Dubai, UAE - October 24, 2022: The Mohammed Bin Rashid Innovation Fund [MBRIF], an initiative launched by UAE Ministry of Finance to support nationwide innovation, today announced it has guaranteed AED 2.5 million in funding support to Avani Eco Middle East, as part of its Guarantee Scheme.
Avani Eco Middle East is a UAE-based company which uses technology as a solution to combat the global epidemic of plastic pollution. It provides a game-changing compostable bioplastic made from cassava starch as well as a full range of sustainable food packaging and hospitality products made from renewable resources. From its headquarters in Dubai Science Park, Avani Eco will use the funds secured with MBRIF’s guarantee, to localize its manufacturing in the UAE and further its research and development.
Commenting on the announcement, a statement from the Ministry of Finance said: “As part of its commitment to the Sustainable Development Goals, the UAE Government wants to ensure sustainable development while preserving the environment, and to achieve a perfect balance between economic and social development. We see clear synergies in this and the vision set out by Avani Eco Middle East in their quest to remove the scourge of discarded plastics and the devastating impact this can have on the world around us.
“In line with our vision at MBRIF to nurture nationwide innovation, we envisage that our support to Avani Eco will contribute to the protection of our environment, while ensuring the UAE continues to lead the way when it comes to developing and implementing the very latest, cutting-edge sustainable solutions.”
Founded in 2014, Avani Eco produces 100% biodegradable eco-friendly products (zero plastic), such as bags, cutlery, cups, packaging and straws. Using groundbreaking technology, they replace otherwise disposable plastic products, which take hundreds and even thousands of years to be decomposed naturally, by using renewable resources made from plants.
Peter Avram, CEO of Avani Eco Middle East, said: “We are delighted to receive this support from MBRIF as we look to build on the incredible success we have attained since our formation to save our planet from this plastic plague. We are fully committed to delivering the most economical and best-in-class eco-friendly products from our base here in the UAE.”
In June, the Environment Agency - Abu Dhabi (EAD) brought in a ban on single-use plastic bags across the Emirate, based on its integrated single-use plastic policy that was introduced in 2020; while in Dubai, the Executive Council confirmed that a charge of 25 fils would be applicable for single-use plastic bags from July 1 2022. According to statistics from the EAD, 11 billion plastic bags are used in the UAE each year, roughly three times the global average.
Over the years, MBRIF’s Guarantee Scheme has played a key role in facilitating innovators with unique access to affordable debt finance without giving up equity.
For more information about The Mohammed Bin Rashid Innovation Fund, please visit: mbrif
For more information about Avani Eco, please visit: avani