Flying taxis are expected to be used in Saudi Arabia's major tourist sites and developments in the next years as the kingdom presses forward with its modernisation plans.
The flying taxi will enter the market by 2026, and will be used in major protects such as the futuristic city of Neom and the historic tourist site AlUla, Saudia Airlines announced on Monday.
"We are very close to achieving our goals. We have successfully done the tests in Neom," a source from the aviation ministry told The National.
Volocopter will be the sole operator of the first public transit routes for the residents of Neom.
The plan for Neom envisages residents living in communities without cars, with public transport and autonomous vehicles the main forms of travel.
Flying taxis will be one form of transport available, according to Neom's plans.
"That includes high-speed public transit, shared electric and autonomous mobility, but also electric urban air mobility – electric vertical take off and landing aircraft – that can take people and connect them to this wonderful environment that we have in Neom, greatly reducing the need for roads and surface mobility," Florian Lennert, head of mobility at Neom, said in an official statement.
In the race for air mobility, Saudi Arabia is working to meet the sustainable goals listed under the kingdom's Vision 2030 development plan.
The kingdom aims to achieve net-zero emissions by 2060 by reducing carbon emissions, investing in new energy sources, and developing a carbon capture and storage programme.
French engineering and consulting firm Setec Group is also working on sustainable urban air mobility in the kingdom and is one of many French companies working in AlUla.
The development of AlUla is part of Vision 2030, which aims to bolster its position as a major international destination for culture and tourism.
In 2021, Neom and German company Volocopter established a joint venture to scale advanced air mobility.
They successfully tested the flying taxis last year.
Volocopter aircraft will be powered by 100 per cent renewable energy, generated by solar and wind energy sources.
“The successful test flight of a Volocopter eVTOL is a tangible example of Neom as a global accelerator and incubator of solutions to the world’s most pressing challenges," Nadhmi Al Nasr, chief executive of Neom, said in a statement:
"Driving the development of smart, sustainable and safe mobility systems will improve livability and connectivity in cities around the world and reduce carbon emissions, creating a cleaner future for all.”
Volocopter expects to obtain certification of its VoloCity air taxi in 2024, Neom officials said.
Flying taxis for Hajj
Saudi Arabia plans to launch air taxis to take Hajj and Umrah pilgrims from King Abdulaziz airport in Jeddah to hotels in Makkah, state media announced on Saturday.
The transfer of pilgrims "will be carried out with maximum speed and highest quality", the official Saudi Press Agency reported.
The logistics will be managed by Saudia, the kingdom's national airline.
Last year, Saleh Al Jasser, Saudi Arabia's Minister of Transport, said flying taxis would be tested during Hajj in the coming years.
The taxis will operate from Jeddah airport to the pilgrims' hotels in Makkah directly at a premium fee, not yet disclosed by officials.
Last year, Saudi Arabia witnessed a return to pre-Covid Hajj figures with almost 2 million Hajj pilgrims who performed the ritual in 2023.
According to Tawfiq Al Rabiah, Minister of Hajj and Umrah, the numbers of Umrah pilgrims reached a record 13.5 million last year.
FIXTURES
Fixtures for Round 15 (all times UAE)
Friday
Inter Milan v AS Roma (11.45pm)
Saturday
Atalanta v Verona (6pm)
Udinese v Napoli (9pm)
Lazio v Juventus (11.45pm)
Sunday
Lecce v Genoa (3.30pm)
Sassuolo v Cagliari (6pm)
SPAL v Brescia (6pm)
Torino v Fiorentina (6pm)
Sampdoria v Parma (9pm)
Bologna v AC Milan (11.45pm)
Gender pay parity on track in the UAE
The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.
"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."
Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.
"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.
As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general.
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COMPANY%20PROFILE
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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.”
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
Killing of Qassem Suleimani
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
INFO
What: DP World Tour Championship
When: November 21-24
Where: Jumeirah Golf Estates, Dubai
Tickets: www.ticketmaster.ae.
The years Ramadan fell in May
more from Janine di Giovanni
Match info:
Burnley 0
Manchester United 2
Lukaku (22', 44')
Red card: Marcus Rashford (Man United)
Man of the match: Romelu Lukaku (Manchester United)
PREMIER LEAGUE FIXTURES
Tuesday (UAE kick-off times)
Leicester City v Brighton (9pm)
Tottenham Hotspur v West Ham United (11.15pm)
Wednesday
Manchester United v Sheffield United (9pm)
Newcastle United v Aston Villa (9pm)
Norwich City v Everton (9pm)
Wolves v Bournemouth (9pm)
Liverpool v Crystal Palace (11.15pm)
Thursday
Burnley v Watford (9pm)
Southampton v Arsenal (9pm)
Chelsea v Manchester City (11.15pm)
Normal People
Sally Rooney, Faber & Faber
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