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UAE Launches Global EV Market

An electric car displayed by Dubai Police during the Arabian Travel Market exhibition earlier in May (WAM)
An electric car displayed by Dubai Police during the Arabian Travel Market exhibition earlier in May (WAM)
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UAE Launches Global EV Market

An electric car displayed by Dubai Police during the Arabian Travel Market exhibition earlier in May (WAM)
An electric car displayed by Dubai Police during the Arabian Travel Market exhibition earlier in May (WAM)

The UAE launched the Global EV Market, a transformational project under the performance agreements signed by federal authorities, which enhances its competitiveness in a sector that is one of the future transformational projects.

Minister of Energy and Infrastructure, Suhail al-Mazrouei, said the new market comprises a comprehensive plan and an ambitious national program to integrate the energy and infrastructure sectors and align the work of federal and local government entities and private sector businesses.

- National roadmap

The minister explained that the Ministry of Energy and Infrastructure (MoEI) launched the UAE Roadmap for Electric Vehicles as a comprehensive action plan that involves developing guides and policies.

The roadmap offers government incentives and sets ambitious strategies to integrate the work of federal and local government entities and the private sector to promote the adoption of electric vehicles in the UAE.

MoEI also launched the National Platform for Electric Vehicles' Chargers, a mobile app to link users and a guide for installing electric vehicle charging stations to unify their specifications nationwide and align them with world-class standards.

"We seek to create a conducive environment for the growth of the EV market in the UAE through policy levers for investment and socio-economic and environmental incentive schemes. To support the shift to green mobility, we aim to increase the share of EVs to 50% of total vehicles on our roads by 2050."

- Agreements

The Ministry signed several cooperation agreements to support the Global EV Market transformational project, through which the partners would cooperate to create incentives for people to own EVs.

They also aim to facilitate investment in the UAE network of electric vehicle charging stations and install them across federal buildings and roads and MoEI's truck rest stops.

The private sector partners will play a key role in promoting EVs.

They will invest in establishing EV charging stations and operating them, and setting up EV service centers across the country to offer dedicated services to EV owners.

- 700 EV chargers

For his part, the Undersecretary for Infrastructure and Transport Affairs at MoEI, Hassan al-Mansouri, indicated that the project includes a national interactive platform that provides more than 700 EV chargers nationwide.

Furthermore, Undersecretary for Energy and Petroleum Affairs at MoEI, Sharif al-Olama, said the UAE has clear targets for the transport sector, including the green mobility program, which aims to increase the share of electric cars and electric buses and create a mix of options for trucks.

It aims to reduce energy consumption by 40 percent by 2050, per the objectives of the transport sector's National Demand Side Management Program.

According to unofficial data, the number of electric vehicles in the UAE has reached more than 5,100, and it aims to reach 42,000 EVs by 2030.

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Urgent Financial Tasks Await Lebanon’s Emerging Government

Lebanese President Joseph Aoun stands between Speaker of Parliament Nabih Berri and caretaker Prime Minister Najib Mikati (dpa)
Lebanese President Joseph Aoun stands between Speaker of Parliament Nabih Berri and caretaker Prime Minister Najib Mikati (dpa)
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Urgent Financial Tasks Await Lebanon’s Emerging Government

Lebanese President Joseph Aoun stands between Speaker of Parliament Nabih Berri and caretaker Prime Minister Najib Mikati (dpa)
Lebanese President Joseph Aoun stands between Speaker of Parliament Nabih Berri and caretaker Prime Minister Najib Mikati (dpa)

A broad internal consensus, encompassing both political and economic dimensions, is taking shape to adopt the principles outlined in the presidential inauguration address as the foundation of the new government’s program and ministerial statement. This approach aims to sustain Lebanon’s immediate and strong positive momentum, which is reinforced by widespread support on both Arab and international levels.

Economic bodies and professional unions representing business sectors have openly expressed their relief and full support for the strategic directions set by President Joseph Aoun following his election. However, they have made it clear that maintaining this positive momentum depends on the formation of a reform-oriented rescue government, composed of competent, experienced, and honest ministers. This government must also collaborate constructively with the president.

According to a senior financial official, the rescue mission will be challenging due to years of governmental inaction and constitutional voids, which led to a deterioration in public sector operations and the accumulation of economic, financial, and monetary crises over the past five years. These challenges were further compounded by a devastating war, which inflicted severe human and financial losses estimated at approximately $10 billion, thereby worsening the country’s financial gap, now estimated at $72 billion.

Economic and banking circles are looking to the new government to swiftly capitalize on extensive international support by restoring trust and reestablishing financial channels between Lebanon and its regional and international partners. Key to this effort are explicit and transparent commitments to combating illegal economic activities, corruption, smuggling, money laundering, and drug trafficking. In parallel, the government must prioritize strengthening judicial independence and implementing strict controls over land, sea, and air borders.

The national consensus evident in the presidential election, according to Mohammad Choucair, head of Lebanon’s economic associations, paves the way for constructive collaboration among political factions. This collaboration is crucial for addressing challenges, rebuilding the state, and benefiting from renewed international and Arab—particularly Gulf and Saudi—interest in Lebanon. Choucair emphasized the importance of normalizing relations with Gulf nations, supporting Lebanon’s recovery, and providing resources for reconstruction efforts.

One of the urgent tasks for the new government, according to the financial official, is revisiting the draft 2024 state budget, which was previously submitted to parliament. Adjustments are necessary to address fundamental discrepancies in expenditure and revenue projections, taking into account significant changes brought about by the Israeli war.

Ibrahim Kanaan, chairman of the Parliamentary Finance Committee, described the budget as “unrealistic, if not entirely fictitious,” particularly in its revenue estimates. He pointed out that revenue increases were based on income and capital taxes, internal duties, and trade-related fees, all of which have been severely impacted by the war.

Reassuring depositors, both domestic and expatriate, who have suffered massive losses over recent years, is another pressing issue. These losses were exacerbated by the inability of successive governments to implement a comprehensive rescue plan addressing the $72 billion financial gap fairly. The situation was worsened by mismanagement in the electricity sector and the squandering of over $20 billion in central bank reserves following the onset of the financial crisis.

In response to Aoun’s commitment to a fair resolution for depositors, the Association of Banks in Lebanon welcomed his emphasis on safeguarding deposits. It also expressed its readiness to collaborate with the central bank and the government to protect depositors’ rights, citing a recent State Council ruling that prohibits any financial recovery plans from including measures that would erode depositors’ funds.

In its final session, the caretaker government addressed long-standing creditor issues by unanimously agreeing to suspend Lebanon’s right to invoke statutes of limitations on claims by foreign bondholders under New York law. This suspension, effective until March 9, 2028, aims to facilitate future negotiations.

With this decision, the caretaker government tacitly acknowledged Lebanon’s pending debt obligations, including over $10 billion in suspended interest payments on Eurobonds and approximately $30 billion in principal debt. The resolution now awaits direct negotiations under the new administration, which faces the challenge of resolving a nearly five-year-old crisis triggered by the previous government’s uncoordinated decision to halt payments on all Eurobond obligations through 2037.

Caretaker Finance Minister Youssef Khalil emphasized that despite the difficult circumstances, “Lebanon remains committed to reaching a fair and consensual resolution regarding the restructuring of Eurobond debt.”