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.
“We want to showcase the value of circularity in modern society through the shared vehicles of this country,” Faizal said. “This initiative not only aims to transform transportation in the UAE but also inspires global efforts towards sustainability.”
The meeting provided insights into Peec’s technologies for converting older gasoline-powered cars into electric vehicles. It also outlined the company’s vision to align with the UAE’s goals to reduce carbon emissions and increase the proportion of electric and hybrid vehicles to 50% of the total by 2050.
Peec Mobility also showcased its range of electric vehicle offerings for the local market, catering to both individuals and businesses at competitive prices. The initiative highlights the firm’s commitment to supporting the UAE’s sustainability goals while promoting the adoption of clean energy solutions.
With its significant investment and innovative approach, Peec Mobility aims to contribute to the UAE’s leadership in sustainable transportation and circular economy practices, setting an example for other nations to follow.
