Electric aircraft company Eve Holding, owned by Brazilian plane maker Embraer, and UAE-based charter flight operator Falcon Aviation Services have signed a letter of intent for up to 35 flying taxis, as Dubai develops its urban air mobility plans.
With deliveries of the aircraft expected to start in 2026, the partnership will introduce the first eVTOL (electric vertical take-off and lift) tourist flights from the Atlantis, The Palm in Dubai, Embraer said in a statement on Tuesday.
“The launch of this concept fully aligns with the Smart Dubai vision and will contribute to positioning Dubai as a global leader in sustainable urban air mobility transportation,” Ramandeep Oberoi, chief operating officer of Falcon, said.
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 seek to raise financing through various means, including special purpose acquisition companies (Spacs).
Start-ups are racing to develop, certify and manufacture electric aircraft amid 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.
Eve and Falcon will work together with local stakeholders and authorities to support developing the urban air mobility ecosystem in the UAE, according to the statement.
“We are thrilled about partnering with Falcon and having the immense opportunity to enable the future urban mobility in the UAE and launch eVTOL flights in Dubai,” said Andre Stein, co-chief executive of Eve.
“This is a massive challenge for both companies, which will help to position Dubai as a leader in the urban air mobility market. Eve’s global experience, which spans different regions across the globe, will surely benefit the achievement of this project.”
Eve, which listed on the New York Stock Exchange on May 10 this year, has orders from 19 clients globally for 1,825 aircraft and expects to launch its eVTOL aircraft by 2026.
While eVTOL aircraft manufacturers are gaining customers, they face challenges including regulatory obstacles, improving battery technology, pilot availability and reducing the vehicles' costs.
Industry giants Airbus and Boeing are among those pouring investments into the eVTOL sector.
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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.”
