The Mohammed bin Rashid Innovation Fund (MBRIF), a federal initiative launched by the UAE’s Ministry of Finance to support nationwide innovation, has assured AED 2.5 million, as part of its guarantee scheme, in funding support to the UAE-based AVANI Eco Middle East – a 100% sustainable disposable packaging solutions and compostable plastic alternatives provider – as part of its guarantee scheme.
This comes in light of the Environment Agency – Abu Dhabi (EAD) putting up statistics that 11 billion plastic bags are being used each year in the UAE, roughly three times the global average.
The initiative seeks to harness the latest innovations in technology to find effective solutions that contribute to addressing the global environmental crisis caused by plastic waste pollution. This financing comes within the framework of the fund’s guarantee plan programme providing financing solutions to help innovative projects grow and develop their businesses.
Established in the year 2014, AVANI Eco Middle East offers a game-changing compostable bioplastic made from cassava starch along with a wide range of sustainable food packaging and hospitality products made from renewable sources. From its headquarters in Dubai Science Park, AVANI Eco intends to use this funding, secured with MBRIF’s guarantee, to localise all of its manufacturing operations and further its R&D efforts.
The Ministry of Finance states that as part of its commitment to the UN’s Sustainable Development Goals (SDGs), the UAE government wants to ensure an overall achievement by preserving the environment while at the same time maintaining a perfect balance between economic and social developments.
“We see clear synergies in this and the vision set out by AVANI Eco Middle East in their quest to help eliminate the scourge of plastic waste and its devastating impact on the world around us. Also in line with our vision of 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’s continued leadership in developing and implementing the latest, cutting-edge sustainable solutions,” says the ministry.
Dubai-based AVANI Eco Middle East manufactures environmentally-friendly products such as bags, cutlery, cups, packaging supplies, and drinking straws that are 100% biodegradable and completely free of plastic, using advanced technology and plant-based renewable resources.
CEO of AVANI Eco Middle East Peter Avram says, “We are delighted to receive MBRIF’s support as we look to build on the success attained since our formation to save our planet from this plastic plague. We are fully committed in delivering the most economical and top-notch eco-friendly products from our base here in the UAE.”