The Finance World Magazine| Edition: September 2023

Revolutionary changes in transportation,
like electric vehicles and ride sharing, could
slow global warming if done right.
The United Arab Emirates
(UAE) is at the forefront of
embracing technological
advancements, and as the
world shifts towards sustainability,
the country is making significant
strides in promoting electric vehicles
(EVs) as a key component of its
transportation system. With robust
government support, incentives, and
collaborations with automakers, the
UAE is well-positioned to become a
global leader in electric mobility. This
article explores the future of EVs in
the UAE, highlighting initiatives, incentives,
and infrastructure developments
that are driving the growth of electric
transportation.
The UAE government is committed
to sustainable development and has
launched the Green Mobility Initiative
to promote electric vehicles. Their
ambitious goal is to have 10,000 EVs
on the road and achieve a 20% share
of electric and hybrid vehicles in the
government fleet by 2020. These initiatives
lay a solid foundation for the
future of EVs in the country.
To encourage EV adoption, the UAE
government offers a range of incentives,
making ownership attractive
and cost-effective. EV owners enjoy
exemptions from registration and
renewal fees, free charging at public
stations until 2021, priority parking,
reduced toll fees, lower insurance
rates, and exemption from Salik road
tolls. These benefits make owning an
electric vehicle more appealing to
consumers.
A robust charging infrastructure is
crucial for EV growth. The UAE has
invested significantly in establishing
over 200 charging stations, with plans
to expand this network further. Innovative
solutions, such as fast-charging
stations and wireless charging technology,
are being explored to enhance
convenience and accessibility for EV
owners.
The UAE has fostered strong partnerships
with leading automakers
like Tesla, Nissan, and BMW, offering
a diverse range of electric and hybrid
models to cater to different consumer
preferences. These collaborations not
only provide various options for buyers
but also contribute to a supportive
ecosystem for EV owners, including
maintenance services and spare parts
availability.
The UAE prioritizes electrifying public
transportation to reduce emissions
and enhance sustainability. Initiatives
like the Dubai Green Mobility program
introduce electric buses and taxis,
encouraging residents and tourists
to consider electric mobility options.
The future of electric vehicles in
the UAE looks promising. As battery
technology advances and costs decrease,
EVs become more affordable
and accessible to a wider audience.
With ambitious sustainability goals
and strong government commitment,
the UAE is poised to become a leader
in electric mobility.
In response to the growing demand
for EVs and the need for reliable
charging solutions, companies like
MEV Charger have emerged to provide
a wide range of EV chargers for
residential, commercial, and public
use. These companies offer installation
services, maintenance, and
support, ensuring a seamless charging
experience for EV owners.
The UAE’s commitment to sustainability
and innovation in the electric
mobility market extends beyond government
initiatives. A recent survey
indicates that 70% of respondents in
the UAE would consider buying an
electric vehicle in the next five years.
Automakers like Hyundai are investing
in the UAE’s electric mobility market
and offering impressive battery
warranties, making EVs an attractive
option.
Hyundai batteries, made from lithium,
offer several advantages over
other battery materials. They are safer,
more temperature-tolerant, and have a
longer lifespan. Lithium batteries are
also environmentally friendly, as they
can be recycled and reused multiple
times without losing performance
capabilities.
The UAE ranks among the top 10
countries globally in terms of readiness
for electric mobility. The market
is projected to grow at an annual rate
of 30% between now and 2028, with
significant growth trends in the EV
sector and increased tourist footfall.
The country’s aim to become carbon
neutral by 2050 drives the rapid expansion
of the electric mobility market.
The UAE’s dedication to sustainable
and innovative transportation is inspiring.
With robust government support,
incentives, and collaborations, electric
vehicles are driving the transition to
clean transportation. The future of
electric mobility looks bright, and as
the UAE embraces this transformative
movement, it leads the way towards a
greener and more sustainable transportation
system.
September 2023 www.thefinanceworld.com 39