The Central Bank of the UAE (CBUAE) has formalised a Memorandum of Understanding with Sharjah-based sustainability and innovation group BEEAH to strengthen collaboration on recycling shredded banknotes, advancing the UAE’s circular economy initiatives and supporting national sustainable development goals.
The MoU was signed by Mohammed bin Kuwair, Head of Corporate Services at the CBUAE, and Ali Al Mheiri, Senior Manager of Business Relations – Environment at BEEAH, in the presence of senior representatives from both organisations.
The ceremony was witnessed by Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at the CBUAE, and Fahad Ali Shehail, Chief Executive Officer – Environment at BEEAH.
Under the terms of the agreement, both organisations will work together on the processing and recycling of shredded banknotes in compliance with local and international regulations.
The collaboration will follow best practices in waste management, promote transparency, and ensure the highest standards of safety and security.
Commenting on the partnership, Al Dhaheri said: “This MoU reinforces the CBUAE’s commitment to translating the vision of our leadership and the UAE’s strategic directions into tangible action by promoting circular economy principles. It also demonstrates our dedication to implementing the highest environmental sustainability standards across financial and banking operations, including the management of shredded banknotes.”
He added that the collaboration with BEEAH “provides a model for effective integration between federal and local institutions, contributing to the achievement of sustainable development objectives.”
Fahad Ali Shehail described the agreement as a landmark for BEEAH, stating: “We are honoured to partner with the CBUAE to deliver specialised waste management solutions.
This collaboration represents another step in BEEAH’s mission to provide customised services, integrate waste streams into the circular economy, and advance our zero-waste-to-landfill objectives.”
He concluded: “We thank the CBUAE for taking this forward-looking step, which aligns closely with the UAE’s vision for sustainability and circularity.”
