News

Aramex And Regent To Develop Electric Seagliders

The UAE logistics company will team up with a US maritime transport firm to explore opportunities in the Middle East and beyond.

Published

7 months ago

December 21, 2023

Nour Nasir

Regent

Aramex, the Middle East’s largest courier company, has teamed with US maritime transport firm Regent to develop a fleet of electric seagliders to transport goods from ports to warehouses and distribution centers.

The Regent-built seagliders combine an aircraft’s speed with a boat’s practicality and convenience. Built to serve island and coastal communities, the hybrid craft will carry people and cargo up to 290 km using sustainable battery technology.

regent electric seagliders

“We are keen to enhance our capabilities to move packages efficiently and effectively over sea routes, given the expansion and development of coastal cities within our core region. [The electric seagliders] complete the trifecta of air, sea, and land for our future vehicle program development,” explained Angad Singh, global director for innovation at Aramex.

The Aramex and Regent partnership is facilitated through the UAE’s Strategic Development Fund and aims to explore opportunities in the Middle East and other important markets.

aramex and regent partnership

The two companies will identify potential “middle-mile” routes on which seagliders can move cargo from ports to nearby distribution hubs. The scheme aims to offer a cleaner and more efficient alternative to existing logistics options.

Demand for sustainable logistics is rising, with 75% of transport companies actively searching for environmentally friendly shipping options in a bid to lower carbon footprints and keep trade flowing.

Also Read: Dubai Crown Prince Takes Test Ride In Self-Driving Taxi

According to Billy Thalheimer, co-founder and chief executive of Regent, middle-mile logistics is a “large, untapped opportunity for sustainable innovation,” and the partnership will “unlock new economic potential”.

Last month, Aramex announced a massive 76% drop in third-quarter profits amid continued worldwide economic challenges, soaring interest rates, and currency fluctuations. Shares owned by equity holders for the three months to the end of September 2023 are now valued at around $2.6 million.

News

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

1 day ago

July 25, 2024

Nour Nasir

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.