The agreement between Sabic and SIRC also includes a feasibility study on building a chemical recycling plant in Saudi Arabia to convert mixed plastic waste into pyrolysis oil. AFP Photo
The agreement between Sabic and SIRC also includes a feasibility study on building a chemical recycling plant in Saudi Arabia to convert mixed plastic waste into pyrolysis oil. AFP Photo
The agreement between Sabic and SIRC also includes a feasibility study on building a chemical recycling plant in Saudi Arabia to convert mixed plastic waste into pyrolysis oil. AFP Photo
The agreement between Sabic and SIRC also includes a feasibility study on building a chemical recycling plant in Saudi Arabia to convert mixed plastic waste into pyrolysis oil. AFP Photo

PIF-owned recycling subsidiary signs agreement with Sabic for reuse of plastics


Jennifer Gnana
  • English
  • Arabic

A recycling subsidiary owned by Saudi Arabia's Public Investment Fund signed an agreement with the region's largest petrochemicals company to set up a venture to use recycled plastic feedstock.

The planned scheme with Saudi Basic Industries, also known as Sabic, is the first such project for the Saudi Investment Recycling Company.

The agreement between the two companies also includes a feasibility study on building a chemicals recycling plant in Saudi Arabia to convert mixed plastic waste into pyrolysis oil.

Also known as bio crude, pyrolysis oil is a synthetic substitute for petroleum and is used in various heating applications.

The agreement reinforces Saudi Arabia's commitment to a circular carbon economy "ensuring a sustainable future focusing on environment, energy and climate", said Yousef Al Benyan, vice chairman and chief executive at Sabic.

A circular carbon economy refers to the continual reduction, reuse and recycling of carbon-based products and materials to eliminate waste.
Countries such as Saudi Arabia, the world's biggest exporter of crude, are looking at ways to mitigate the energy impact of fossil fuel production and consumption.

Under the terms of the agreement, the SIRC will use mixed plastic waste collected from its facilities as feedstock for the manufacture of pyrolysis oil.

The PIF-owned company will "source, collect, sort and supply the feedstock" for chemical recycling from municipal solid waste, it said in a statement.

The agreement with Sabic provides "an impetus" to various initiatives identified in Saudi Arabia's waste management and national regulatory framework, said SIRC chief executive Ziyad Al Shiha.

"It will also help create new opportunities in the waste management sector. We established SIRC with an aim to build, develop and invest in the waste management sector in Saudi Arabia," he added.

PIF, Saudi Arabia's sovereign fund, has been tasked with investing in renewable energy and clean ventures as part of its mandate. Alongside its partners, it is developing about three quarters of the kingdom's renewables capacity.

The fund is a major shareholder in power plant developer Acwa Power, which is increasingly investing in renewables projects.

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
The biog

DOB: March 13, 1987
Place of birth: Jeddah, Saudi Arabia but lived in Virginia in the US and raised in Lebanon
School: ACS in Lebanon
University: BSA in Graphic Design at the American University of Beirut
MSA in Design Entrepreneurship at the School of Visual Arts in New York City
Nationality: Lebanese
Status: Single
Favourite thing to do: I really enjoy cycling, I was a participant in Cycling for Gaza for the second time this year

Why are asylum seekers being housed in hotels?

The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.

A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.

Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.

The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.

When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.

What sanctions would be reimposed?

Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:

  • An arms embargo
  • A ban on uranium enrichment and reprocessing
  • A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
  • A targeted global asset freeze and travel ban on Iranian individuals and entities
  • Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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Dubai Rugby Sevens

November 30, December 1-2
International Vets
Christina Noble Children’s Foundation fixtures

Thursday, November 30:

10.20am, Pitch 3, v 100 World Legends Project
1.20pm, Pitch 4, v Malta Marauders

Friday, December 1:

9am, Pitch 4, v SBA Pirates

UAE squad

Ali Kashief, Salem Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdelrahman, Mohammed Al Attas (Al Jazira), Mohmmed Al Shamsi, Hamdan Al Kamali, Mohammad Barghash, Khalil Al Hammadi (Al Wahda), Khalid Eisa, Mohammed Shakir, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Adel Al Hosani, Al Hassan Saleh, Majid Suroor (Sharjah), Waleed Abbas, Ismail Al Hammadi, Ahmed Khalil (Shabab Al Ahli Dubai) Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Mahrami (Baniyas)

Reputation

Taylor Swift

(Big Machine Records)

MATCH INFO

Uefa Champions League semi-final, first leg

Barcelona v Liverpool, Wednesday, 11pm (UAE).

Second leg

Liverpool v Barcelona, Tuesday, May 7, 11pm

Games on BeIN Sports

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Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

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