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Oumolat Security Printing (Oumolat), a wholly-owned subsidiary of the Central Bank of the UAE (CBUAE), has entered into a strategic partnership with SICPA SA (SICPA) to print enhanced tax stamps and track activities through the integration of advanced technologies.
Commemorated through a signing ceremony at the CBUAE’s head office in the presence of His Excellency Khaled Mohamed Balama, Governor of CBUAE, and His Excellency Arthur Mattli, the Ambassador of Switzerland to the UAE and Bahrain, the agreement was signed by Saif Al Dhaheri, Assistant Governor for Strategy, Financial Infrastructure, and Digital Transformation at CBUAE and Chairman of Oumolat, and Philippe Amon, Chairman and CEO of SICPA.
The agreement aims to bolster the existing collaboration between Oumolat and SICPA, from the enhancement of banknote features to the provision of high-security printing solutions.
As part of the agreement, the two will establish a joint venture (JV) under the name "O&S Security Solutions" to be incorporated in the United Arab Emirates. The JV combines Oumolat’s ultra-modern and fully integrated security and protection systems with SICPA’s high security inks, authentication, and traceability systems, in compliance with international regulations. O&S Security Solutions will produce and supply enhanced tax stamps in addition to solutions that safeguard tax collection services among others locally and globally.
Saif Al Dhaheri, Assistant Governor for Strategy, Financial Infrastructure, and Digital Transformation at CBUAE and Chairman of Oumolat, said: “Our partnership with SICPA SA is part of Oumolat’s ambitious strategy to enhance and diversify its services and provide its customers with secure printing solutions underpinned by the latest security technology. We will continue to work with security printing partners as we look to offer leading solutions that meet the evolving needs of the domestic and international markets.”
Philippe Amon, Chairman and CEO of SICPA, said: “We are delighted to enter into this new strategic partnership with Oumolat, the leading security printing company in the Middle East. This project marks a new milestone in our century-long evolution in supporting governments globally. This partnership is a further step to achieve SICPA's mission of "Enabling Trust".”
Wasim Al Mraqtan, Vice President of SICPA for the Middle East Region, added: "This partnership opens the door to a promising future of cooperation between Oumolat and SICPA SA, which will benefit the UAE market and wider global market.”
A longstanding, trusted partner to central banks around the world, SICPA has extensive expertise and capacities in material security and state-of-the-art digital security innovations to further protect public and private persons’ interactions with tools and safeguard consumers against fakes.
For more information about Oumolat and its products, visit http://www.oumolat.com
For more about SICPA and its solutions for governments and central banks, visit https://www.sicpa.com/
Oumolat is the first high-security printing company in the Middle East. It was founded in 2016 and designed to print banknotes for the UAE as well as export. From 2020, Central Bank-owned Oumolat was involved in supporting CBUAE in introducing the new banknote series on polymer and printing the six denominations on polymer substrate, of which four are issued in circulation, the remaining following soon. Following a collaboration with SICPA, the highest denominations of the new series will have the ink feature Spark Flow® of SICPA, making the UAE banknotes one of the first with that feature and Oumolat one of the first printers using that feature.
Oumolat is located in the KEZAD industrial area in Abu Dhabi, close to Khalifa Port. Oumolat is an independent printer working together with suppliers of features and all substrate types to provide customers with banknotes of the highest flexibility and quality.
Oumolat is dedicated to forming partnerships with customers and technology partners in banknote printing and related business fields to utilise the business potential of UAE, leverage on government support and make use of the state-of-the-art factory in Abu Dhabi.
Market leader in security inks for banknotes and leading provider of secured authentication, identification, traceability and supply chain solutions, SICPA is a long-trusted partner to governments, central banks, high security printers and the industry. Every day, governments, companies and millions of citizens rely on its expertise, which combines material-based covert features and digital technologies, to protect the integrity and value of their currency, personal identity, value documents, e-government services, as well as products and brands. True to its purpose of enabling trust through constant innovation, SICPA aims to further an Economy of Trust worldwide, where transactions, interactions and products across the physical and digital worlds are based on protected, unforgeable and verifiable data.
Founded in Lausanne in 1927, headquartered in Switzerland and operating on five continents, SICPA employs about 3000 people. www.sicpa.com