News

NEOM And Volocopter Partner To Create World’s First Bespoke Public eVTOL Mobility System

These first eVTOL aircraft will connect NEOM’s core urban development, called the Line, with other regional destinations.

Published

5 years ago

December 10, 2021

David Morelo

Volocopter

The concept of electric vertical take-off and landing (eVTOL) aircraft should be familiar to all fans of sci-fi literature, movies, and video games.

Because of their ability to take off and land vertically, such aircraft are suited for operation in densely populated urban areas that would easily trap even small airplanes. Since eVTOL aircraft rely on electric propulsion, they generate much less noise pollution compared with traditional helicopters.

Now, Volocopter, a German eVTOL aircraft manufacturer based in Bruchsal has established a joint venture (JV) company with NEOM, a planned smart city in the Tabuk Province of northwestern Saudi Arabia that aims to realize a daring vision of what the future could be.

neom partnership with volocopter

The goal of the new company is to design, implement, and operate the world’s first bespoke public vertical mobility system in NEOM. Once operational, the system will provide air taxi and logistics services and integrate with the rest of NEOM’s multi-modal and zero-emissions public mobility system.

“We are incredibly excited and proud to partner with Volocopter to make vertical mobility a reality here at NEOM. Volocopter is internationally recognized for leading innovation in the eVTOL industry and is a perfect match for our ambitious goals to create the first truly sustainable, shared, and seamlessly integrated mobility system in the world” said Florian Lennert, Head of Mobility, NEOM.

The JV has so far ordered 10 VoloCity passenger and 5 VoloDrone logistics aircraft from Volocopter, and plans are already in place to scale up activities from the beginning of 2022.

These first eVTOL aircraft will connect NEOM’s core urban development, called the Line, with other regional destinations. The Line is supposed to be a 170 km long linear city without conventional cars, and it will be home to over 1 million citizens when finished.

News

Egypt’s Mobile Wallets Are Booming, But Cash Still Has Power

Egypt’s telecom regulator says $57.6 billion moved through more than 57 million wallets in six months. And one operator handled 77% of the value.

Published

4 days ago

September 12, 2026

Nour Nasir

egypt's mobile wallets are booming but cash still has power

Egypt’s mobile wallets handled EGP 2.96 trillion ($57.6 billion) in transactions in the first half of 2026, according to the National Telecom Regulatory Authority – a 56% rise on the EGP 1.90 trillion ($36.9 billion) recorded a year earlier. Transactions grew faster still, up 62% to 2.22 billion, while registered wallets climbed 23% to 57.01 million.

On one reading, that is exactly what Egypt’s regulators have been pushing for: a payments system that runs through telecom-linked wallets rather than banknotes. But the same data shows how far cash still reaches into it. Cash withdrawals made up just 12% of the transactions taking money out of wallets, yet 75% of the value withdrawn or spent.

Money arrives mostly from bank accounts: transfers through InstaPay accounted for 78% of deposit transactions and 58% of the value deposited, while incoming remittances from abroad made up 3% of deposit transactions but 10% of their value. Once inside, it largely moves between wallets – wallet-to-wallet transfers accounted for 54% of all transactions and 67% of total value, with mobile and internet top-ups a distant second at 25% of volume. In effect, the wallet is serving as a transfer layer: the place money passes through between the bank account and the banknote.

That layer also runs predominantly through one operator. Vodafone Cash held 53% of registered wallets and 57% of active ones, but handled 69% of transactions and 77% of their value. Its nearest rival, e& money, held 23% of registered wallets but 14% of transaction value; Orange Cash 20% and 8%; WE Pay 4% of wallets. How many of the 57.01 million are active is not stated.

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Adoption is rather uneven in other respects. Men held 38 million wallets, or 67% of the total, against 19 million held by women. Users aged 26 to 45 accounted for half of all wallets, and Cairo alone had 10.6 million, or 19% of the national total, with Giza next at 6.5 million.

The NTRA says it is continuing to work with telecom operators on the regulatory framework for wallet services, part of a wider effort to expand electronic payments and financial inclusion. Its own figures show that effort succeeding on the way in. On the way out, three-quarters of the value still leaves as cash.