Saudi Arabia’s NEOM invests $175mn in Germany-based Volocopter

Saudi Arabia’s NEOM invests $175mn in Germany-based Volocopter

Saudi Arabia’s $500 billion smart city, NEOM has announced a $175 million Series E investment in German aircraft manufacturer Volocopter, the pioneer of Urban Air Mobility (UAM).

This deal will expand NEOM’s strategic partnership with Volocopter to progress an advanced air mobility industry in Saudi Arabia, in line with NEOM’s cutting-edge strategy for its mobility sector.

According to the statement, “The land of the future giga-project will take a significant equity stake in the company as part of its strategic engagement with the global eVTOL industry, positioning it as a leader in future mobility solutions.”

Nadhmi Al Nasr

CEO – NEOM “This crucial investment aligns with the ambitious plans announced by HRH the 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. It will contribute to taking humanity closer to a new era of mobility – an era defined by zero-emission, electrically-powered vertical take-off, and landing vehicles. 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. Powerful partnerships such as the one that NEOM is cultivating with pioneering