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Al khaliji financing QR117mn Greenfield recycling project in Qatar
Al khaliji is financing one of the largest Greenfield projects for recycling materials in Qatar, estimated to cost QR117mn, as part of its strategy to environmental development and corporate social responsibility.
The 20,000sq m ‘modern recycling plant (MRP project), designed to recycle used tyres in Mesaieed Industrial City, is focused on recycling of used tyres and rubber materials in line with government’s ef orts to make recycling a standard practice that promotes environmental sustainability in the country, as well as creating economic opportunities that contribute to diversifying state revenues. The funding initiative comes as part of the “Generation Green” programme at al khaliji - the first bank in Qatar to introduce an incentive-driven loan initiative for green projects, in supporting environmental development and social responsibility in the country.
“We are fully committed to financing the MRP project, as it is in line with the objectives of the Qatar National Vision 2030, and with our corporate social responsibility programme, which places special emphasis on supporting green initiatives,” Mohamed Abdelkhalek, al khaliji Group chief business of icer, said. Asserting that this project is only a starting point to support a knowledge-based economy, MRP chief executive Ibrahim al-Muhannadi said it is built on the firm belief that the industry itself is a foundation for innovation and for the creation of new products that contribute to economic growth. ““As such, recycling should be a fundamental practice in any society, as it reduces the need for raw materials, conserves energy and preserves our natural resources,” he said. Outlining the three-stage process at MRP, he said at the raw material stage, tyres will be broken into small-sized pieces and shipped to factory headquarters. Then at the primary products stage, tyres will be dismantled into their three component materials - rubber, linen, and silk – whereby silk and linen will undergo a cleaning process, and then will be stockpiled for resale purposes.
The final products stage, where stored rubber materials will be used and converted into rubber flooring and tiling products for sporting activities and venues, he added.
