The Saudi Investment Recycling Company (SIRC), owned by the Kingdom’s Public Investment Fund (PIF) and flynas, the national carrier and the leading low-cost airline in the world and the Middle East, have signed a memorandum of understanding (MoU) to explore partnership opportunities in sustainability to enhance efforts to create an advanced circular economy.
The MoU was signed by Mr. Bander Almohanna, CEO and Managing Director of flynas, and Eng. Ziad Al-Shiha, CEO of SIRC, in the presence of senior officials from both companies.
Under the MoU, the two parties seek to explore partnership opportunities and best options for adopting technology and ideal recycling solutions to treat flynas waste, such as oils, plastics, batteries, etc., in order to achieve best practices in recycling, in line with the Saudi Green Initiative seeking to achieve carbon zero neutrality and to enhance sustainability and preserve the environment.
“We are pleased to enter into this promising partnership with the Saudi Investment Recycling Company as a pioneering company in this field, in line with flynas’ strategy to adopt initiatives with sustainable impact on environment, society, and economy. We trust its ability to transform waste into opportunities, and we are confident that this step will enhance flynas’ efforts to build a sustainable growth model that combines profitable economic returns and low impacts on the environment, in line with the national goals to neutralize greenhouse gas emissions by 2060.”
Eng. Al-Shiha, said that “We are pleased to partner with flynas, one of the fastest-growing airlines. This collaboration represents a significant step forward as we establish a robust partnership with the shared objective of advancing the recycling industry and advocating for the principles of the circular economy. This partnership aligns with the directives of Saudi Vision 2030 and the pivotal aims of the Saudi Green initiative in reducing harmful emissions.
SIRC is working to lead the circular economy in the kingdom by activating local and global partnerships and investments, promoting local content, and using best practices in recycling and waste management.
flynas is also working to enhance sustainability by launching initiatives with sustainable impact on the environment, society, and the economy, in partnership with institutions in the field of recycling, in addition to promoting reliance on more environmentally friendly consumer products, improving space and waste management within the passenger cabin, and increasing crew efficiency.