News

Dubai Residents Will Soon Travel Door To Door By Flying Car

Aviation firm Aviterra has signed a deal with Dutch company PAL-V to purchase over 100 Liberty flying cars.

Published

4 months ago

March 29, 2024

Nour Nasir

dubai residents will soon travel door to door by flying car

PAL-V

A Dubai-headquartered aviation company has signed an agreement with Dutch firm PAL-V to bring their groundbreaking flying cars to the Middle East.

Aviterra, a manufacturer of aviation and aerospace components, will purchase over 100 Liberty flying cars and directly invest in the European aviation company, they revealed in a recent joint statement.

At $799,000, the two-seat Liberty is a costly vehicle predominantly aimed at high-end, corporate, and government clients and individuals with very deep pockets. Described by PAL-V as a “personal aircraft for daily medium and long-distance commutes,” the Liberty combines a gyroplane and three-wheeled car with collapsable propellers and tail fins stored on the roof.

In car mode, the vehicle can reach 100 kph in under nine seconds and has a top speed of 160 kph. Changing into aircraft modes takes around five minutes, with the helicopter-like blades rising from the roof and the tail fins extending up and out from the rear. Finally, the car’s rear jacks up, and two hatches open to deploy the rear-facing propeller.

pal-v liberty flying car

As an aircraft, the Liberty has a range of between 400 and 500 km and a maximum speed of 180 kph. It can reach an altitude of 11,000 feet and requires a runway (or straight road) of at least 200 meters for both takeoff and landing.

The current batch of Liberty flying cars run on regular gasoline but will eventually be configured as EVs “once batteries get lighter”, according to Robert Dingemanse, CEO and founder of PAL-V.

Also Read: Abu Dhabi To Develop $1 Billion eSports Island Facility

Meanwhile, as both Abu Dhabi and Dubai continue to make strong commitments to air mobility, other companies are also keen to deploy flying cars in the Middle East. Slovakian firm KleinVision, for example, is developing a flying vehicle called the Aircar, powered by a BMW engine.

Dubai’s Roads and Transport Authority recently signed agreements to use air taxis in the city in the next two years, while Abu Dhabi’s Investment Office has announced plans to introduce an all-electric air taxi fleet by 2026.

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.