(Reuters) – Saudi Arabia’s largest food products company Savola Group said it appointed JP Morgan’s Rayan Mohammed Fayez as chief executive, it said in a bourse filing on Tuesday.
Fayez, who was previously chief executive of JP Morgan in Saudi Arabia, is expected to take up his duties on Mar. 1, 2016, the statement said.
Fayez takes over from Abdullah M. Nour Rahemi, who will retain his position as managing director of Savola until the end of the term of the current board, which expires on June 30, the statement added. (Reporting by Hadeel Al Sayegh; Editing by David French)
The company expects to eliminate 1.2 billion tons carbon dioxide equivalent of methane emissions by the end of the decade. The company says that it already reduced its methane emissions by around 14% between 2018 and 2020.
The “first-of-its-kind” pilot project will develop and demonstrate an affordable modular bioprocessing system to produce biodegradable bioplastics from food waste diverted from landfills. The three-year grant will test the scalability and feasibility of the conversion on a national and global scale.
Arkeon is allying with specialty mineral giant ICL to support the scaling of its fermentation bioprocess that converts CO2 into the 20 proteinogenic essential amino acids needed in human nutrition. The process, hailed as carbon negative, is based on the use of archaea, a group of microorganisms that naturally feeds off the greenhouse gas.
