The Middle East Paper Company (MEPCO), a producer that specializes in the creation and recycling of paper-based products in the Middle East and North Africa and Saudi Arabia's Public Investment Fund (PIF) have signed an investment agreement. By way of a capital increase and subscription for additional shares, the PIF has gained a 23.08 percent ownership in MEPCO.

PIF aims to increase MEPCO's output, improve its operational effectiveness and promote environmental sustainability by employing recyclable materials, such as paper goods. This is in line with PIF's and Saudi Arabia's sustainability goals.

The investment will help MEPCO achieve its expansion goals, especially with regard to packaging and specialty building supplies like gypsum boards, or "drywall." This will support current and upcoming projects by strengthening the local supply chain.

PIF's broad portfolio of investments in the construction services industry aims to improve operational capacity, attract foreign and local investments, support the sustainable expansion of the Saudi economy and transfer technology, according to the announcement.

In line with PIF's investment strategy, the PIF is working with private companies to strengthen 13 key industries, including as real estate, construction and retail. This helps to diversify the economy and accomplish the objectives of Saudi Vision 2030.