Al Khaliji financing recycling plant to help protect the environment
Al Khalij Commercial Bank Q.S.C. (Al khaliji), in line with its objective to support green-technology businesses in Qatar, is financing one of the largest Greenfield projects for recycling materials in the country. The initiative comes as part of the “Generation Green” program at al khaliji, aimed at supporting environmental development and social responsibility in Qatar.
The 20,000 square-meter project, named Modern Recycling Plant (MRP), is designed to recycle used tyres in Mesaieed Industrial City. The project has a total cost of 116.8 Million Qatari Riyals and is focused on the recycling of used tyres and rubber materials, and is in line with the government’s efforts 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. As such, MRP will contribute to the production of environmentally-friendly value added products for commercial and industrial use.
“We have consistently shown our commitment to the promotion of sustainable development within the Qatari community. We’ve tackled all facets of this mission while preserving the natural and environmental landscape of Qatar. We are fully committed to financing the Modern Recycling Plant project, as it is in line with the objectives of the Qatar National Vision 2030, and with our corporate social responsibility program, which places special emphasis on supporting green initiatives,” said Mr. Mohamed Abdelkhalek, al khaliji Group Chief Business Officer.
Al Khaliji’s contribution demonstrates the bank’s strong commitment towards generating environmental awareness in society. In this regard, Mr. Ibrahim Al Muhannadi, CEO of MRP, stated:
“The goals and objectives of the Modern Recycling Plant are very much aligned with the State of Qatar’s National Vision 2030. This project is only a starting point to support a knowledge-based economy, building on our firm belief that the industry itself is a foundation for innovation, and for the creation of new products that contribute to economic growth. As the practice of recycling has served as a solid pillar for the economies of developing countries, we, in Qatar, with the support of State leadership and officials, are witnessing a period of economic prosperity in which we must invest to accomplish the National Vision 2030”. Al Muhannadi added: “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. Building on this promise, we have ensured that the work of the MRP is split across three stages: The raw material stage, during this stage tyres will be broken into small-sized pieces and shipped to factory headquarters. The primary products stage, during this 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”.
Al Muhannadi also thanked “all those who have helped in making this project come to fruition, especially al khaliji, which provided us with funding for the MRP, and Qatar Business Management Group, which had studied and assessed the execution of the project.”
Al Muhannadi expressed his admiration for al khaliji’s commitment to green practices in Qatar, hoping that this initiative will inspire other financial institutions to follow in the bank’s footsteps.
Al khaliji has a deep-rooted and longstanding commitment to environmental initiatives in Qatar. al khaliji was the first bank in Qatar to introduce an incentive-driven loan initiative for green projects in the country.