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."

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Intesa Sanpaolo

Corporate & Investment Banking and Governance Areas

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