| Introduction |
The Middle East Paper Company (MEPCO) is pleased to announce that its subsidiary, Waste Collection and Recycling Company (WASCO), has signed a partnership agreement with Jeddah Development & Urban Regeneration Company. The partnership aims at establishing a limited liability, commercial company, to develop the waste management market in the city of Jeddah, and its suburbs. The partnering entities will achieve this goal by establishing and operating Recyclable Materials Transfer Centers operating under the framework of the management of recyclable municipal commercial waste in the province of Jeddah. |
| Date of Announcement of the Award |
2021-05-05 Corresponding to 1442-09-23 |
| Contract Subject Matter |
Establishing a limited liability, commercial company, to develop the waste management market in the city of Jeddah, and its suburbs by establishing and operating Recyclable Materials Transfer Centers operating under the framework of the management of recyclable municipal commercial waste in the province of Jeddah. |
| Date of Signing the Contract |
2021-05-05 Corresponding to 1442-09-23 |
| Contract Value |
None |
| Contract Details |
Forming a partnership to develop a pilot project for collecting recyclable waste materials in Jeddah Governorate by establishing a 50/50 company between the Waste Collection and Recycling Company Ltd. (WASCO) and Jeddah Development & Urban Regeneration Company. by a company that will build and operate centers for the management and handling of recyclable municipal waste within the governorate of Jeddah and its suburbs. The new entity will carry out its activities through the aforementioned centers, including sites granted by the Municipality and/or others. Regulating the waste management market in Jeddah to offer attractive investment opportunities. |
| Contract Duration |
Twenty-five years from the date of signing the agreement. |
| Financial Impact and the Relevant Period |
Cannot be determined at present due to the volatility of the prevailing market prices for the sale of recyclables materials. |
| Related Parties |
None |
| Additional Information |
Jeddah Development & Urban Regeneration Company is a closed joint-stock company fully owned by the Municipality of Jeddah. It is specialized in urban development programs and the treatment and collection of waste materials. Waste Collection and Recycling Company (WASCO) is the largest company specialized in waste management in Saudi Arabia. It has vast experience in waste management, as well as exclusive contractual agreements to supply a number of local |
