Memorandum of understanding between the Central Bank and"environment" To promote the circular economy
ABU DHABI, 29 JANUARY / WAM / The Central Bank of the United Arab Emirates and Bee’ah Group signed a memorandum of understanding aimed at strengthening cooperation relations and developing innovative solutions for recycling damaged banknotes, which contributes to supporting circular economy policies, preserving environmental resources, and achieving sustainable development goals.
The signing of the memorandum of understanding was witnessed by His Excellency Saif Humaid Al Dhaheri, Assistant Governor for the Banking Operations and Support Services Sector, and Fahad Ali Shuhail, CEO – Sustainability at Bee’ah, and it was signed by Mohammed Abdullah Bin Kuwir, Head of Corporate Services at the Central Bank, and Ali Salem Al Muhairi, Senior Director of Commercial Relations – Sustainability at Bee’ah, in the presence of a number of senior officials from both sides.
Under the memorandum, the two sides will cooperate in the field of processing and recycling damaged banknotes, in accordance with local and international regulatory requirements, while adhering to best practices in managing the recycling process, enhancing transparency, and security and safety standards.
Al Dhaheri stressed that the memorandum confirms the UAE Central Bank’s commitment to translating the vision of the wise leadership and the state’s directions into practical initiatives that promote the principles of the circular economy. It also reflects its keenness to adopt the best environmental sustainability standards in financial and banking operations, including the management of damaged banknotes.
He said that cooperation with Bee’ah constitutes a pioneering model of institutional integration between federal and local agencies, which contributes to supporting the achievement of sustainable development goals.
For his part, Fahd Ali Shuhail said, “We are proud to conclude this partnership with the Central Bank of the Emirates to provide specialized solutions in waste management, in a step that reflects a new progress within Bee’ah’s journey that aims to provide customized services to its partners, and enhance the transfer of waste and integrate it within the circular economy system, in a way that contributes to completely diverting waste away from landfills. He praised the proactive initiative by the Central Bank, which embodies its commitment to the vision of the UAE.” Aiming to consolidate sustainability and promote the principles of the circular economy.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and
