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Futuristic Electric Self-Driving Trucks Are Coming To The UAE

Startup Einride is about to begin its expansion into the Middle East.

Published

1 year ago

June 1, 2023

Nour Nasir

futuristic electric self-driving trucks are coming to the uae

Einride

Einride, a Swedish startup and pioneer in electric autonomous freight transport, is expanding into the Middle East. The move follows a collaboration agreement with the government of the United Arab Emirates to accelerate the transition to sustainable logistics and shipping.

Founded in 2016, Einride has a grand vision to decarbonize the freight industry by developing an entire ecosystem of electric and autonomous vehicles, charging stations, and connectivity networks.

einride uae falcon rise grid

The Scandinavian firm is already operating in Europe and the United States and will soon add over 550 km of its autonomous logistics ecosystem to Abu Dhabi, Dubai, and Sharjah. The project, known as Falcon Rise Grid, will encompass 2,000 electric trucks, of which 200 will be fully autonomous. Einride will develop the project over the next five years, which will include the installation of 500 charging points and other network hardware.

einride uae trucks

“This collaboration gets to the core of what Einride provides — the transformation to effective and sustainable shipping that is fully electric,” announced Einride founder and CEO, Robert Falck. The startup, which has already partnered with the likes of Coca-Cola and Oatly, says its clients have reduced emissions by up to 95% while staying competitive.

Also Read: Dubai Hospital Delivery Drone Completes Successful First Trial

The UAE’s Falcon Rise Grid project follows a series of expansions for Einride over the past year, including Germany, Benelux, and the UK. In 2019 the company became the first to deploy an autonomous electric vehicle on a public road in Sweden, and in 2022, received approval to do the same in the United States.

Related Topics:Automotive Einride United Arab Emirates

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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

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.