Intesa Sanpaolo and Intesa Sanpaolo Innovation Center alongside the United Arab Emirates for the transition towards the Circular Economy
Strategic Master Agreement between the Group and the Ministry of Economy of the United Arab Emirates to promote the adoption of the principles of the circular economy and the design of a circular ecosystem in the country
Intesa Sanpaolo (IMI Corporate & Investment Banking) and Intesa Sanpaolo Innovation Center have signed a Strategic Master Agreement with the Ministry of Economy of the United Arab Emirates in order to promote the principles of the circular economy and the creation of a circular ecosystem in the country.
The agreement was signed by the Minister of Economy of the United Arab Emirates, His Excellency Abdulla Bin Touq Al Marry, by the Chief of the IMI Corporate & Investment Banking Division of Intesa Sanpaolo, Mauro Micillo, and by the Vice President of Intesa Sanpaolo Innovation Center, Paolo Maria Vittorio Grandi.
The UAE has chosen the Intesa Sanpaolo Group as a partner for the transition to the circular economy for the capabilities demonstrated in supporting both circular start-ups and already mature companies operating in the Middle East and has decided to embark on a path towards the new model economic-productive.
The IMI Corporate & Investment Banking Division - through the branches in Dubai and Abu Dhabi - and Intesa Sanpaolo Innovation Center - through its professional know-how - are committed to collaborating with the UAE Ministry of Economy in the joint planning and launch of policies aimed at encouraging the adoption of circular practices, in the promotion of coherent innovative business models and in the development of an ecosystem involving institutions, universities, research centers, companies and start-ups.
A long-term project in which the CE Lab is already involved for the first analysis phase
The first part of the project, which will concern 'environmental mapping' with the identification of the potential of the country and the subjects involved, will also be able to count on the participation of Cariplo Factory, co-founder together with the Innovation Center of the Circular Economy Lab.
The subsequent phases will see growing collaboration between the Intesa Sanpaolo Group and the Circular Economy Council of the UAE, a body which the Emirates Government has set up to better coordinate policies towards the transition, also in anticipation of a potential development of the project which aims to create a Circular Economy Laboratory in the UAE, which will have the aim of promoting circular models within the local ecosystem.
Intesa Sanpaolo will encourage the structuring and financing of local circular economy projects by leveraging the 8 billion EUR allocation to circular finance as outlined in the Action Plan 2022-2025. Intesa Sanpaolo Innovation Center will make available the consultancy of the CE Lab, its acceleration paths for start-ups and the support of the venture capital funds of the subsidiary Neva SGR.
“The UAE Government recognizes the importance of transitioning towards a circular economy model to support sustainable and comprehensive economic development, based on the vision and directives of its wise leadership. We seek to leverage the potential of partnerships with the private sector, stakeholders and leading global companies to achieve our circular economic goals on the ground. The signing of the strategic framework agreement with Intesa Sanpaolo marks a fundamental stage in this sense, which will contribute to strengthening the competitiveness of the United Arab Emirates as one of the main circular economies at a regional and global level” – declares the Minister of Economy of the United Arab Emirates United, His Excellency Abdulla Bin Touq Al Marry
“Our Circular Economy Team has been collaborating with the Emirates Government since 2018, having created initiatives to support the diffusion of the circular economic-productive model in the Middle East and North Africa” – states Paolo Maria Vittorio Grandi, Vice President of Intesa Sanpaolo Innovation Center. “Being chosen by the UAE Ministry of Economy for an important consultancy on the circular economy honors us and encourages us to continue in the direction undertaken, providing institutions, companies of all sizes and start-ups with the best tools to understand and fully embrace the circular revolution”.