Peec Mobility, a UAE-based company specializing in converting gasoline cars into electric vehicles, has invested $12 million into its operations and anticipates a surge in demand. Abdulla bin Touq Al Marri, Minister of Economy, recently met with Peec Mobility executives to discuss the company's future strategies for the UAE market and their role in fostering a circular economy and sustainable transportation.
This meeting is part of the Ministry's comprehensive strategy to foster dialogue with the private sector under the newly launched economic engagement initiative. During the discussion, Bin Touq emphasized the UAE's commitment to advancing policies and initiatives that support the shift towards a circular economy, in line with global standards. A pivotal initiative in this context is the 'UAE Circular Economy Policy 2031,' which identifies the private sector as a crucial partner in achieving its objectives.
The policy aims to integrate sustainable practices across vital sectors such as transportation, manufacturing, food, and infrastructure, ensuring the nation's resilience to climate change and supporting broader economic and social development goals. Bin Touq noted, 'The ongoing transformation of our transportation systems into more sustainable, eco-friendly models is essential for reducing fuel consumption and lowering carbon emissions. Our meeting with Peec Mobility is a significant step towards enhancing cooperation in circular economy practices and understanding the latest developments in the electric vehicle sector.'
Ahmed Zachariah Faizal, CEO and Founder of Peec, expressed confidence in the UAE's supportive environment for innovative ideas like theirs. He highlighted that the UAE's focus on societal values aligns perfectly with Peec's mission to electrify and repurpose existing vehicles. Faizal added, 'We aim to demonstrate the power and value of circularity in modern society through the shared transport vehicles of this country that we will repurpose. This initiative could catalyze a global transformation, inspiring other nations to follow the UAE's lead.'
The discussion also covered the technologies employed to extend the lifespan of older gasoline-powered cars by converting them to electric ones, along with the company's vision to support the UAE's efforts in reducing carbon emissions and increasing the proportion of electric and hybrid vehicles to 50% of all vehicles on the roads by 2050. Additionally, the meeting provided a platform to showcase Peec Mobility's range of electric vehicles available in the local market, offered at competitive prices to both individuals and businesses.
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