Airbus has revealed its latest modified design for a fully-electric four-seat "flying taxi" with fixed wings, a V-shaped tail and eight electrically powered propellers for quieter flights over cities as part of its push for sustainable urban air mobility.
The European aerospace giant aims to fly a prototype of its CityAirbus NextGen in 2023 and targets certification by 2025, Airbus said.
"We are on a quest to co-create an entirely new market that sustainably integrates urban air mobility into the cities while addressing environmental and social concerns," Bruno Even, chief executive of Airbus Helicopters, said. "Airbus is convinced that the real challenges are as much about urban integration, public acceptance, and automated air traffic management, as about vehicle technology and business models."
Electric air taxis are emerging as a new segment within the aviation industry as the first versions of their design are close to maturity and their developers seeks to raise financing through special purpose acquisition companies (Spacs). Start-ups are racing to develop, certify and manufacture electric aircraft as part of efforts to revolutionise short-range travel. The push for electric flying taxis, particularly in urban areas, comes as governments seek to slash carbon emissions to fight climate change.
The CityAirbus demonstrator, which is designed to carry up to four passengers in a zero-emissions flight, is currently in a detailed design phase, the Toulouse-based company said.
CityAirbus is being developed to fly with a 80 kilometre range and reach a cruise speed of 120km per hour, making it suitable for operations in major cities for a variety of uses, the company said.
Noise-reduction is a major feature of the flying taxi designed for urban journeys. The plane features sound levels below 65 dB(A), a unit of sound measurement, during flyover and below 70 dB(A) during landing.
"Designed with simplicity in mind, CityAirbus NextGen will offer best-in-class economic performance in operations and support," Airbus said.
The vehicle meets the certification standards of the European Union Aviation Safety Agency (EASA)'s SC-VTOL Enhanced Category, Airbus added.
The latest version, which focuses on advancing remotely piloted electric vertical take-off and landing (eVTOL), looks like a traditional aircraft rather than the drone-style model of the initial project.
The CityAirbus full-scale demonstrator conducted its first take-off in May 2019.
Over the years, Airbus has developed two (eVTOL) demonstrators, the Vahana and the CityAirbus. Together the two demonstrators have conducted 242 flight and ground tests and have flown around 1,000 km in total.
“We have learnt a lot from the test campaigns with our two demonstrators, CityAirbus and Vahana”, Mr Even said. “The CityAirbus NextGen combines the best from both worlds with the new architecture striking the right balance between hover and forward flight."
The latest zero-emission eVTOL plane was revealed at the company's first Airbus Summit on "Pioneering Sustainable Aerospace" on September 21.
The battery-powered plane is remotely piloted with advanced control systems, is quieter than traditional helicopters, is up to three-times faster than cars and is fully electric for emissions-free flights, according to Airbus.
Governments and oil majors must redirect their focus and investment to support sustainable aviation fuels as the airline industry prepares to raise its environmental goals, the International Air Transport Association (Iata) said in July.
SHAITTAN
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EVikas%20Bahl%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EAjay%20Devgn%2C%20R.%20Madhavan%2C%20Jyothika%2C%20Janaki%20Bodiwala%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Heather, the Totality
Matthew Weiner,
Canongate
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
