Page 303 - MOE ENGLISH PR REPORT- NOVEMBER 2024

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11/25/24, 10:52 AM Bin Touq, Peec Mobility officials discuss company’s plans for UAE market
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.

He 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.”

Ahmed Zachariah Faizal, CEO and Founder of Peec, believed the UAE is the ideal environment for
innovative ideas like theirs. He explained that the UAE’s emphasis on societal values aligns with Peec’s
mission to not only electrify vehicles but also repurpose existing ones.

He added, “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
percent 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 totalling $12 million.