The Central Bank of the UAE (CBUAE) has announced a strategic partnership with Sharjah-based sustainability and innovation leader, BEEAH, signing a Memorandum of Understanding (MoU) to develop innovative solutions for recycling shredded banknotes. This collaboration aims to bolster the nation’s circular economy policies and contribute to the UAE’s sustainable development objectives.
The agreement was formalized in a ceremony attended by senior officials from both organizations, including Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at CBUAE, and Fahad Ali Shehail, Chief Executive Officer – Environment at BEEAH.
A Strategic Partnership for Sustainability
Under the MoU, CBUAE and BEEAH will collaborate to process and recycle shredded currency in line with local and international regulatory standards. The partnership emphasizes adherence to best practices in waste management, ensuring the highest levels of transparency, security, and safety throughout the process.
This initiative represents a significant step in integrating sustainable practices into the country’s financial operations, transforming a unique waste stream into a resource for the circular economy and supporting the UAE’s zero-waste-to-landfill ambitions.
Leadership Perspectives on a Greener Future
Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at CBUAE, commented on the agreement, stating, “The MoU reaffirms the CBUAE’s commitment to translating the vision of our wise leadership and the UAE’s directions into action by strengthening the principles of the circular economy. It also reflects our keenness to adopt the highest environmental sustainability standards across financial and banking operations, including the management of shredded banknotes.”
Fahad Shehail, Chief Executive Officer – Environment at BEEAH, added, “We are proud to enter into a partnership with the CBUAE to provide specialised waste management solutions. This collaboration represents another milestone in BEEAH’s ambitions to continue delivering tailored services to our partners, transforming and integrating waste streams into the circular economy and supporting zero-waste-to-landfill ambitions. We thank the CBUAE for taking this future-forward step, aligning with the UAE’s vision for sustainability and circularity.”
About BEEAH
BEEAH is an international holding group and a pioneer for sustainability in the Middle East. Founded in 2007, the company has evolved from a company that specializes in waste management to a diversified group that champions sustainability and digitalization across various industries. BEEAH operates across waste management, renewable energy, technology, environmental consulting, and green mobility, driving the vision for a smart, sustainable future in the MENA region and beyond.
Source: Zawya
