On e of the most recognised Dubai based material processing and resource recovery start-up, Mawaad Environmental Services (Mawaad), recently announced regarding the procurement of USD 6.5mn in its Series A funding round, headed by Ahmed Sadek El Sewedy, the CEO of Cairo, Egypt-based Elsewedy Electric.
The funding round was also supported by a list of pother participants namely Muhammed Yesilhark and Youcef Oudjidane, along with some renowned athletes in the U.K. including Kieran Gibbs, Henri Lansbury, Ross Barkley, and Jack Wilshere.
The funding process was followed by a 10-year operating agreement with Emirates Steel in Abu Dhabi and EZZ Steel in Cairo, Egypt. Mawaad’s project with Emirates Steel kick started its operations within the first quarter of 2020, while the EZZ Steel project is all geared up to initiate its operations at the end of 2020.
Mawaad aspire to be the leader in the circular economy and resource recovery industry in MENA and Turkey region, while putting their core focus on technologies that reaps out the full economic and environmental worth from industrial byproducts, wastes, and materials.
Established in 2018 by Ismail Fahmi, Mawaad comes over as a materials processing and resource Recovery firm, that aims towards churning out value from a variety of by-products, wastes, and industrial services that are inexpensive, profitable and eco-friendly.
Mawaad brings along a “cradle to cradle” business model, that further pushes for a re-usage of all by products of the operations for production or manufacturing purposes, while minimising wastage and ecological impact.
Mawaad has ensured its presence in UAE and Egypt and put through its focus on heavy industries to streamline the proper recycling of by-products and waste streams in the heavy industries, while facilitating various possible uses and environmental benefits.
According to a report presented at the World Government Summit by Strategy&, part of PwC, circular economy model has been defined, encompassing three principles: optimizing the utilisation of renewable resources, pushing product utilization, and recuperating by-products and waste.
According to the report, the GCC is expecting to save almost USD 138bn and while reducing the emissions by 150mn tons by 2030 after following this model.