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IHC sets up subsidiary to launch Rebound Plastic Exchange

IHC sets up subsidiary to launch Rebound Plastic Exchange
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Abu Dhabi – Mubasher: International Holding Company (IHC) has established a new subsidiary, dubbed Rebound Ltd, to launch Rebound Plastic Exchange as an innovative solution that aims to reduce the world’s plastic pollution.

Rebound Plastic Exchange will be a global quality-assured trading platform focused on plastic feedstock, allowing both buyers and sellers to trade recycled plastic with trust and confidence, according to a bourse disclosure.

The exchange, which is expected to open for trading in mid-2022, will unlock a global business opportunity amounting to AED 56 billion. It will introduce globally recognised standards, certification, insurance, in addition to quality assurance into the supply chain.

The new trading platform would boost the efficiency of recycling plastic at scale while offering economic opportunities.

IHC’s CEO and Managing Director, Syed Basar Shueb, said: "This is a breakthrough concept coming from the UAE to the world with significant potential.”

He added: “We are confident our investment in Rebound Plastic Exchange will be another successful business for IHC, and we are evaluating wide-scale deployment, in other locations around the world."

Maryam Al Mansoori, General Manager of Rebound, said: “By capturing the value of plastic feedstock, we allow companies across all sectors, from apparel to automotive, to access recycled content with confidence, while creating new opportunities for communities in the value chain to grow their economies.”

In three years from 2022, approximately 5 million tonnes of recycled plastic will have been traded through Rebound.