The Central Bank of the UAE has partnered with the “Bee’ah” Group by signing a memorandum of understanding that aims to strengthen collaborative efforts and develop innovative solutions for recycling damaged banknotes. This initiative is designed to support circular economy policies, safeguard environmental resources, and achieve sustainable development goals.
The signing ceremony was attended by Saif Hamid Al Dhaheri, the Assistant Governor for Banking Operations and Support Services, and Fahad Ali Shaheel, the CEO of Sustainability at Bee’ah. The agreement was formalized by Mohammed Abdullah Bin Kweir, the Head of Institutional Services at the Central Bank, and Ali Salem Al Mehairi, Senior Manager of Commercial Relations for Sustainability at Bee’ah, along with several senior officials from both entities.
Under this agreement, both parties will collaborate on the processing and recycling of damaged banknotes in line with local and international regulatory requirements, adhering to best practices in recycling management while enhancing transparency, security, and safety standards.
Al Dhaheri emphasized that this memorandum underscores the Central Bank’s commitment to translating the vision of the UAE’s leadership and national directives into actionable initiatives that bolster the principles of a circular economy. It also signifies the bank’s dedication to adopting top environmental sustainability standards in financial and banking operations, including the management of damaged banknotes.
Fahad Ali Shaheel remarked that the partnership with the Central Bank showcases a pioneering model of institutional integration between federal and local agencies, contributing to the achievement of sustainable development goals.
He added that this collaboration reflects Bee’ah’s mission to offer specialized waste management solutions, marking a significant step in the organization’s journey to deliver tailored services to its partners and furthering the integration of waste within the circular economy, aiming to eliminate waste directed towards landfills. Shaheel praised the Central Bank’s proactive initiative, which embodies its commitment to the UAE’s vision for sustainability and the advancement of circular economy principles.