CarbonMeta Technologies Inc. announced that it has won an SAR 850,000 (USD 220,000) sole source contract with Saudi Investment Recycling Company (SIRC) to develop and commercialize a carbon-negative concrete made from industrial, construction demolition waste and mining waste, and thereby provide sustainable, eco-friendly products for strategic construction projects in the Kingdom of Saudi Arabia (KSA). SIRC, a wholly owned subsidiary of the Saudi Public Investment Fund (PIF) of Saudi Arabia plans to attract over $13 billion in foreign direct investment and contribute over $30 billion to Saudi GDP by 2035, by investing in key technologies that can reduce CO2 emissions, recycle solid waste, and promote a circular economy in Saudi Arabia. CarbonMeta will launch its pilot plant in March 2024, and expects to trial carbon-negative bricks, street furniture, and road barriers made from the carbon-negative concrete mix.

CarbonMeta and SIRC signed a Research & Development (R&D) and Commercial Collaboration Agreement in September 2023, and CarbonMeta plans to partner with: key suppliers of construction, industrial, and mining waste materials. a Riyadh-based factory to manufacture bricks from the carbon-negative concrete mix. a concrete furniture manufacturer to produce at least four different street furniture models using the carbon-negative concrete mix.

In August 2023, CarbonMeta Technologies Limited was registered in Saudi Arabia. Based in Riyadh, Saudi Arabia, the company is a wholly owned subsidiary of CarbonMeta Technologies, Inc. in the United States. Mr. Khalil is Vice President of Business Development at CarbonMeta Technologies, Inc. and is also the Managing Director of CarbonMeta Technologies Limited.