Intesa Sanpaolo partners with the United Arab Emirates in the circular economy

The United Arab Emirates has chosen the Intesa Sanpaolo Group as a partner for the country's transition to a circular economy: Intesa Sanpaolo and Intesa Sanpaolo Innovation Center have thus signed a Strategic Master Agreement with the Ministry of Economy of the United Arab Emirates (UAE).

In particular, the Dubai and Abu Dhabi branches and Intesa Sanpaolo Innovation Centre are committed to working with the UAE Ministry of Economy on:

• joint design and launch of policies to encourage the adoption of circular practices
• promotion of coherent innovative business models
• development of an ecosystem involving institutions, universities, research centres, companies and start-ups

The first phase of the project will involve "environmental mapping" to identify the country's potential and actors that can be involved: it will also count on the participation of Cariplo Factory, co-founder together with Intesa Sanpaolo Innovation Center of the Milan-based Circular Economy Lab (CE Lab).

The next steps will feature growing collaboration with the UAE's Circular Economy Council – a part of the Emirates' government – to set up a Circular Economy Laboratory to promote circular models within the local ecosystem.

Intesa Sanpaolo will support the structuring and financing of local circular economy projects, drawing on the €8 billion in circular credit provided for in the 2022-2025 Business Plan.

Intesa Sanpaolo Innovation Center, which with its Circular Economy Team has been collaborating with the Emirates government since 2018, will also provide access to the advice of the CE Lab, its acceleration processes for start-ups and the support of the venture capital funds of its subsidiary Neva SGR.

The United Arab Emirates chose the Intesa Sanpaolo Group as its partner for the transition to the circular economy because of the Group's distinctive experience in supporting both circular start-ups and mature companies operating in the Middle East that decided to pursue a new economic model.