MILAN, Jan. 23 (Class Editori) - The agreement signed by Intesa SanPaolo with the United Arab Emirates Ministry of Economy aims at sustainability. The three-year Memorandum of Understanding is indeed aimed at promoting cooperation in the sectors of innovation, SMEs and the circular economy.
The agreement was signed in Dubai by Mohammed Bin Abdulaziz Al Shihhi, Undersecretary for Economic Affairs together with Guido de Vecchi, General Manager of Intesa Sanpaolo Innovation Center and Christophe Hamonet, head of the Dubai Hub of the Corporate & Investment Banking Division.
The aim is to encourage private sectors, SMEs and start-ups to develop new business initiatives through joint ventures and to make investments in innovative technologies for the circular economy, promoting entrepreneurship, trade and international cooperation. Thanks to the relationship between the United Arab Emirates and the Bank, the parties are confident that it will be possible to generate new investment opportunities in these areas and on a large scale.
The circular economy principles that will be applied by the Memorandum of Understanding will cover issues such as waste treatment, pollution, the reuse of products and materials and the regeneration of natural resources.
Start-ups with high potential will be identified, to promote their growth and development, through the services and skills of the Intesa Sanpaolo Group and its subsidiary, Intesa Sanpaolo Innovation Center, which will encourage the connection between companies, accelerators and investors.
The projects will be identified on the basis of an agreed action plan and will be financed through the credit ceiling of up to € 5 billion launched by the bank for the period 2018-2021, with the commitment to pursue innovative objectives inspired by the circular economy principles.
"Here in the Emirates we have already brought numerous start-ups and companies that have had the opportunity to meet, in a highly innovative and dynamic ecosystem, large investors, global high tech leaders, possible partners and future customers", stated de Vecchi.
This is also in view of the upcoming Expo 2020 in Dubai which has sustainability as one of its main themes. The event will open this October and is expected to attract over 25 million visitors.
(Source:Class Editori)
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