Middle-East-based Averda is investing €15 million in Irish group the City Bin Co in a move that will create 35 new jobs.

Galway-based City Bin Co announced that Averda, a waste management business with operations across the Middle East, was investing €15 million to take a majority stake in the Irish company.

The move will result in an expansion of City Bin Co’s operations, and as a result it plans to hire 35 new staff.

The deal is Averda’s first foray outside the Middle East. Over the longer term it plans to expand into Europe using the Republic as a base.

Averda has operations in Lebanon, Morocco, Oman, Qatar, Saudi Arabia, the United Arab Emirates and others.

The group serves domestic, commercial and industrial markets, and says it has around 7.5 million customers.

Chief executive Gene Brown founded the City Bin Co in 1997. The group has operations in Dublin and Galway, and serves household, industrial and commercial users.

Mr Brown said yesterday that the Averda investment would result in a 50 per cent growth in job numbers at the company.

He added that the deal was a sign of international confidence in the business which has “ambitious” expansion plans for the future.

Averda chief executive Malek Sukkar said that the Irish company had an “excellent” reputation in the global industry.

“We look forward to rolling their business model out in Ireland and elsewhere.”

Rising costs and falling demand have hit the waste business hard recently.

The biggest player in the Republic’s market, Greenstar, was placed in receivership in August, but is continuing to trade.

Last April Limerick-based Mr Binman was sold out of receivership to a consortium led by Brian Dillon, owner of rival Dillon Waste and Recycling.

As an unlimited company since 2008, the City Bin Co does not have to file accounts of its annual financial performance with the Companies Office.