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Saudi Arabia To Host Sixth Halo Space Test Flight In September

The space tourism startup aims to conduct crewed flights in 2025 and commence full commercial operations by as early as 2026.

Published

1 month ago

August 13, 2024

Nour Nasir

Halo Space

Space tourism company Halo Space has announced plans for another test flight in Saudi Arabia, scheduled for September 2024, in collaboration with the Kingdom’s Communications, Space and Technology Commission (CST).

The event will be Halo Space’s 6th test flight and a key milestone in Saudi Arabia’s Vision 2030 strategy. The test will deploy Halo Space’s prototype Aurora capsule, which will travel around 30 km into Earth’s high atmosphere and the edge of space. According to Alberto Castrillo, Halo Space’s Chief Technology Officer, the flight will further test the engineering of the high-tech craft:

“The mission is designed to meticulously validate all the critical systems we’ve been developing for the past three years. The dates and location were set to ensure the reliable operation of our equipment and safe conditions for the teams on the ground operating the flight”.

Frank Salzgeber, Acting Deputy Governor for the Space Sector at CST, added, “This innovative project represents a significant step forward in Space Tourism. In support of such technological advancements and investment opportunities in Saudi Arabia, CST is always committed to providing regulatory frameworks that foster innovation among companies and projects like Halo Space while ensuring the safety of personnel and materials”.

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Halo Space’s prototype test flights are in preparation for the launch of fully crewed missions, which are expected to take place in 2025. Commercial flights could be available from 2026 and will offer the completely unique experience of rising gently above the Earth in a balloon-lifted capsule.

The journey, spanning up to 200 horizontal km and 35 vertical km, will last over six hours, allowing passengers to witness the curvature of the Earth and the vastness of space. Halo Space aims to make space tourism accessible to a wide audience by 2030 and plans to carry over 10,000 passengers by the decade’s end.

Related Topics:Halo Space Saudi Arabia Space

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Paymob Extends Series B Funding To $72M Amid Continued Growth

The financial services provider has secured an extra $22 million after strong performance in its core market of Egypt.

Published

23 hours ago

September 12, 2024

Nour Nasir

paymob extends series b funding to $72 million amid continued growth

Leading financial services provider Paymob has secured an additional $22 million in a funding extension, bringing its Series B total to $72 million.

The funding was spearheaded by EBRD Venture Capital, with support from Endeavor Catalyst. Existing backers such as PayPal Ventures, BII, FMO, A15, Nclude, and Helios Digital Ventures also participated, reaffirming their confidence in Paymob’s business model and potential in the regional fintech industry.

This extension comes on the back of Paymob’s strong performance in its core market of Egypt, where it has experienced 6x revenue growth since the initial Series B in Q2 2022. With the Series B extension and continued profitability in Egypt, Paymob is well-positioned to further its expansion strategy across the MENA region.

Islam Shawky, Co-founder and CEO of Paymob, commented: “We are very excited by our strong prospects in Egypt – where we hold a market-leading position – and the significant traction experienced in the UAE since launching operations there. This funding will help Paymob fully capitalize on the momentum in our established markets, as we accelerate our GCC roll-out. We remain committed to creating cutting-edge infrastructure enabling SMEs across the region to thrive in the digital economy and are proud of our continued impact”.

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The expansion into GCC markets has been driven by Paymob’s initial Series B funding of $50 million, raised in 2022 and led by Kora Capital, PayPal Ventures, and Clay Point. The investment fueled Paymob’s growth, allowing it to launch its mobile app in 2023 and grow its merchant base by 3.5 times, now serving nearly 350,000 merchants across MENA.

Paymob has also expanded its payment acceptance suite to offer 50 payment methods through its gateway, POS terminals, and the Paymob app, providing the region’s most comprehensive fintech solution. The company recently introduced embedded checkout services for Shopify and WooCommerce, further demonstrating its commitment to empowering small and medium businesses across the region.