Saudia Group Signs Deal with Lilium to Purchase 100 eVTOL Jets

The deal will make Saudia Group the first aviation company in the Middle East and North Africa region to purchase 100 eVTOL jets from Lilium. SPA
The deal will make Saudia Group the first aviation company in the Middle East and North Africa region to purchase 100 eVTOL jets from Lilium. SPA
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Saudia Group Signs Deal with Lilium to Purchase 100 eVTOL Jets

The deal will make Saudia Group the first aviation company in the Middle East and North Africa region to purchase 100 eVTOL jets from Lilium. SPA
The deal will make Saudia Group the first aviation company in the Middle East and North Africa region to purchase 100 eVTOL jets from Lilium. SPA

The Saudia Group signed on Thursday a deal to purchase 100 electric vertical take-off and landing (eVTOL) jets from the German company Lilium, a leading electric aircraft manufacturer and pioneer in Regional Air Mobility (RAM).

The agreement includes 50 confirmed aircraft and 50 optional aircraft.

The deal, which will make Saudia the first aviation company in the Middle East and North Africa region to purchase 100 eVTOL jets from Lilium, is an extension of the memorandum of understanding signed between the Saudia Group and the Germany-based air taxi developer in October 2022 during the Future Investment Initiative conference in Riyadh.

According to the deal, the Saudia Group is scheduled to receive its first electric aircraft in the fourth quarter of 2026, coinciding with the launch of eVTOL aircraft flights by the Saudi Private Aviation Company.

The electric aircraft included in the deal are among the first fully eVTOL, where these aircraft can take off and land vertically, eliminating the need for traditional airports. These aircraft can cover a distance of up to 175 kilometers at a speed of up to 250 kilometers per hour, offering significant time savings for individual travelers compared to other options and accommodating six passengers.

This deal will contribute to providing more flights and reducing travel time by up to 90%, including to tourist destinations that typically require long travel times. It also offers an effective solution for transportation in congested areas, reducing traffic and saving time. Additionally, it expands the range of premium services for VIP guests, providing a seamless and luxurious travel experience, which will also enhance tourism and business in the Kingdom.

The Saudia Group's agreement with Lilium aligns with the goals of the Saudi Vision 2030 and the National Transport and Logistics Strategy. The deal will help boost the tourism, entertainment, and sports sectors, facilitate the transport of guests from around the world, and support the goal of transporting 330 million passengers and 150 million visits. Moreover, it will provide easy movement for pilgrims during the Hajj and Umrah seasons, aligning with the target of receiving 30 million Umrah performers.



Saudi Crude Exports Rise to 6.118 Million bpd in May

Municipal police officers patrol the El Saler beach in the Albufera Natural Park, after the city council of Valencia closed three beaches on the Mediterranean coast following a suspected oil or fuel spill on the sand, in Valencia, Spain on July 17, 2024 (Photo by Jose Jordan / AFP)
Municipal police officers patrol the El Saler beach in the Albufera Natural Park, after the city council of Valencia closed three beaches on the Mediterranean coast following a suspected oil or fuel spill on the sand, in Valencia, Spain on July 17, 2024 (Photo by Jose Jordan / AFP)
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Saudi Crude Exports Rise to 6.118 Million bpd in May

Municipal police officers patrol the El Saler beach in the Albufera Natural Park, after the city council of Valencia closed three beaches on the Mediterranean coast following a suspected oil or fuel spill on the sand, in Valencia, Spain on July 17, 2024 (Photo by Jose Jordan / AFP)
Municipal police officers patrol the El Saler beach in the Albufera Natural Park, after the city council of Valencia closed three beaches on the Mediterranean coast following a suspected oil or fuel spill on the sand, in Valencia, Spain on July 17, 2024 (Photo by Jose Jordan / AFP)

Saudi Arabia’s crude oil exports in May rose to 6.118 million barrels per day from 5.968 million bpd in April, official data showed on Wednesday.

Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published them on its website.

In the markets, oil prices rose on Wednesday, a day after Brent crude fell to its lowest level in a month, as the decline in US inventories helped offset the impact of indications of a slowdown in demand from China.

Brent crude futures increased 22 cents, or 0.26 percent, to $83.95 per barrel by 12:02 GMT. US West Texas Intermediate crude futures rose 36 cents, or 0.45 percent, to $81.12 per barrel.

Both benchmarks fell in the previous three sessions, with Brent crude futures recording $83.30 on Tuesday, the lowest level since June 17.

Market sources, citing data from the American Petroleum Institute, said that US crude oil inventories fell by 4.4 million barrels in the week ending July 12.

Analysts polled by Reuters estimated crude stocks would fall by 33,000 barrels. The sources said that gasoline stocks increased by 365,000 barrels, and distillate stocks increased by 4.923 million barrels.

At the same time, rising geopolitical risks are supporting oil prices. A Liberia-flagged oil tanker was assessing damage and investigating a potential oil spill after it was attacked by the Houthis in the Red Sea, the Red Sea and Gulf of Aden Joint Maritime Information Center (JMIC) said on Tuesday.

Meanwhile, official data this week showed that the Chinese economy grew 4.7 percent in the second quarter, the slowest pace since the first quarter of 2023, capping crude price gains.