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

3 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

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.