RIYADH: The holy city of Madinah will see improved sewage control and treatment after Saudi Arabia’s competition authority approved a joint venture for solid waste management.
The General Authority for Competition has approved the establishment of a joint venture involving ALMQR Development Co., the investment arm of Madinah Regional Municipality, Akam, and BEEAH Group, according to a press release exclusive to Arab News.
This venture is poised to revolutionize the sector’s landscape in Madinah, it added.
“This decision marks a pivotal moment in the efforts to enhance waste management practices in the KSA and the region and underscores the commitment of all stakeholders involved to address pressing environmental challenges,” the authority stated in its release.
The venture aims to address long-standing sewage control and treatment issues through a holistic approach, implementing innovative solutions across the entire management value chain.
The approval of this joint venture by GAC is part of a broader series of decisions made in February 2024, which included various requests for economic concentration.
Notably, amidst 13 acquisition proposals and three collaborative submissions, the authorization of the solid waste management venture underscores regulatory authorities’ commitment to sustainable development and environmental stewardship.
The collaborative effort began in November 2023, when ALMQR Development Co., partnered with the Saudi Investment Recycling Co. also known as SRIC, and the Emirati BEEAH Group, to establish a limited liability company focused on addressing Madinah’s sewage control challenges.
This agreement established a partnership aimed at developing and operating sorting stations, public landfills, and other critical infrastructure for regional operations.
The partnership underscores a commitment to fostering innovation and efficiency in waste management by BEEAH Group, SRIC, and ALMQR Development Co.
The alliance aims to enhance material recovery, promote the circular economy, and contribute to the cleanliness and greenery of Madinah by leveraging the collective expertise and resources of each partner.
“Aligned with the objectives of Saudi Vision 2030 and the UN Sustainable Development Goals, the establishment of this joint venture underscores Saudi Arabia’s commitment to sustainable development and environmental preservation,” the press release added.
The partnership aims to create a cleaner, healthier, and more sustainable future for Medinah’s residents and beyond by prioritizing eco-conscious practices and investing in cutting-edge solutions.
The approval of the joint venture for solid waste management and treatment by GAC represents a significant milestone in Madinah’s journey toward sustainable development.
The agreement, emphasizing innovation, efficiency, and environmental responsibility, is set to revolutionize waste management practices and contribute to a greener, more sustainable future for the region.
In January, the Ministry of Environment, Water and Agriculture in Saudi Arabia revealed a plan to recycle up to 95 percent of the country’s debris, aiming to add SR120 billion ($31.99 billion) to the gross domestic product, as reported by the Saudi Press Agency.
The initiative also aims to create over 100,000 jobs for Saudi nationals in the sector and targets recycling up to 100 million tonnes of refuse annually to bolster sustainability efforts.
Source: Arab News
