NEOM sets up joint venture for first public vertical mobility system

Company executives signing the joint venture contract

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

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

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

The companies agreed to an initial order of 10 VoloCity passenger and five VoloDrone logistics aircraft to support the early activation of flight operations.

The JV will scale up its activities from the beginning of 2022 to incubate urban air mobility (UAM) in the region and seed a vertical mobility ecosystem.

Vertical mobility services will connect NEOM’s core urban development, THE LINE, reimagined industrial city OXAGON and other regional destinations, avoiding extensive road construction and thus protecting its unique natural environment, the statement said.

In October 2017, Crown Prince Mohammed bin Salman announced a new economic zone project at a total investment of $500 billion. The new investment city will be set up on a total area of 26,500 square meters in northwest Saudi Arabia, Argaam reported.