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PIF’s Saudi Investment Recycling to acquire GEMS

PIF’s Saudi Investment Recycling to acquire GEMS
The acquisition is forecast to be complete in Q2-19

Riyadh – Mubasher: The Saudi Investment Recycling Co. (SIRC), owned by the Public Investment Fund (PIF), on Tuesday announced signing a final agreement to fully acquire Global Environmental Management Services (GEMS) from Jadwa Investment, according to Saudi Press Agency (SPA).

The acquisition is forecast to be complete in the second quarter of 2019, but the value of the deal wasn’t disclosed.

SIRC is looking to contribute more than SAR 37 billion ($10 billion) to the country’s gross domestic product (GDP) and draw foreign investments worth SAR 6 billion ($1.6 billion).

 “Since starting operations 10 years ago, GEMS has grown to become the market leader of industrial waste management services in the GCC,” Jadwa Investment’s managing director and CEO, Tariq Al Sudairy, said.