Dubizzle Group: Rising Demand for Electric and Hybrid Vehicles in the UAE

Dubizzle Group, the Middle East technology unicorn and #1 regional classifieds platform, says that there has been a significant uptick in the listing and sales of electric vehicles (EVs) and hybrid cars in the UAE. Proprietary market data compiled by the Group’s classifieds platform shows a sustained increase in the inventory of second-hand low emission vehicles, signalling a clear shift in consumer preferences towards more sustainable transport options, as well as a maturing of the electric and hybrid vehicle category in the UAE.During the first nine months of 2023, dubizzle’s automotive classifieds data shows a 28% increase in EV listings, compared to the first nine months of 2022. Over the same period, hybrid car listings surged by 142%, further underlining the growing popularity of low emission vehicles. By contrast, non-EV car listings went up by just 9% over the same period.Within the EV category, listings for the Tesla Model 3 increased by 9.2% in the first nine months of 2023 compared to the same period in 2022. Tesla appears to be the preferred brand among buyers, with the Volkswagen ID.4 and ID.6 close behind. Listings for the Volkswagen ID.6 increased by 97% during the same period but declined by 73% from a peak in Q4 2023, likely due to measures taken by the UAE in March of this year to regulate the import of EVs through non-approved dealerships and traders.The strong growth in demand for low emission vehicles, according to Dubizzle Group, can be directly correlated to rises in fuel prices, with spikes in demand for low-emission vehicles closely linked to spikes in fuel costs. Moreover, accessibility of EV ownership in the UAE has improved, with prices for low-emission vehicles decreasing since early 2022, making them more affordable for drivers. Used EV prices have also decreased since the mid-2022 supply shortage has corrected.Dubizzle Group believes that the widely available EV charging infrastructure in the UAE has supported stronger demand. The number of EV charging stations in Dubai has seen a more than threefold increase since 2015, with more residential and commercial property developers introducing EV charging stations to their properties. With Dubai targeting a 170% increase in EV charging stations by 2025, ownership of EVs is likely to continue to rise.Haider Ali Khan, CEO of Dubizzle Group MENA, commented: “As the second-hand automotive sales market leader, we are in a unique position to understand changing consumer preferences, and we can clearly see a shift in trends for electric vehicles. With the availability and affordability of electric vehicles improving across the segment, we can expect to see further escalation in the adoption of electric vehicles in the months and years to come, helping the UAE stay on track for its commendable sustainability goals. At dubizzle, we are deeply committed to helping the UAE achieve these milestones and offering our users the best, most holistic experience while buying or selling their vehicles online.”The UAE's EV market is poised for continued growth, with a projected CAGR of 28.5% from 2023 to 2028, according to BMI Research. The UAE currently ranks 8th globally in terms of readiness for electric vehicles, bolstered by ambitious government initiatives for the transport sector, according to Arthur D. Little research.The accelerated progress of the introduction of EVs to the local market is bolstered by the UAE's commitment to increasing the penetration of low emission vehicles, for example through the National Electric Vehicles Policy announced in July 2023. This policy seeks to create an environment conducive to green mobility by establishing infrastructure standards for EV charging stations and promoting the adoption of electric vehicles. The Government’s goal is to increase the share of electric vehicles to 50% of all vehicles on the road by 2050.dubizzle’s growing role in the second-hand EV and hybrid car market is a clear demonstration of the UAE's evolving automotive landscape, as current and future transportation shifts to a cleaner footing. Through its portfolio of leading classifieds brands, Dubizzle Group is actively supporting the UAE's ambitious green mobility agenda, while enabling a circular economy through trusted marketplaces for products and services. Dubizzle Group has played a significant role in building confidence in used cars, introducing innovative features to better facilitate buying and selling, including financing and insurance options. This approach makes the purchase of used EV and hybrid vehicles more accessible and efficient for consumers.Haider Ali Khan concluded: “Benefiting from strong macroeconomic tailwinds, including a significant uptick in long-term residency visas, rapid population growth, and thriving GDP growth, the outlook for the UAE’s EV market is very positive.”Dubizzle Group comprises a leading portfolio of brands, including the UAE’s #1 real estate classifieds platforms Bayut and dubizzle, with 4 million active listings and a monthly regional user base of 27 million people. More than half of the UAE’s population visits one of the Group’s platforms every month.

PIF, Saudi Electricity Company launch electric vehicle infrastructure company

The Public Investment Fund (PIF) and Saudi Electricity Company (SEC) announced today the launch of the Electric Vehicle Infrastructure Company (the “Company”). PIF will own a 75% stake in the Company, while SEC will hold the remaining 25% stake.The Company aims to deliver best-in-class electric vehicle (EV) fast-charging infrastructure across Saudi Arabia, further unlocking the local automotive ecosystem and accelerating the adoption of EVs. It plans to establish presence in more than 1,000 locations, installing over 5,000 fast chargers by 2030 in cities across Saudi Arabia and on the roads that connect them, in line with applicable regulations and standards.The Company aims to enhance Saudi Arabia’s automotive ecosystem, through collaboration with EV companies, by supplying the necessary charging stations to meet future demand. It also aims to promote private sector participation in the development of its network of charging stations and support the localization of R&D and manufacturing of technologically advanced materials, ultimately building domestic expertise and resilience.Omar Al-Madhi, Co-Head of MENA Direct Investments at PIF, said: “The Electric Vehicle Infrastructure Company will spearhead the EV transition by deploying best-in-class, widely available EV charging infrastructure to drive the growth of the EV ecosystem. Through our partnership with SEC, we will be able to accelerate the creation of synergies across the EV supply chain, driving economic growth and diversification in line with Vision 2030, and positioning Saudi Arabia as a leader in the new electrified era of the automotive industry.”Khalid Bin Hamad Al-Gnoon, Chief Executive Officer at SEC, said: “SEC, as part of the nation’s wider energy ecosystem, develops and implements strategies that aim to enhance Saudi Arabia’s position as a sustainable energy leader, in line with the Kingdom’s efforts to promote advanced energy solutions and increase the value added by the energy sector.”The launch of the Electric Vehicle Infrastructure Company is in line with PIF’s strategy to expand Saudi Arabia’s automotive capabilities to promote the country’s competitiveness on the world stage, and ultimately position it as a global leader. It will aim to further Saudi Arabia’s economic diversification efforts, driving non-oil GDP growth and creating new jobs.