Saudi Arabia's Public Investment Fund (PIF) has finalized an investment agreement with the Middle East Paper Company (MEPCO), a manufacturer specializing in the production and recycling of paper-based products in the Middle East and North Africa region. The PIF has acquired a 23.08% stake in MEPCO through a capital increase and subscription to new shares.
Through its investment, PIF aims to expand MEPCO production, enhance its operational efficiency, and support environmental sustainability, through recyclable products, including paper goods. This aligns with the sustainability objectives of both Saudi Arabia and PIF.
The investment will support MEPCO's expansion strategy, particularly in the areas of packaging and specialized building materials such as gypsum boards, commonly known as "drywall." This will reinforce the local supply chain, catering to existing and future projects.
"PIF has a diversified portfolio of investments in the construction services sector to support the sustainable growth of the Saudi economy, attract local and foreign investments, expand operational capacity and transfer technology," read the release.
The PIF is collaborating with private businesses to empower 13 priority sectors, including retail, construction and real estate, within the framework of PIF’s investment strategy. This contributes to achieving the goals of Saudi Vision 2030 and diversifying the economy.
