News

Halo Space Capsule Set To Fly 32 Km Above Saudi Arabia

A June test flight will launch a second life-size prototype as the company reveals plans to begin commercial “Space Tourism” operations by 2026.

Published

4 months ago

March 25, 2024

Nour Nasir

Halo Space

Spanish headquartered Halo Space, a “Stratospheric Commercial Flights Company” has announced plans to launch a sixth test flight from Saudi Arabian airspace in June this year. The news comes after the company received the go ahead from Saudi Arabia’s Communications, Space and Technology Commission (CST).

This test flight will launch Halo’s prototype capsule 32 kilometers above the Earth’s surface. The craft is followed by a helium balloon that slowly ascends and lands back on Earth during the 4-6 hour journey.

Halo plans to begin commercial tourist flights by 2026 at prices of $164,000 per ticket. The company has ambitious plans to help 10,000 people into space this decade, allowing them to view what is known as the Overview Effect — a blue halo that forms around the curvature of the Earth.

Space tourists will eventually be treated to unrivaled 360º vistas for around 1-2 hours at maximum altitude, with the capsule’s windows being significantly larger than those of a commercial airliner.

“I’ve spoken with several astronauts about the feeling of profound transformation when you view the Overview Effect. Everyone should get the chance to see our home from such a view,” says HALO Space CEO Carlos Mira.

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Halo is also working with space authorities from the US, Australia, Saudi Arabia, and Spain to establish further launch sites. The exact locations have been chosen based on meteorology, territory, and airspace safety.

“It is magnificent to see our vision of making space flight more accessible come to life,” added Carlos Mira. “To prove our concept and showcase all systems working together will signal to the world that near space tourism with Halo Space is ready for lift-off”.

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

2 days 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.