Saudi looks to greener pastures as it boosts recycling investment
Saudi Arabia will look to invest almost SR24 billion ($6.4bn) in waste recycling by 2035
SIRC is keen to attract foreign direct investments worth SR6 billion, create 23,000 jobs, and contribute an amount of SR37 billion to the national GDP
Updated 07 April 2022
Arab News
Saudi Arabia will look to invest almost SR24 billion ($6.4bn) in waste recycling by 2035 as the country attempts to move to a more sustainable waste management system.
It will invest around SR1.3 billion ($346.6 million) in construction and demolition waste, and about SR900 million in industrial waste, while investments in municipal solid waste will exceed SR20 billion, and investments in other waste will exceed SR1.6 billion, Saudi Investment Recycling Company (SIRC) CEO, Ziyad Al-Shiha said.
Saudi Arabia had 5 percent of its total waste recycled from the beginning of 2020 until the first half of this year 2021, including plastic, metal and paper, Al-Shiha said.
The PIF-owned company started investing in projects specifically designed to increase conversion rates and recycling operations by establishing alliances with private sector companies specialized in this field, he told Al Eqtisadiah.
He pointed out that there is cooperation with leading local companies such as SABIC and Aramco in the recycling of plastic waste, and Maaden in the recycling of mining waste, and several companies in the building materials sector in the field using waste to produce alternative fuels, as well as a group of companies in the field of metal recycling and electronics.
"The company is also working with legislators and regulators to separate waste from the source by placing dedicated containers, organizing transportation and waste collection operations, building sorting and treatment stations, as well as making use of non-recyclable waste to produce alternative fuels and energy, and converting organic waste into organic fertilizers for agriculture," Al-Shiha said.
"This enhances the added value and reduces the cost of environmental degradation, which is estimated at SR86 billion annually," he said.
He stated that the company is keen to attract foreign direct investments worth SR6 billion, create 23,000 jobs, and contribute an amount of SR37 billion to the national GDP.
He pointed out that the share of foreign investment in the field of recycling at the present time is relatively "low", compared to other sectors, especially that the recycling market in Saudi Arabia is still nascent, and the number of local specialized companies in this field is still limited.
SIRC seeks within its strategic objectives to divert 85 percent of hazardous industrial waste from landfills, and 100 percent of solid waste from landfills and 60 percent of construction and demolition waste from landfills by 2035, Al-Shiha said.
Accordingly, the company is working on several promising projects to invest in the circular economy, through global and local partnerships to improve value chains, he said.
Al-Shiha pointed out that SIRC is also working to promote the Green Saudi Initiative goals by shifting from landfills by 94 percent..
"More than 40 percent of the recyclable materials in the Kingdom, amounting to about 56 million tons annually, are concentrated in Riyadh, Jeddah and Dammam, where 85 percent of them can be recycled and utilized for the purpose of obtaining a source of alternative energy and raw materials that enter into Manufacturing processes," Al-Shiha said.
The Kingdom recycles only about 10 percent of recyclable materials, while 90 percent of materials are disposed of by landfill, which causes harm to the environment and limits the use of recyclable materials, he explained.
He pointed out that one of the biggest challenges facing the sector at the present time is the lack of awareness of the importance of recycling, especially with the absence of a waste sorting system from the source.
SIRC cooperates with the relevant government agencies to raise awareness, community participation, and disseminate awareness campaigns in the coming years, he said.
Fresh funding flows in even as broader market data points to a slowdown
Updated 20 December 2025
Nour El-Shaeri
RIYADH: Startup funding activity across the Middle East and North Africa delivered a mixed picture over the past week, with fresh capital flowing into gaming, fintech, deep tech, and travel, even as broader market data pointed to a slowdown in overall investment momentum.
Saudi Arabia’s Impact46 led a $1 million investment round in Hypemasters, an international game development studio focused on competitive strategy experiences for mobile. The round included participation from GEM Capital.
Hypemasters develops strategy titles designed for competitive depth and precise game mechanics and has attracted more than 7 million players globally.
The studio is currently advancing several new projects, including a title in soft launch, as it looks to expand its reach in markets with sustained demand for strategy games.
“Strategy is one of the most demanding categories in game development, and Hypemasters approaches it with uncommon discipline. Their work shows a clear understanding of what committed players expect from this genre, and we believe their upcoming titles can serve a global audience with genuine depth,” said Basmah Al-Sinaidi, managing partner at Impact46.
“We are pleased to support a team that builds with intention and long-term ambition,” she added.
Boris Kalmykov, CEO and co-founder of Hypemasters, said: “We’re focused on deepening our presence across the region and pushing forward with the next generation of strategy games, including a major new title already in soft launch. Partnering with Impact46 marks an important step for Hypemasters.”
The CEO added that Impact46 shares his company’s long-term vision for building “world-class strategy games” from the MENA region, and the support reinforces his firm’s commitment to expanding its portfolio with high-quality releases.
The investment reflects Impact46’s continued interest in game development and interactive entertainment and aligns with its broader strategy of backing studios building globally oriented titles.
Premialab raises $220m
UAE-headquartered Premialab, a provider of data, analytics, and risk management solutions for quantitative investing, has raised $220 million in a growth investment led by KKR, with participation from existing investor Balderton.
