NEOM Establishes World’s First Public Vertical Mobility System

The signing of an agreement to develop the world’s first bespoke public vertical mobility system in NEOM on Wednesday, December 1, 2021. (Asharq Al-Awsat)
The signing of an agreement to develop the world’s first bespoke public vertical mobility system in NEOM on Wednesday, December 1, 2021. (Asharq Al-Awsat)
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NEOM Establishes World’s First Public Vertical Mobility System

The signing of an agreement to develop the world’s first bespoke public vertical mobility system in NEOM on Wednesday, December 1, 2021. (Asharq Al-Awsat)
The signing of an agreement to develop the world’s first bespoke public vertical mobility system in NEOM on Wednesday, December 1, 2021. (Asharq Al-Awsat)

Saudi Arabia’s NEOM and Germany’s Volocopter, the pioneer of urban air mobility, have established a joint venture company to design, implement, and operate the world’s first bespoke public vertical mobility system in NEOM.

Air taxi and vertical logistics services will be fully integrated with the overall multi-modal and zero-emission public transit system in NEOM.

The venture will be the sole operator of initial public transit routes across NEOM, while enabling an open eVTOL (electric Vertical Take-Off and Landing) ecosystem for vertical mobility services, including logistics, emergency response and tourism.

NEOM has placed a confirmed order of 15 Volocopter aircraft to commence initial flight operations within the next two to three years.

“"In designing cities and urban infrastructure for the 21st century, mobility is at the center of the equation,” said CEO of NEOM Nadhmi al-Nasr.

“Through this joint venture with Volocopter, we are demonstrating to the world that NEOM is the ideal region to implement urban air mobility rapidly and create a fully integrated vertical mobility ecosystem.”

“NEOM is on a mission to become a global living lab for future mobility, and we are very excited to see what the future holds as we grow,” he added.

Volocopter “is a perfect match for our ambitious goals to create the first truly sustainable, shared and seamlessly integrated mobility system in the world,” said Florian Lennert, the head of mobility at NEOM.

Chief Commercial Officer at Volocopter Christian Bauer said the partnership with NEOM and the new venture that both sides are creating together is going to be an exciting journey.

"It is a once in a lifetime opportunity to be an essential part of designing and operating a completely new UAM ecosystem from the ground up without the constraint of legacy infrastructure or regulation, and as pioneers in the industry, Volocopter is honored to be the trusted partner to contribute to NEOM’s ambitious vision," he added.



Oil Prices Headed for Rebound This Week as US-China Trade Talks Resume

FILE PHOTO: Pump jacks pump oil at an oil field on the shores of the Caspian Sea in Baku, Azerbaijan, October 5, 2017. Picture taken October 5, 2017. REUTERS/Grigory Dukor/File Photo
FILE PHOTO: Pump jacks pump oil at an oil field on the shores of the Caspian Sea in Baku, Azerbaijan, October 5, 2017. Picture taken October 5, 2017. REUTERS/Grigory Dukor/File Photo
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Oil Prices Headed for Rebound This Week as US-China Trade Talks Resume

FILE PHOTO: Pump jacks pump oil at an oil field on the shores of the Caspian Sea in Baku, Azerbaijan, October 5, 2017. Picture taken October 5, 2017. REUTERS/Grigory Dukor/File Photo
FILE PHOTO: Pump jacks pump oil at an oil field on the shores of the Caspian Sea in Baku, Azerbaijan, October 5, 2017. Picture taken October 5, 2017. REUTERS/Grigory Dukor/File Photo

Oil prices slipped on Friday but were on track for their first weekly gain in three weeks after US President Donald Trump and Chinese leader Xi Jinping resumed trade talks, raising hopes for growth and stronger demand in the world's two largest economies.

Brent crude futures fell 11 cents, or 0.2%, to $65.23 a barrel as of 0634 GMT. US West Texas Intermediate crude gave up 12 cents, also 0.2%, to $63.25, after gaining around 50 cents on Thursday, Reuters said.

On a weekly basis, both benchmarks were on track to settle higher after falling for two straight weeks. Brent has advanced 2.1% this week, while WTI is trading 4% higher.

China's official Xinhua news agency said trade talks between Xi and Trump took place at Washington's request. Trump said the call had led to a "very positive conclusion," adding the US was "in very good shape with China and the trade deal."

Canada also continued trade talks with the US, with Prime Minister Mark Carney in direct contact with Trump, according to Industry Minister Melanie Joly.

The oil market continued to swing with news on tariff negotiations and data showing how trade uncertainty and the impact of the US levies are flowing through into the global economy.

"The potential for increased US sanctions in Venezuela to limit crude exports and the potential for Israeli strike on Iranian infrastructure add to upside risks for prices," analysts at BMI, a Fitch affiliate, said in a note on Friday.

"But both weaker demand for oil and increased production from both OPEC+ and non-OPEC producers will add to downside price pressures in the coming quarters."