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