Page 305 - MOE ENGLISH PR REPORT- NOVEMBER 2024

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

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