Page 312 - MOE ENGLISH PR REPORT- NOVEMBER 2024

11/25/24, 10:53 AM Emerging Gulf
UAE-Based Firm Peec Mobility Invests $12 Million in Electric Vehicle Conversions

November 20, 2024

Peec Mobility, a UAE-based company specializing in converting gasoline-powered vehicles into electric ones,
has announced a $12 million investment to support its operations and meet the growing demand for sustainable
transportation solutions.

Abdulla bin Touq Al Marri, UAE Minister of Economy, recently met with Peec Mobility officials to discuss the
company’s future plans and its role in advancing the country’s circular economy and sustainable transportation
initiatives. The meeting aligns with the Ministry’s broader strategy to foster collaboration with the private sector
through the newly launched economic engagement initiative.

During the discussions, Minister Al Marri emphasized the UAE’s commitment to sustainable development
through the “UAE Circular Economy Policy 2031.” This framework prioritizes embedding circular economy
practices across critical sectors, including transport, manufacturing, food, and infrastructure. The policy aims to
enhance the nation’s resilience to climate change while achieving broader economic and social development
goals.

“The transformation of the country’s transportation systems into more sustainable and eco-friendly models is
vital to our efforts to reduce fuel consumption and carbon emissions,” said Bin Touq. “The collaboration with
Peec Mobility is a crucial step in advancing circular economy practices and understanding the latest innovations
in electric vehicle technologies.”

Ahmed Zachariah Faizal, CEO and founder of Peec Mobility, described the UAE as an ideal environment for
innovative ideas like vehicle electrification and repurposing. He highlighted the company’s mission to embody
the principles of circularity by extending the lifespan of existing vehicles through electrification.

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