(AGENPARL) – mer 18 ottobre 2023 PRESS RELEASE
UAE MINISTRY OF ECONOMY CHOOSES INTESA SANPAOLO GROUP
FOR TRANSITION TO CIRCULAR ECONOMY
? Strategic Master Agreement between Intesa Sanpaolo, Intesa
Sanpaolo Innovation Center and United Arab Emirates Ministry of
Economy  to promote the adoption of circular economy principles
and the design of a circular ecosystem in the country.
? His Excellency Abdulla Bin Touq Al Marri: “The signing of the
strategic master agreement with Intesa Sanpaolo marks a key
milestone in the UAE’s circular economic transition.”
? Mauro Micillo: “We are proud to partner with the United Arab
Emirates in the journey towards the transition to a circular economy,
leveraging our distinctive expertise.”
? Paolo Maria Vittorio Grandi: “Being chosen by the UAE Ministry of
Economy is an honour for us and encourages us to continue down
the path we have taken, by providing institutions, companies of all
sizes and start-ups with the best tools to fully understand and
embrace the circular revolution.”
Abu Dhabi/Dubai – Milan/Turin, 18 October 2023 – Intesa Sanpaolo and Intesa
Sanpaolo Innovation Center, the Group’s company dedicated to cutting-edge
innovation and the spread of the circular economy, have signed a Strategic Master
Agreement with the United Arab Emirates (UAE) Ministry of Economy to promote
the adoption of circular economy principles and the design of a circular ecosystem in
the country.
The framework agreement was signed by the  UAE Minister of Economy, His
Excellency Abdulla Bin Touq Al Marri, the Chief of Intesa Sanpaolo’s IMI
Corporate & Investment Banking Division, Mauro Micillo, and the Deputy
Chairman of Intesa Sanpaolo Innovation Center, Paolo Maria Vittorio Grandi.
The UAE has chosen the Intesa Sanpaolo Group as its partner for the transition to the
circular economy because of the Group’s proven capabilities in supporting both circular
start-ups and mature companies operating in the Middle East that have decided to begin
the journey towards the new economic model.
Intesa Sanpaolo – through its branches in Dubai and Abu Dhabi – and Intesa Sanpaolo
Innovation Center – through the instruments at its disposal – are committed to
collaborating with the UAE Ministry of Economy in jointly designing and launching
policies to encourage the adoption of circular practices, promoting consistent innovative
business models and developing an ecosystem that involves institutions, universities,
research centres, companies and start-ups.
The first phase of the project, which will involve environmental mapping, with the
identification of the country’s potential and stakeholders, will also benefit from the
participation of Cariplo Factory, co-founder with Intesa Sanpaolo Innovation Center
of the Milan-based Circular Economy Lab (CE Lab).
The next steps will entail increasing collaboration between the Intesa Sanpaolo Group
and the UAE’s Circular Economy Council, a body set up by the UAE government to
better coordinate transition policies, in view of the potential development of a project to
set up a Circular Economy Laboratory in the UAE to promote circular models within
the local ecosystem.
Intesa Sanpaolo will support the structuring and financing of local circular economy
projects by drawing on the €8 billion in circular financing envisaged in the 2022-2025
Business Plan. Intesa Sanpaolo Innovation Center will provide the advice of its CE
Lab, its acceleration programmes for start-ups and support from the venture capital
funds of its subsidiary Neva SGR.
“The UAE government recognizes the importance of transitioning to a circular economy
model to underpin comprehensive sustainable 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 in
achieving our circular economic goals on the ground. The signing of the strategic
master agreement with Intesa Sanpaolo marks a key milestone in this regard, which will
contribute to enhancing the UAE’s competitiveness as one of the leading circular
economies regionally and globally,” commented H.E. Abdulla Bin Touq Al Marry,
UAE Minister of Economy.
“We are proud to partner with the UAE in the journey towards the transition to a
circular economy, leveraging our distinctive expertise,” commented Mauro Micillo,
Chief of IMI Corporate & Investment Banking Division of Intesa Sanpaolo. “Our
branches in Dubai and Abu Dhabi and Intesa Sanpaolo Innovation Center have long
been working to serve companies and start-ups, which in the UAE can enjoy access to
international capital and ideal conditions to grow, particularly in the circular
economy.”
“Our Circular Economy Team has already been collaborating with the UAE
government since 2018, having implemented initiatives to support the spread of the
circular economy model in the Middle East,” commented Paolo Maria Vittorio
Grandi, Deputy Chairman of Intesa Sanpaolo Innovation Center. “Being chosen by
the UAE Ministry of Economy for important consultancy on the circular economy is an
honour us and encourages us to continue down the path we have taken, by providing
institutions, companies of all sizes and start-ups with the best tools to fully understand
and embrace the circular revolution.”
Intesa Sanpaolo
Intesa Sanpaolo is Italy’s leading banking group – serving families, businesses and the real economy – with a significant
international presence. Intesa Sanpaolo’s distinctive business model makes it a European leader in Wealth Management,
Protection & Advisory, highly focused on digital and fintech, in particular with Isybank, the Group’s digital bank. An efficient
and resilient Bank, it benefits from its wholly-owned product factories in asset management and insurance. The Group’s strong
ESG commitment includes providing €115 billion in impact lending by 2025 to communities and for the green transition, and
€500 million in contributions to support people most in need, positioning Intesa Sanpaolo as a world leader in terms of social
impact. Intesa Sanpaolo is committed to Net Zero by 2030 for its own emissions and by 2050 for its loan and investment
portfolios. An engaged patron of Italian culture, Intesa Sanpaolo has created its own network of museums, the Gallerie d’Italia,
to host the bank’s artistic heritage and as a venue for prestigious cultural projects.