On August 16, 2023, Zhonghuan International Group signed a comprehensive cooperation agreement with Saudi Diriyah Global Consulting Company, AMR Company and Amiral Technology Development Company to establish a cooperation alliance. In the future, it will carry out joint ventures or cooperation projects with the Investment and Recycling Company (SIRC) under the Saudi Arabian Public Investment Fund (PIF) and Saudi Mining Company (Madden), etc., to deal with industrial solid waste, domestic solid waste, hazardous waste and other resources, and realize the recycling and reuse of urban resources. The successful signing of this agreement marks the formal implementation of the investment and construction project of Zhonghuan International Group in the large circular economy complex of the three major urban agglomerations in Saudi Arabia.

Saudi circular economy project

The Saudi Circular Economy project of Zhonghuan International Group aligns with Saudi Vision 2030 and complies with the relevant requirements of Green Saudi Arabia/green advocacy.

(I) The project aims to promote the sustainable development of resources through waste reduction and recycling and reuse in the following ways:

● Establish a sound circular economy structure, including legal, policy and regulatory frameworks.

● Focus on investing in technology research and development and innovation within the circular economy.

● Increase public awareness and participation in the circular economy.

B) The project will have a positive impact on the Saudi economy and environmental improvement, as it will create jobs, boost economic growth, reduce environmental damage, and ultimately achieve multiple benefits.

● Reduce the amount of waste generated and minimize secondary pollution to the environment

● Recycle and reuse resources and reduce the need for new resources.

● Create more jobs and boost local economic growth.

● Improve the quality of the environment and people's livehood.

The signing of Zhonghuan Saudi Arabia's circular economy project marks the official commencement of the strategic layout implementation in Saudi Arabia and even throughout the Middle East. It serves as a pivotal milestone for Zhonghuan's overseas expansion, aiming to achieve sustainable development.

Saudi Green Initiative (SGI) introduction

Officially announced by Crown Prince Mohammed bin Salman in October 2021, the Saudi Green Initiative (SGI) aims to establish a comprehensive framework for climate governance in the kingdom. This initiative encompasses three overarching goals: emission reduction, environmental conservation and sustainable development. By prioritizing clean energy utilization over fossil fuels, safeguarding natural resources and enhancing quality of life, the plan strives to create a sustainable future for Saudi Arabia. It encompasses a wide range of measures.

● Invest in renewable energy to increase its share of electricity generation to 50 % in 2030.

● Improve energy efficiency and reduce energy intensity by 40% in 2030.

● Increase Saudi Arabia's forest cover by 10 % in 2030 to conserve natural resources

●Increase public awareness and engagement on climate change.