During the 55th Annual Meeting of the World Economic Forum in Davos, Abdulla bin Touq Al Marri, the Minister of Economy and Chairman of the UAE Circular Economy Council, underscored the UAE’s strategic role in the circular economy. Participating in a session titled “Turning Plastic Waste into Raw Materials: Fueling the Circular Economy,” he highlighted the significance of the UAE’s proactive initiatives in tackling environmental challenges, reducing carbon emissions, and minimizing waste.

Bin Touq highlighted that the UAE was among the first countries to endorse the ‘Scale360°’ initiative in partnership with the World Economic Forum. The session explored the opportunities and challenges related to the acquisition of plastic waste and its conversion into recyclable raw materials. Participants also discussed advanced recycling technologies and strategies to ensure a reliable supply of raw materials while prioritizing environmental protection.

In his remarks, bin Touq stated, “Accelerating the shift towards a circular economy model is paramount for achieving sustainable economic and social development in the UAE.” He noted that this shift is essential for creating a brighter future for current and future generations and supports the UAE’s ambitions to become the world’s most prosperous society by the next decade, in line with the ‘We the UAE 2031’ vision.

The Minister provided insights into the UAE’s progress in developing a circular economy ecosystem that adheres to international best practices. A vital element of this effort is the ‘UAE Circular Economy Agenda 2031,’ which acts as a national roadmap promoting collaboration and transformative environmental practices. The agenda aims to encourage investments in natural resources while implementing 22 circular economy policies across four key sectors: manufacturing, food, infrastructure, and transportation.

Bin Touq elaborated that these policies are designed to integrate advanced recycling technologies, enhance economic returns, ensure a stable supply of raw materials, and foster innovation and job creation through sustainable partnerships with the private sector. He urged participants to capitalize on the investment opportunities in the circular economy and to initiate sustainable projects in the UAE, leveraging the country’s advanced infrastructure in this area.

Moreover, bin Touq explained that climate change and global economic transformations necessitate the adoption of circular economic models. This approach will help alleviate pressures on the environment and natural resources while increasing awareness and enhancing the capabilities of stakeholders regarding technologies and business models that promote a circular economy. These initiatives are crucial for conserving natural resources, improving consumption efficiency, and reducing waste.

In a separate session at the forum, bin Touq discussed the growth of the circular economy, stressing the need for innovation and advanced technologies in various sectors, including sustainable manufacturing, smart transportation, and clean energy. He also pointed out the importance of creating a secure and efficient cross-border business environment that facilitates seamless operations for business owners and relevant entities in logistics and export sectors.

The Minister reaffirmed the UAE’s dedication to advancing sustainable practices on local, regional, and global scales. As the host of the 28th session of the Conference of Parties (COP28), the UAE has garnered international recognition for its impactful role in promoting global sustainable development initiatives and addressing climate change challenges. The conference served as a significant platform to showcase the UAE’s robust economic ecosystem, which offers competitive advantages in sustainability, clean energy, green finance, climate change, and circular economy sectors.