The Central Bank of the UAE (CBUAE) has signed a Memorandum of Understanding with Sharjah-based sustainability and innovation group BEEAH to enhance cooperation on recycling shredded banknotes, supporting the UAE’s circular economy agenda and sustainable development goals.

The agreement 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 officials from both organisations. 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, witnessed the ceremony.

Under the MoU, the two organisations will collaborate on the processing and recycling of shredded banknotes in line with local and international regulations, adhering to best practices in waste management, enhancing transparency, and maintaining the highest standards of safety and security.

Commenting on the agreement, Al Dhaheri said: “The MoU reaffirms the CBUAE’s commitment to translating the vision of our wise leadership and the UAE’s directions into action by strengthening the principles of the circular economy. It also reflects our keenness to adopt the highest environmental sustainability standards across financial and banking operations, including the management of shredded banknotes.”

He added that cooperation with BEEAH “serves as a model for effective institutional integration between federal and local entities, supporting the achievement of sustainable development objectives.”

Shehail described the partnership as a milestone for BEEAH, saying, “We are proud to enter into a partnership with the CBUAE to provide specialised waste management solutions. This collaboration represents another step in BEEAH’s mission to deliver tailored services to our partners, transform and integrate waste streams into the circular economy, and support our zero-waste-to-landfill ambitions.”

He added: “We thank the CBUAE for taking this future-forward step, aligning with the UAE’s vision for sustainability and circularity.”