UAE set to ‘become’ EVs hub for GCC

Inayat-ur-Rahman, Business Editor

The UAE economy continues to gain momentum as global investors are relocating their investments to UAE.

The country is set to become Electric Vehicles ( EVs) hub for the Gulf  Cooperation Council (GCC) countries.

Growth of EV is going to transform the automobile industry in the next 2 years. UAE has positioned herself to take the lead in technological innovation breakthrough in GCC region.

This was stated by Kashif Ansari, Co-founder and Group CEO of Juwai IQI, during an exclusive interview with Gulf Today.

According to latest report from Mckinsey, the automotive future is electric—McKinsey projects that worldwide demand for EVs will grow six fold from 2021 through 2030.

Annual unit sales would go from 6.5 million to roughly 40 million over that period. In recent years, the COVID-19 crisis and the war in Ukraine have accelerated the momentum of sustainable mobility. Understanding EV and E Mobility can bolster how these vehicles are transforming industry and helping to decarbonize the planet.

Ansari shared during the interview that Economist magazine reported in April 2023 that by 2025 EVs will account for nearly a quarter of sales, according to Bloomberg NEF, a data firm, and closer to 40% in Europe and China. Even conservative estimates reckon that by 2040 around three-quarters of new-car sales worldwide will be fully electric, as better batteries make even PHEVs redundant. We at Juwai IQI as a technology driven prop-tech firm continue to stay buoyant on the EV market in UAE. The future of automobile is EV and it arrives in UAE to take the strategic move. Global investors are bullish on the UAE EV market and are willing to make investment in the country.

“The UAE solid infrastructure and productive labor force makes it a strategic choice for the global companies to relocate to the country to commence their operations to leverage from the existing facilities and resources.” Ansari added.