Circular Economy UAE: CBUAE And BEEAH Sign MoU To Recycle Shredded Banknotes

The Central Bank of the UAE and BEEAH have agreed a new Memorandum of Understanding to recycle shredded banknotes, supporting the UAE’s circular economy agenda. The partnership aims to turn currency waste into usable material while aligning with national sustainability and resource conservation objectives.

Under the agreement, both organisations will work together on processing shredded banknotes using approved recycling methods. The initiative is designed to comply with UAE and international regulations, apply recognised waste management standards, and maintain strict security controls during handling, transport, and treatment of currency residues.

The collaboration focuses on integrating shredded banknotes into circular economy streams rather than disposal. This supports wider environmental policies in the UAE, reduces pressure on landfills, and helps financial sector operations reflect national climate and sustainability strategies in a practical, operational way.

On this occasion, Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at CBUAE, stated, "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. Our cooperating with BEEAH serves as a model for effective institutional integration between federal and local entities, supporting the achievement of sustainable development objectives."

Fahad Shehail, Chief Executive Officer - Environment at BEEAH, added, "We are proud to enter into a partnership with the CBUAE to provide specialised waste management solutions. This collaboration represents another milestone in BEEAH’s ambitions to continue delivering tailored services to our partners, transforming and integrating waste streams into the circular economy and supporting zero-waste-to-landfill ambitions. We thank the CBUAE for taking this future-forward step, aligning with the UAE’s vision for sustainability and circularity."

The MoU also aims to enhance transparency in the complete lifecycle of banknote disposal. Processes will be designed to document volumes, destinations, and recycling methods. Both sides intend to keep safety and confidentiality at the centre of all stages, reflecting the sensitive nature of currency materials.

Key representatives of both institutions attended the signing ceremony. The MoU was signed by Mohammed bin Kuwair, Head of Corporate Services at CBUAE, and Ali Al Mheiri, Senior Manager of Business Relations- Environment at BEEAH. Senior officials from the Central Bank and BEEAH were present as witnesses.

During the event, oversight of the agreement was provided by senior leaders. Saif Humaid Al Dhaheri attended on behalf of the CBUAE as Assistant Governor for Banking Operations and Support Services, while BEEAH was represented by Chief Executive Officer – Environment, Fahad Ali Shehail, highlighting the strategic importance of the partnership.

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The cooperation between the Central Bank of the UAE and BEEAH establishes a structured approach to managing shredded banknotes within the UAE. By combining regulatory oversight, environmental expertise and clear procedures, the agreement supports national circular economy goals while integrating sustainability into core financial operations.

With inputs from WAM