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Thousands of Electric Aircraft Ready for Riyadh Expo 2030

FlyNow Aviation’s eCopter (Asharq Al-Awsat)
FlyNow Aviation’s eCopter (Asharq Al-Awsat)
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Thousands of Electric Aircraft Ready for Riyadh Expo 2030

FlyNow Aviation’s eCopter (Asharq Al-Awsat)
FlyNow Aviation’s eCopter (Asharq Al-Awsat)

FlyNow Aviation, an urban air mobility startup from Austria, is gearing up to provide thousands of electric helicopters to enhance mobility and sustainability during the Riyadh Expo 2030.
Yvonne Winter, Chief Operating Officer of FlyNow Aviation, revealed these plans to Asharq Al-Awsat on the sidelines of the 2024 Global Forum on Electric Vehicles and Mobility Technology held last week in Riyadh.
Winter mentioned that the company is set to establish a regional headquarters in Saudi Arabia within one to two months, alongside setting up an assembly line for local production and export to global markets from within the Kingdom.
FlyNow Aviation specializes in manufacturing, operating, and developing efficient, automated electric cargo drones and taxis, leveraging cutting-edge technology to ensure reduced manufacturing and operational costs.
Winter revealed that her company developed a family of electric aircraft known as “eCopter,” consisting of two types: a single-seat version and a dual-seat version capable of carrying passengers or cargo, with a payload capacity of up to 200 kilograms.
The aircraft include a fully battery-powered version currently capable of a 50-kilometer range for safety reasons. In the future, there will also be a hydrogen-powered version and a hybrid version combining both technologies, with the hybrid version offering a range of up to 200 kilometers and a flying speed of up to 130 kilometers per hour.
Winter described the eCopter as “extremely quiet.”
She emphasized the company’s focus on introducing a system to significantly improve ground conditions, especially in tackling traffic congestion.
Winter noted that while her company is finalizing the system, their initial rollout will prioritize cargo to minimize risks.
FlyNow Aviation seeks collaboration from various stakeholders—corporations, regulators, and government bodies—to shape laws, regulations, digital infrastructure, airport facilities, insurance systems, weather checks, and more.
The company plans to continue air freight operations for goods for the next two years, transitioning to passenger transport after completing hundreds of flights to enhance flying comfort and ease concerns.
She expects swift implementation, underscoring the importance of low-altitude economics, typically involving activities focused on civil aviation vehicles.
Moreover, Winter highlighted that the automotive industry of the past century will transform into urban air mobility in the future.
Saudi Arabia is poised to lead these transformations and the new economy in line with Vision 2030, she noted.
Saudi Arabia’s successful bid to host Expo 2030 in Riyadh will serve as a platform to showcase cutting-edge innovations, technologies, and contributions addressing global challenges across various sectors.
The event anticipates welcoming 40 million visitors globally, with a budget of approximately $7.8 billion.

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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)
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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)

Chinese lawmakers are deliberating a draft of the country's first basic law specifically focused on the development of the private sector, the country’s Xinhua news agency reported.

“The law will be conducive to creating a law-based environment that is favorable to the growth of all economic sectors, including the private sector,” said Justice Minister He Rong, while explaining the draft on Saturday during the ongoing session of the Standing Committee of the National People's Congress, the national legislature.

The draft private sector promotion law covers areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.

The draft has incorporated suggestions solicited from representatives of the private sector, experts, scholars and the general public, the minister said.

China left its benchmark lending rates unchanged as expected at the monthly fixing on Friday.

Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margin on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.

The one-year loan prime rate (LPR) was kept at 3.10%, while the five-year LPR was unchanged at 3.60%.

In a Reuters poll of 27 market participants conducted this week, all respondents expected both rates to stay unchanged.

Morgan Stanley said in a note that the 2025 budget deficit and mix are more positive than expected and suggest Beijing is willing to set a high growth target and record fiscal budget to boost market confidence, but further policy details are unlikely before March.

Last Friday, data released by the country's central bank said total assets of China's financial institutions had risen to 489.15 trillion yuan (about $68.03 trillion) by the end of third quarter this year.

The figure represented a year-on-year increase of 8%, said the People's Bank of China.

Of the total, the assets of the banking sector reached 439.52 trillion yuan, up 7.3% year on year, while the assets of securities institutions rose 8.7% year on year to 14.64 trillion yuan.

The insurance sector's assets jumped 18.3% year on year to 35 trillion yuan, the data showed.

The liabilities of the financial institutions totaled 446.51 trillion yuan, up 8% year on year, according to the central bank.

Separately, data released by the National Energy Administration on Thursday showed that China's electricity consumption, a key barometer of economic activity, rose by 7.1% year on year in the first 11months of the year.

During the period, power consumption of the country's primary industries increased by 6.8% year on year, while that of its secondary and tertiary sectors rose by 5.3% and 10.4%, respectively.

Residential power usage saw strong growth of 11.6% during this period, the administration said.

In November alone, power usage climbed 2.8% from one year earlier, according to the data.