Saudi Arabia's Neom invests $175m in Volocopter

Neom, the futuristic city being built in Saudi Arabia, has announced a $175 million Series E investment in Volocopter, the German air mobility company.

The equity stake is part of Neom's strategic engagement with the global eVTOL (electric vertical takeoff and landing) industry, positioning it as a leader in future mobility solutions, it said.

Neom and Volocopter launched a joint venture in December that will operate electric air taxi services in the city to connect various areas, including The Line, Oxagon and Trojena.

The joint venture will design, integrate and operate the region’s all-electric public flight routes for the initial seven years after it is launched.

“This crucial investment aligns with the ambitious plans announced by Crown Prince Mohammed bin Salman, the chairman of Neom’s board of directors, for the kingdom to achieve sustainability and to develop Neom into an accelerator of human progress," said Nadhmi Al-Nasr, chief executive of Neom.

"Together with the kingdom’s General Authority of Civil Aviation, Neom and Volocopter will make concepts like air taxis an everyday reality for its residents and visitors."

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The Line at Neom - in pictures

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Electric air taxis are a key component of Neom’s mission to implement a truly sustainable and seamlessly connected multi-modal mobility system powered by 100 per cent renewable energy, it said.

Neom, the $500 billion giga-project, will be treated as a country within a country, with its own economic zone and its own authority, meaning it will be separate from the rules that govern the rest of the kingdom.

People living there would not be referred to as Saudis but would be called by the title “Neomians”, and the development is planned to have millions of residents by 2030.

Neom placed a confirmed order of 15 Volocopter aircraft to start initial flight operations within the next two to three years, according to a statement at the end of last year.

This included an initial order of 10 VoloCity passenger and five VoloDrone logistics aircraft, to support early activation of flight operations.

Volocopter also raised funding from GLy Capital Management of Hong Kong, taking the second signing of its Series E funding round to $182m.

“Attracting Neom and GLy as investors is a great success and highlights our pole position in the commercial certification race," said Dirk Hoke, chief executive of Volocopter.

"This is the key requirement to launching commercial operations and starting to generate revenue.”

Volocopter is the first and only eVTOL company to receive Design Organisation Approval (DOA) from the EU Aviation Safety Agency (EASA), and expects to launch its first commercial air taxi routes in the next two years.

Billions of dollars worth of investment has been poured into the eVTOL sector, as companies race to be the first commercial success amid the push for lower carbon emissions.

Joby Aviation was the leading company in the eVTOL industry as of 2021, with $1.6bn in investments, Statista said.

This month, Wisk Aero, a joint venture between the Boeing Company and Kitty Hawk Corporation, unveiled its sixth-generation air taxi that it said was “the most advanced in the world”.

The BIO

Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.

Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.

Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.

Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.

Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

Skoda Superb Specs

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Power: 190hp

Torque: 320Nm

Price: From Dh147,000

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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

SPECS

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Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

if you go

The flights

Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.

The hotels

Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.

When to visit

March-May and September-November

Visas

Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.

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Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

RESULTS

Dubai Kahayla Classic – Group 1 (PA) $750,000 (Dirt) 2,000m
Winner: Deryan, Ioritz Mendizabal (jockey), Didier Guillemin (trainer).
Godolphin Mile – Group 2 (TB) $750,000 (D) 1,600m
Winner: Secret Ambition, Tadhg O’Shea, Satish Seemar
Dubai Gold Cup – Group 2 (TB) $750,000 (Turf) 3,200m
Winner: Subjectivist, Joe Fanning, Mark Johnston
Al Quoz Sprint – Group 1 (TB) $1million (T) 1,200m
Winner: Extravagant Kid, Ryan Moore, Brendan Walsh
UAE Derby – Group 2 (TB) $750,000 (D) 1,900m
Winner: Rebel’s Romance, William Buick, Charlie Appleby
Dubai Golden Shaheen – Group 1 (TB) $1.5million (D) 1,200m
Winner: Zenden, Antonio Fresu, Carlos David
Dubai Turf – Group 1 (TB) $4million (T) 1,800m
Winner: Lord North, Frankie Dettori, John Gosden
Dubai Sheema Classic – Group 1 (TB) $5million (T) 2,410m
Winner: Mishriff, John Egan, John Gosden

Family reunited

Nazanin Zaghari-Ratcliffe was born and raised in Tehran and studied English literature before working as a translator in the relief effort for the Japanese International Co-operation Agency in 2003.

She moved to the International Federation of Red Cross and Red Crescent Societies before moving to the World Health Organisation as a communications officer.

She came to the UK in 2007 after securing a scholarship at London Metropolitan University to study a master's in communication management and met her future husband through mutual friends a month later.

The couple were married in August 2009 in Winchester and their daughter was born in June 2014.

She was held in her native country a year later.

In-demand jobs and monthly salaries

Technology expert in robotics and automation: Dh20,000 to Dh40,000
Energy engineer: Dh25,000 to Dh30,000
Production engineer: Dh30,000 to Dh40,000
Data-driven supply chain management professional: Dh30,000 to Dh50,000
HR leader: Dh40,000 to Dh60,000
Engineering leader: Dh30,000 to Dh55,000
Project manager: Dh55,000 to Dh65,000
Senior reservoir engineer: Dh40,000 to Dh55,000
Senior drilling engineer: Dh38,000 to Dh46,000
Senior process engineer: Dh28,000 to Dh38,000
Senior maintenance engineer: Dh22,000 to Dh34,000
Field engineer: Dh6,500 to Dh7,500
Field supervisor: Dh9,000 to Dh12,000
Field operator: Dh5,000 to Dh7,000

Teams in the EHL

White Bears, Al Ain Theebs, Dubai Mighty Camels, Abu Dhabi Storms, Abu Dhabi Scorpions and Vipers

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THE SPECS

Engine: 2.0-litre 4-cylinder turbo

Power: 275hp at 6,600rpm

Torque: 353Nm from 1,450-4,700rpm

Transmission: 8-speed dual-clutch auto

Top speed: 250kph

Fuel consumption: 6.8L/100km

On sale: Now

Price: Dh146,999

UAE currency: the story behind the money in your pockets

Red flags

Promises of high, fixed or 'guaranteed' returns.
Unregulated structured products or complex investments often used to bypass traditional safeguards.
Lack of clear information, vague language, no access to audited financials.
Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching