News

Saudi Arabia’s First Electric Air Taxi Completes Test Flight

The week-long program was a collaboration between NEOM representatives, Volocopter, and Saudi aviation authorities.

Published

1 year ago

June 22, 2023

saudi arabia's first electric air taxi completes test flight

Representatives from NEOM — the massive Saudi Arabian smart city development project — and urban air mobility company Volocopter have announced the successful completion of a test flight by an eVTOL (electric Vertical Take-Off and Landing) air taxi service.

The week-long test flight program was the first of its kind to receive the go-ahead from Saudi officials, and was conducted in collaboration with the General Authority of Civil Aviation (GACA).

NEOM and Volocopter aim to implement and scale a complete electric UAM ecosystem in the upcoming smart city development as part of their shared vision for a clean, sustainable future.

volocopter evtol in saudi arabia neom

NEOM CEO, Nadhmi Al-Nasr, said: “The successful test flight of a Volocopter eVTOL is […] another milestone towards creating NEOM’s innovative, sustainable, multimodal transportation system. Driving the development of smart, sustainable, and safe mobility systems will improve livability and connectivity in cities worldwide and reduce carbon emissions, creating a cleaner future for all”.

Meanwhile, Volocopter Chief Commercial, Christian Bauer, was equally enthusiastic about the results of the test flight: “It is beyond exciting to see our work from the past 18 months come to fruition. As the first eVTOL aircraft to ever test in Saudi Arabia, we are proud to have laid the groundwork for our future collaboration here in NEOM”.

Also Read: Dubai Hospital Delivery Drone Completes Successful First Trial

Volocopter’s eVTOLs will be powered by 100% renewable energy from solar and wind sources. The electric craft will also be multi-use, with plans to deploy them as taxis, emergency response vehicles, and more. The electric helicopters should be easily adaptable, cheaper to run than conventional models, and a good deal quieter. Meanwhile, smart and autonomous capabilities ensure high levels of safety in confined cityscapes.

The air taxi test flight announcement comes after NEOM’s EUR 175 million investment into Volocopter, which recently confirmed that its production plant in Bruchsal, Germany, now had the capacity to build over 50 helicopters per year.

Related Topics:Air Taxi eVTOL NEOM Saudi Arabia

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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

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.