News

eVTOL X2 Flying Car Debuted At GITEX Global 2022

Electric flying cars have been tried before, but the 90 minute eVTOL X2 test flight conducted by the Dubai International Chamber proves that the concept can work.

Published

2 years ago

October 12, 2022

Nour Nasir

evtol x2 flying car debuted at gitex global 2022

XPENG

GITEX Global 2022 has been the scene of the first viable flight of an electric car. The eVTOL (electronic Vertical Takeoff and Landing) X2, created by Chinese EV company Xpeng, launched from Skydive Dubai on a successful 90-minute test flight, under the watchful eyes of the Dubai International Chamber.

xpeng x2 flying car test flight

The eVTOL X2 flying car is impressive not just for its aeronautical capabilities, but also because it produces zero carbon dioxide emissions. The vehicle is designed for cruising at 130 km per hour at low altitudes, with a typical flight time of 35 minutes, and skid-style landing gear that’s perfect for touching down on the rooftops of high buildings — perfect for escaping those annoying traffic queues!

xpeng x2 flying car gitex global 2022

The Emirates News Agency noted that the International Chamber had made great efforts to attract leading international companies to Dubai. The country is now a leader in future technology and innovation and a hub for multinational companies looking to launch high-tech products to global markets.

Also Read: Wisk Aero Unveils Four-Seat Autonomous Air Taxi

The test flight event was further supported by the Dubai Civil Aviation Authority, Dubai’s Department of Economy and Tourism, and the Dubai World Trade Center Authority.

As for the car itself, the futuristic two-seater eVTOL X2 is noteworthy for its intelligent flight control system and ability to fly autonomously. The vehicle is the latest generation of tech developed by XPENG AEROHT. It features 8 propellers with an electric motor powering each one, as well as a carbon fiber shell which helps to keep weight to an impressive 360kg.

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.