Abu Dhabi Airports has signed an agreement with France airport operator Groupe ADP to explore developing ground infrastructure for air taxis in the UAE capital.
The two parties will explore the potential for advanced air mobility in Abu Dhabi, particularly for electric vertical take-off and landing (eVTOL) aircraft to move people and cargo, Abu Dhabi Airports said on Monday.
Under the agreement, the two airport operators will undertake joint planning, design, development and operation, it said. This is following discussions with stakeholders, a feasibility study and a market assessment.
The advanced air mobility system “integrates flight technologies with transformational aircraft designs which utilise electric power to hover, take off and land vertically, enabling sustainability in air transport for both passengers and cargo”, said Jamal Al Dhaheri, managing director and chief executive of Abu Dhabi Airports.
Using this technology will help drive “efficiency, convenience and most importantly, sustainability”, he said.
The move comes as companies around the world are racing to develop and eventually obtain regulatory approval for air taxis amid a push for greener transportation.
Airlines are looking at developing transport services using battery-powered aircraft that can take off and land vertically to carry travellers to airports or on short trips between cities, so they can beat traffic.
Regulatory approval is required for air taxis, as well as for building airport infrastructure and so-called “vertiports” for take-off and landing.
Abu Dhabi Airports signed the deal with Group ADP at the Abu Dhabi Air Expo last week.
The two sides will collaborate on building an advanced air mobility (AAM) plan and accelerate the development of the necessary infrastructure in Abu Dhabi, Philippe Martinet of Groupe ADP Airport Services said.
“With our hands-on experience in the Paris region today, and our deep understanding of the industry, its infrastructure and operational challenges, we will be supporting Abu Dhabi Airports in laying the ground for AAM service implementation in Abu Dhabi,” he said.
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COMPANY%20PROFILE
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How to play the stock market recovery in 2021?
If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.
Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.
Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).
Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.
Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.
By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.
As demand for energy fell, the oil and gas industry had a tough year, too.
Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.
He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”
This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”
Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.
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