Minister of Economy highlights UAE’s continuing efforts to advance the transition to circular economy

Abu Dhabi, 20 November 2024:

His Excellency Abdulla bin Touq Al Marri, Minister of Economy, held a meeting with Peec Mobility officials to learn about the company’s future plans for the UAE market and their contribution to promoting the circular economy and sustainable transportation. The meeting forms part of the Ministry's broader strategy to enhance dialogue with the private sector as part of the newly launched economic engagement initiative.

During the meeting, H.E. Bin Touq highlighted that the UAE, under the directives of its wise leadership, places significant emphasis on advancing policies and initiatives that support the transition to a circular economy in line with global best practices. A key initiative in this regard is the 'UAE Circular Economy Policy 2031,' which recognizes the private sector as a key contributor to the achievement of its goals. It focuses on embedding sustainable practices across key sectors, including sustainable transport, manufacturing, food, and infrastructure, ensuring the country’s resilience to climate change and supporting its broader economic and social development goals.

H.E. stated, 'The ongoing transformation of the country's transportation systems into more sustainable, eco-friendly models is a key aspect of our efforts to reduce fuel consumption and cut carbon emissions. The meeting with Peec Mobility is a crucial step in strengthening cooperation in circular economy practices and gaining insights into the latest advancements in the electric vehicle sector. The meeting helped us explore ways to foster collaboration in the adoption of innovative solutions that align with the nation’s goals of providing a wide range of smart and sustainable transportation options, especially since it boasts an advanced infrastructure for electric vehicles in the local market.'

Mr. Ahmed Zachariah Faizal, CEO and Founder of Peec, said: 'We’ve had a deep belief from the day we started Peec that the UAE is the perfect place for an innovation like ours. There is a mutual resonance with the idea that an economy isn’t just a representation of the country’s monetary value but equally a symbol of the values of which its society lives by. To go beyond the desire to electrify vehicles and step into the world of repurposing existing ones to electric presents a society that looks deeper than the surface of things and proposes solutions that create practical, immediate, and impactful results.”

He added: “In a world where shared transport is a crucial part of better quality of life within our cities, we have the ambition of creating a new narrative for the UAE’s 40,000 public taxis, 16,000 school buses, and 2,000 public buses. We want to represent the power and value of circularity in a modern society through the shared transport vehicles of this country that we will repurpose. It is an initiative that we hope the UAE can spark the transformation globally and inspire other countries to live by as it so often does.'

The meeting discussed the technologies used to extend the lifespan of older gasoline-powered cars through converting them to electric ones, as well as the company’s vision in bolstering the country’s initiatives to reduce carbon emissions and raise the proportion of electric and hybrid vehicles to 50 per cent of all vehicles on the roads by 2050.

The meeting also served as an opportunity to showcase the range of electric vehicles offered by Peec Mobility in the local market, available to both individuals and businesses at competitive prices, as well as the company's growth trajectory since its founding in 2020, with investments totaling $12 million.