JEDDAH: Saudi Investment Recycling Co. and the Kingdom’s the Helicopter Co. have partnered to boost sustainability efforts and develop innovative waste management solutions.

The two companies, operating under the Saudi Public Investment Fund, signed a memorandum of understanding that highlights their commitment to advancing sustainable aviation practices and reducing environmental impact, supporting the Kingdom’s transition to a circular economy in line with Vision 2030.

As part of its 2035 goals, SIRC aims to divert 85 percent of industrial hazardous waste from landfills through recycling and treatment.

The waste sector also targets diverting 60 percent of construction and demolition waste, with 12 percent recycled, 35 percent reused, and 13 percent treated.

Under the partnership, the companies will collaborate on technology-driven operations and expand THC’s services into new sectors that align with sustainability objectives, according to the Saudi Press Agency.

Ziyad Al-Shiha, SIRC CEO, described the partnership as a step toward driving innovation, cutting emissions, and ensuring long-term environmental safety for the sector.

“This collaboration strengthens the Kingdom’s leadership in the global green economy and paves the way for a more sustainable future,” Al-Shiha said, adding that the deal aligns with broader efforts to position Saudi Arabia as a leader in sustainability and green economic initiatives.

Commenting on the collaboration, Arnaud Martinez, CEO of THC, said the initiative is part of his company’s strategy to minimize its carbon footprint.

Martinez added that the agreement is about turning ambitious ideas into tangible achievements that contribute to a sustainable future for aviation and the environment.

THC posted on its X account: “We are pleased to sign a memorandum of understanding with the Saudi Investment Recycling Co., with the aim of enhancing common interests in the waste management and recycling sector, and various environmental sectors in line with achieving the goals of Vision 2030.”

The investment recycling company, the largest industrial waste management company in the Gulf Cooperation Council with a fully integrated platform to handle, store, transport, treat, and safely dispose of the hazardous waste generated by industries, plans to divert 100 percent of municipal solid waste, recycling 81 percent and processing 19 percent for waste-to-energy purposes.

These efforts align with the ambitious targets set by the Waste Management National Regulatory Framework for 2035, including a 13-million-tonne reduction in carbon dioxide emissions, attracting SR6 billion ($1.6) billion in foreign investments, creating 23,000 jobs, and contributing $9.9 billion to the national gross domestic product.

RIYADH: The UAE’s M1 money supply saw a monthly rise of 1.5 percent at the end of October, reaching 909.9 billion dirhams ($247.7 billion), according to the latest figures released by the country’s central bank.

The summary report revealed the rise was primarily driven by a 14.9 billion dirhams increase in monetary deposits, which offset a 1.3 billion dirhams decline in currency circulating outside banks.

M1 supply includes liquid money that can be used for spending or transactions. It consists of cash, including coins and paper bills, and funds in checking accounts that are readily accessible for daily transactions.

The UAE’s M2 money supply, which includes M1 and quasi-monetary deposits, rose by 0.9 percent, reaching 2.27 trillion dirhams at the end of October, up from 2.25 trillion dirhams in September.

This growth was driven by an increase in M1 and a 7.5 billion dirhams rise in quasi-monetary deposits.

The country’s M3 money supply, which encompasses M2 and government deposits, grew by 1.3 percent, reaching 2.75 trillion dirhams at the end of October, compared to 2.72 trillion dirhams in September.

The report highlighted that the increase was largely attributed to the expansion of M2 and a 13.8 billion dirhams rise in government deposits.

The M3 money supply is calculated by adding government deposits held at banks operating in the UAE and the Central Bank to the M2 money supply.

The UAE’s monetary base saw a slight decline of 0.1 percent, falling to 743 billion dirhams at the end of October from 743.5 billion dirhams in September.

The decrease was primarily driven by a 11.4 percent drop in banks’ and other financial corporations’ current accounts and overnight deposits with the central bank.

This decline overshadowed increases in currency issuance by 0.8 percent, reserve accounts by 0.05 percent, and monetary bills and Islamic certificates of deposit by 6.2 percent.

The UAE’s gross banking assets, including bankers’ acceptances, grew by 1.3 percent, reaching 4.46 trillion dirhams at the end of October, up from 4.4 trillion dirhams in September.

The UAE’s gross credit rose by 0.6 percent, reaching 2.17 trillion dirhams at the end of October, compared to 2.16 trillion dirhams in September.

This increase was driven by a 0.6 percent rise in domestic credit and a 0.7 percent increase in foreign credit.

Domestic credit growth was driven by a 0.2 percent increase in lending to the government sector, a 3.0 percent rise in lending to the public sector, and a 0.1 percent increase in lending to the private sector, which outweighed a 1.8 percent decline in credit to non-banking financial institutions.

The country’s total bank deposits climbed by 1.5 percent, reaching 2.80 trillion dirhams at the end of October, up from 2.76 trillion dirhams in September.

This growth was driven by a 1.2 percent rise in resident deposits and a 4.7 percent increase in non-resident deposits.

The increase in resident deposits was attributed to higher deposits from the government sector by 2.3 percent, government-related entities by 3.6 percent, and the private sector by 1.1 percent, which offset a 13 percent decline in funds from non-banking financial institutions.