Dubai: A B2B portal to buy-sell ‘recovered’ commodities, re.life market recorded over 150,000 tonnes of recyclable material being traded in 2022, to generate more than Dh100 million. This is a major milestone for the platform that was launched by re.life in 2021.
The platform connects buyers and sellers of recyclables in a virtual B2B marketplace, with several trade options through a transparent bidding process. Trades are possible across categories of recyclables, including ferrous and non-ferrous metals, plastic, paper, wood, e-waste, glass, and rubber. re.life market also verifies the quality of recyclables being traded on the platform and provides guarantee of payment to sellers when a trade is completed.
Salim Sultan Al Owais, Chief Executive Officer of re.life, said: “The UAE is a dynamic market looking to accelerate its recycling and sustainability targets, which has enabled re.life market to succeed as a catalyst for recycling. Major companies in the UAE have joined the re.life market platform, as there are clear benefits of better market visibility, greater transparency, and ease of doing business on the platform.
“At the same time, we are also accelerating the circular economy here in the UAE.”