DAVOS, 23rd January, 2025 (WAM) -- Abdulla bin Touq Al Marri, Minister of Economy, and Chairman of the UAE Circular Economy Council, participated in a session titled "Turning Plastic Waste into Raw Materials: Fueling the Circular Economy," held at the 55th Annual Meeting of the World Economic Forum (Davos 2025), themed 'Collaboration for the Intelligent Age.'

At the session, bin Touq emphasised how the UAE has cemented its strategic position in the circular economy. He added that the country's proactive initiatives and strategies have significantly contributed to the global efforts in addressing environmental challenges, cutting carbon emissions, and reducing waste, aligning with the objectives of sustainable development.

He pointed out that the UAE was among the first countries to sign the 'Scale360' initiative in a strategic partnership with the World Economic Forum.

During the session, participants delved into the opportunities and challenges in acquiring plastic waste and converting it into recyclable raw materials.

Discussions also focused on the adoption of advanced recycling technologies and business strategies to secure a steady flow of raw materials while ensuring environmental protection.

Moreover, the session examined ways to craft policies that strike an optimal balance between environmental safety and development.

Bin Touq said, "Accelerating the shift towards a circular economy model is paramount for achieving sustainable economic and social development in the UAE. It paves the way for a brighter future for both current and future generations and supports the country's aspirations to become the most prosperous society globally by the next decade, in line with the 'We the UAE 2031' vision."

He also provided an overview of the UAE's journey in developing a comprehensive circular economy ecosystem in line with international best practices.

A key component is the 'UAE Circular Economy Agenda 2031,' which serves as a national roadmap that fosters cooperation, driving transformative environmental practices and promoting sustainable approaches to production and consumption. Additionally, it aims to encourage investments in natural resources.

Bin Touq continued, "The agenda encompasses the implementation of 22 circular economy policies in four crucial sectors: manufacturing, food, infrastructure, and transportation. These policies are designed to embrace advanced recycling technologies, achieve significant economic returns for the country, ensure a stable supply of raw materials, boost competitive edge, drive innovation, promote economic growth, and create job opportunities through sustainable partnerships with the private sector.

Furthermore, bin Touq encouraged the participants to leverage the investment opportunities offered by circular economy and called on them to establish sustainable initiatives in the UAE, leveraging the country's advanced infrastructure in this field.

Bin Touq explained that climate change and global economic shifts call for the adoption of circular economic models to reduce constraints on environment and natural resources. This involves increasing awareness and building the capacities of key stakeholders in technologies, methodologies, and business models that promote a circular economy. These initiatives play a vital role in preserving natural resources, improving consumption efficiency and reducing waste.

In his speech at another session that took place on the sidelines of the Forum, Bin Touq discussed the growth of the circular economy. He underlined the significance of incorporating innovation and cutting-edge technologies into various sectors and activities of the circular economy, such as sustainable manufacturing, smart transportation, and clean energy.

Additionally, bin Touq stressed the importance of developing a secure and effective cross-border business environment that enables seamless processes for business owners, exporters, companies of logistics services, ports, and other relevant entities.

The Minister of Economy reaffirmed the UAE's commitment to advancing sustainable practices locally, regionally, and globally. The country aims to set an example for achieving a balance between environmental management and economic growth.

As the host of the 28th session of the Conference of Parties (COP28), the UAE had gained international recognition for its impactful and effective role in promoting global initiatives that support sustainable development and find solutions to address climate change.

The Conference also served as a significant platform to leverage the UAE's robust economic ecosystem, which offers competitive advantages in sectors of sustainability, clean energy, green finance, climate change, and circular economy.