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Abu Dhabi Hosts Middle East’s First Passenger Drone Trials

MLG and Abu Dhabi Mobility hosted an exhibition of cutting-edge technology, along with two test flights.

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3 months ago

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abu dhabi hosts middle east's first passenger drone trials
Abu Dhabi Media Office

In recent years, Abu Dhabi has become a pioneer and champion of smart and sustainable mobility, attracting industry-leading startups and experts from around the world. The first Abu Dhabi Mobility Week, held between 24th April and 1st May 2024, showcased this innovation while also hosting the Middle East’s first-ever passenger-carrying drone trials.

Multi Level Group (MLG), a pioneer of “advanced automation and digital transformation solutions”, teamed up with Abu Dhabi Mobility to present an exhibition of cutting-edge drone technology, which included two test flights. The first showcase featured a five-seater drone with a 25 km range and potential payload of up to 350 kg, while the second involved a smaller drone able to carry two passengers up to 35 km for around 20 minutes.

Mohammed Hamad Al Dhaheri, a Multi-Level Group board member, made history at the mobility expo by becoming the first person in the Middle East to board an eVTOL for a demonstration flight. Al Dhaheri explained to the press that future plans also involved manufacturing passenger drones in the UAE: “starting with drone structure and gradually moving forward until we manufacture small parts such as motors and batteries, ensuring the technology is fully developed and exported from the UAE to the world”.

Also Read: UAE Stores May Soon Accept Payments Through Your Palm

The milestone test flights represent a significant addition to Abu Dhabi’s achievements in the drone and micro-mobility sectors. The emirate’s forward-thinking strategy is rapidly making it a global hub for smart and autonomous vehicles while plans continue at pace to develop a sophisticated infrastructure for driver and pilot-less vehicles.

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Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

18 hours ago

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July 25, 2024

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mamo completes $3.4 million funding round to enhance fintech services
Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.

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