Riyadh – Mubasher: National Environmental Recycling Company (Tadweer) signed a joint deal worth SAR 42.70 million with Tebrak Trading and Contracting Company as well as Mounes Mohamed Alshayeb for Civil Construction (MOBCO).
The agreement covers the development of factories specialised in the recycling of electronics and metal waste, according to a bourse disclosure.
Meanwhile, the new facilities will be established on an area of 42,000 square metres, with an annual production capacity of 400,000 tonnes.
In line with Tadweer’s growth and expansion strategy, the deal will enable the firm to enlarge its assets and achieve the best financial returns for its shareholders.
Additionally, the factories will meet the current and future market demand across the world and will double the listed company’s revenues while reinforcing its competitiveness.
The contract holds a duration period of 11 months starting from the signing date, 4 January 2023.
Furthermore, the agreement is forecast to reflect positively on Tadweer’s income statements once the joint project commences operating during the second quarter (Q2) of 2024.
Last October, the Saudi listed company obtained a SAR 25 million loan from Riyad Bank.
