In view of the forthcoming Expo 2020 in Dubai, which sees sustainability among the main themes, Intesa Sanpaolo and the Ministry of Economy of the United Arab Emirates (UAE) have signed a Memorandum of Understanding lasting three years, to foster cooperation in the sectors of innovation, SMEs and the circular economy.
The main objective is to encourage private sectors, SMEs and startups to develop new business ideas, through joint ventures and, at the same time, to make investments in innovative technologies for the circular economy, so as to promote entrepreneurship, trade, but above all international cooperation.
In particular, the initiatives envisaged in the Memorandum will be aimed at supporting the transformation of the UAE ecosystem towards the circular economy, through various measures, starting from highlighting the economic and environmental benefits compared to the linear system. Furthermore, the parties will encourage the development of new innovation hubs in order to accelerate the transformation of Emirati businesses and Italian manufacturing systems.
The first step will be to identify startups with high potential, to promote growth and development, through the services and skills of the Intesa Sanpaolo Group, which will foster the connection between companies and investors. The most suitable projects will be identified through an agreed analysis and will be financed through the ceiling up to 5 billion euro, promoted by the Bank, for the entire period 2018-2021, with the commitment to pursue innovative objectives inspired by the principles of the circular model.
The parties involved believe that from this new collaboration it will be possible to generate new investment opportunities, on a large scale. The circular economy principles, which will be applied by the memorandum of understanding, will concern sensitive issues for our country, such as the waste treatment, pollution, the reuse of products and materials and the regeneration of natural resources.
The agreement, which was signed a few days ago in Dubai, features the Undersecretary for Economic Affairs of the UAE Ministry of Economy, Mohammed Bin Abdulaziz Al Shihhi, the General Manager of Intesa Sanpaolo Innovation Center, Guido de Vecchi and finally, the Head of the Dubai Hub of the Corporate & Investment Banking Division, Christophe Hamonet.
A great opportunity, according to Guido de Vecchi: "From today we are further strengthening cooperation with local institutions with the aim of supporting them in the transition to the circular economy, while at the same time promoting collaboration with highly innovative Italian excellence in the sector" .