Founded in Hong Kong in 2016 by Adrien Geliot and Pierre Trecourt, Premialab operates a global platform serving the $800 billion quantitative investment strategies market.
Counterfeits don’t just impact economies; they erase identity, creativity and truth. Along with our investors, we’re building a movement to make the world’s stories verifiable again.
Walid Tarabih, founder and CEO of Relik
The company provides benchmarking, performance analysis, and risk analytics tools for institutional investors.
The funding will be used to support global expansion, strengthen core operational systems, and scale Premialab’s execution product, which was developed in partnership with Eurex, to broaden access to quantitative investment strategies.
“Quantitative investment strategies have grown rapidly in scale and importance, yet the market has lacked a truly independent standard for data, analytics and risk. Premialab was built to fill that gap,” said Adrien Geliot, CEO of Premialab.
Relik closes seed round
UAE-based Relik has closed a seed funding round with participation from KBW Ventures, Naatt Holding, Fort Holding, and Ayman Sejiny.
Founded in 2023 by Walid Tarabih and later joined by John Tsioris, Relik is an artificial intelligence-powered authentication platform designed to help collectors, brands, and marketplaces.
The company plans to use the funding to roll out additional products and expand across sectors including sports, luxury, and heritage markets.
“We are ensuring authenticity in a fakeable world,” said Walid Tarabih, founder and CEO of Relik, adding: “Counterfeits don’t just impact economies; they erase identity, creativity and truth. Along with our investors, we’re building a movement to make the world’s stories verifiable again.”
Prince Khaled bin Alwaleed bin Talal Al-Saud, founder and CEO of KBW Ventures, said: “Relik is creating a new global standard for truth and trust. At a time when counterfeiting and AI-generated content are rising, Relik’s mission to protect authenticity carries both cultural and commercial value.”
Nawah raises $23m
Egypt-based deep tech startup Nawah Scientific has raised $23 million in a series A round comprising a mix of equity and debt, marking a decade since the company’s founding.
The round was led by Life Ventures Holding, with participation from Den Ventures, Empire M, AfricInvest, Elsewedy, as well as banks and angel investors.
Founded in 2015 by Omar Saqr, Nawah operates a cloud laboratory model that enables remote access to advanced testing services. (Supplied)
Founded in 2015 by Omar Saqr, Nawah operates a cloud laboratory model that enables remote access to advanced testing services. Its operations span four business units covering life sciences, food and agriculture, pharmaceuticals, and certified reference materials.
The company plans to use the funding to build a global research and development center in Rwanda, double laboratory capacity in Egypt and Saudi Arabia, and expand into North Africa and Europe.
Algeria’s VOLZ raises $5m
Algeria-based travel tech startup VOLZ has raised $5 million in a series A funding round led by a consortium of private investors under Tell Group, with participation from Groupe GIBA.
Founded in 2023 by Mohamed Abdelhadi and Hacene Seghier, VOLZ enables travelers to book flights in Algerian dinars using online payments or cash on delivery, while comparing multiple airlines through a single platform.
Announced at the African Startup Conference in December, the transaction is Algeria’s largest startup funding round in local currency and marks the first exit of the Algerian Startup Fund.
The capital will be used to launch new consumer and corporate travel products, strengthen VOLZ’s position in Algeria, and support expansion across North and West Africa.
MENA startup funding slows in November
Investment activity across the MENA startup ecosystem slowed sharply in November 2025, with 35 startups raising a combined $227.8 million, according to Wamda’s monthly report.
This marked a steep decline from the $784.9 million recorded in the previous month and a 12 percent drop compared to November 2024, pointing to a period of consolidation as investors moderated deployment toward the end of the year.
More than half of the capital raised during the month was driven by a single debt-backed transaction by erad, which propelled Saudi Arabia to the top of the regional rankings. Across 14 deals, the Kingdom attracted $176.3 million, accounting for more than three-quarters of all capital deployed in November.
Despite funding activity spanning 35 startups, capital was concentrated in just 5 markets. After Saudi Arabia’s dominant lead, the UAE followed with $49 million across 14 transactions.
Egypt recorded $1.12 million across 4 deals, while Morocco raised $1.1 million through 2 transactions. Oman saw 1 deal with an undisclosed value, with limited activity reported outside these markets.
Fintech emerged as the most funded sector in November, raising $142.9 million across 9 deals, largely influenced by the same debt-driven transaction.
E-commerce followed with $24.5 million across 6 rounds, while property tech, which topped the charts in October, slipped to 3rd with $18.9 million raised by 3 startups.
Debt financing dominated the month, accounting for more than $125 million through a single transaction.
The remaining capital was largely channelled into early-stage startups, with no later-stage funding rounds recorded in November, underscoring continued investor caution.
From a business model perspective, B2B startups captured the majority of capital, with 20 companies raising $197.1 million.
B2C startups lagged, with 9 companies raising a combined $22.2 million, while the remainder was split across hybrid models.
The gender funding gap showed no signs of narrowing, with male-led startups absorbing 97 percent of the capital raised during the month. Female-led and mixed-gender founding teams accounted for the remaining share.
