aims at contributing over SAR 37 billion ($10 billion) to GDP, attracting up to SAR 6 billion ($1.6 billion) in inward investment and creating around 23,000 new jobs by 2030. Since establishment, SIRC has set the ground for a solid strategy to develop the waste management sector in the Kingdom. The company is overseen by a highly qualified Board of Directors, chaired by H.E. Eng. Abdulrahman Al Fadley, Minister of Environment, Water and Agriculture. In May 2018, board member Jeroen Vincent was appointed as CEO of SIRC, bringing over 20 years of international and regional experience in the waste management sector. Jadwa Investment is a Riyadh-headquartered leading regional investment management and advisory firm with assets under management of over SAR 25 billion in public markets, private equity, and real estate. 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. GEMS has a strong, experienced management team, complemented by access to an in-house science and engineering centers. Jeroen Vincent, CEO of SIRC, commented: "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. GEMS is a well-established, respected player in the Kingdom, and we look forward to utilizing their expertise to expand our footprint in the Industrial Waste Sector while maintaining and expanding GEMS operations." Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment said: "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."
