Arab Emirates – Al Khaliji Bank is financing ‘one of the largest greenfield projects’ for recycling materials in Qatar, the Gulf Times has reported. The new plant will cost roughly US$ 33 million and has been designed to process scrap tyres and other rubber materials.
The facility will cover 20 000 square metres and treat waste from Mesaieed Industrial City. The tyres will be returned to their three component materials – rubber, textile and steel. The rubber will ultimately be converted into flooring and tiling products for sporting venues.
The Qatar venture is in line with the government′s efforts to make recycling a standard practice while creating economic opportunities that contribute to diversifying state revenues. Backing has been provided by Al Khaliji′s ′Generation Green′ programme, which is said to be the country′s first incentive-driven loan initiative for green projects.
′Our corporate social responsibility programme places special emphasis on supporting green initiatives,′ comments Al Khaliji Group chief business officer Mohamed Abdelkhalek.
For more information, visit: www.alkhaliji.com