The COVID-19 pandemic has severely affected the global economy and Dubai has benefited from the crisis by accelerating its shift towards a circular economy, the director-general of Dubai Economy stated.
Sami Al Qazmi, the director-general of Dubai Economy states that, with the pandemic outbreak, Dubai got the opportunity to learn from adversity and turn towards a circular economy by optimizing available resources and minimizing waste.
“The pandemic added new momentum to the digital transformation in the emirate and has given us enough examples of the most prudent use of existing assets and resources. We are now moving to the next level, engaging with key industry sectors to build on existing opportunities to expedite the circular economy transition.”
A circular economy is a closed loop in which raw materials, components and products lose their value very little as it is renewed. The system aims to reduce waste, ensure consumption and production patterns make efficient use of resources. Further, it targets to cut pollution and carbon emissions by relying more on renewable energy.
Dubai economy’s initiative towards a circular economy was further strengthened with the 2021 agenda of the Executive Council which Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and chairman of the Executive Council of Dubai recently approved.
The key objective of the agenda is developing a digital and circular economy and it also aims at bringing excellence in all sectors by introducing innovative initiatives to enhance government services and further raise Dubai’s competitiveness.
“The circular economy plan not only seeks to contribute towards the agenda but also positions Dubai towards sustainable progress and prosperity over the next 50 years,” Dubai Economy said.
According to the United Nations Environment Programme, countries can generate an annual economic output of up to $4.5 trillion by 2030 with a shift towards a circular economy. The transition could also help to realize sustainable development goals to ensure the health of ecosystems.
“Dubai has a great opportunity to invest and benefit from all the efforts of stakeholders to implement initiatives that will propel us to the next level of economic growth based on the circular economy model,” Mohammed Shael Al Saadi, chief executive of corporate strategic affairs at Dubai Economy, said.
Dubai Economy has initiated a series of workshops last year for encouraging circular economy transition and to address the related challenges and opportunities by focusing on market readiness, innovation, funding and capital, skill development, regulatory readiness, manufacturing, real estate and food and agri-business.