Saudi Arabia to partner with US company to manufacture and export 'flying taxis'
RIYADH — The American Doroni Aerospace company announced that it has decided, in partnership with Saudi entities, to manufacture H1-X 'flying car.'
Designed for personal use, the HX-1 is a two-seater aircraft that can be parked in a two-car garage, charged at home, and can take off vertically from a driveway. Doroni Aerospace, a company based in Pompano Beach in Florida, said it has secured a $30 million strategic investment from Innovation Wings Industries (IWI), operating as Kingdom Aero Industries (KAI) in Saudi Arabia.
This investment will accelerate the company's H1-X's eVTOL (electric vertical take-off and landing) development, bringing Doroni closer to its goal of launching the aircraft by the end of 2026, said Doroni in a press release. 'The definitive agreement includes plans for a joint venture to manufacture the H1-X in Saudi Arabia, starting in 2027, said Doroni. 'The joint venture, co-owned and financed by KAI, will produce and distribute the aircraft globally, expanding Doroni's market reach. Formalization of the agreement is expected in the coming months.
The $30 million investment includes an initial $5 million to be invested at the closing, with the remaining $25 million tied to key development milestones over the next two years. Upon completion, KAI will hold a 40 percent stake in Doroni, subject to future capital raises.
Doroni CEO Doron Merdinger said: 'This investment accelerates everything—scaling development, certification, production, and hiring the best aerospace minds in the world to bring the H1-X to market by the end of 2026. We couldn't be more excited for what's ahead,' he said.
The agreement stipulates that KAI will produce the aircraft jointly with Doroni and distribute it around the world. Expected to be formalized in the coming months, the deal includes plans for a joint venture to manufacture the H1-X in Saudi Arabia from 2027 – expanding Doroni's global footprint.
KAI's investment will be made in stages – an initial $5 million is due upon the closing of the deal which is expected within 30 days. The remaining $25 million will be tied to key development milestones over the next two years.
Upon completion, KAI will hold a 40 percent stake in Doroni subject to future capital raises, and CEO of KAI Ismail Kashkash has also joined Doroni's Board of Directors as part of the deal. 'We believe Doroni is leading the future of personal eVTOL mobility, and the H1-X represents that future,' Kashkash said. 'This partnership aligns with our mission to bring transformative air mobility solutions to the world. We are proud to help drive Doroni's vision forward and establish a world-class manufacturing hub in Saudi Arabia,' he said.
Saudi Arabia is investing in advanced transportation technology as part of Vision 2030 projects, which aim to diversify the Saudi economy away from relying on oil revenues alone.
© Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
3 hours ago
- Gulf Today
Saudi CDF celebrates KSA handicrafts through showcase in Selfridges, London
The Saudi Cultural Development Fund (CDF) is showcasing a curated collection by Saudi artisans at Selfridges London, one of the world's leading luxury retail destinations, June 3-22. The initiative highlights the cultural and economic value and salience of Saudi handicrafts, providing an international platform for local artisans and cultural entrepreneurs to introduce their work to a global audience, as part of CDF's ongoing efforts to amplify the impact of the Year of Handicrafts 2025 in KSA. In collaboration with Turquoise Mountain, a global non-profit dedicated to reviving traditional arts and empowering craftspeople, the showcase offers visitors a curated selection of handcrafted pieces in a dedicated space within Selfridges. Themed with references to Saudi Arabia's natural and architectural heritage, the activation highlights work crafted from locally sourced, sustainable materials, reimagined through a contemporary creative lens. The collection features handicraft pieces in palm handicrafts, jewellery and accessories and leather crafts created by artisans from across the Kingdom, together representing the diverse and rich landscape of Saudi artisanship. Examining a product. The programme runs in parallel with a Saudi fashion showcase at Selfridges, also enabled by CDF in collaboration with the Saudi Fashion Commission. It features a curated lineup of Saudi fashion brands — beneficiaries of CDF and the Saudi 100 Brands initiative — presenting their collections alongside Selfridges' leading international labels, highlighting the dynamism and rapid growth of Saudi Arabia's cultural sector. Through the multifaceted show, CDF aims to empower artisans and cultural entrepreneurs to showcase their work on a global stage, stimulate investment in the handicrafts and fashion sectors, and reinforce the international visibility of Saudi heritage during the Year of Handicrafts 2025 in Saudi Arabia. The showcase builds on CDF's ongoing Year of Handicrafts initiatives to empower the Saudi cultural sector, maximise economic and social contributions of traditional crafts, and broaden their reach, both locally and internationally. A key milestone in the efforts is the recent launch of the Nama' Accelerators: Handicrafts Track — a dedicated enablement solution that supports cultural businesses through specialised training, mentorship, and financial incentives. By developing scalable, sustainable enterprises, Nama' drives community growth, enhances innovation, enriches national identity, and reinforces heritage crafts as dynamic contributors to Saudi Arabia's broader economic diversification. Through Nama' and other empowerment solutions, CDF strives to strengthen the creative entrepreneurial ecosystem and ensure that traditional crafts thrive as both cultural treasures and engines of economic growth. Founded in 2021, CDF seeks to enrich Saudi Arabia's cultural landscape. It is organisationally linked to the Saudi National Development Fund and aims to foster the development of a self-reliant cultural sector. By supporting cultural activities and projects, empowering those involved in them and facilitating investment in the sector, CDF works to improve the cultural sector's profitability, in alignment with the National Culture Strategy and Saudi Vision 2030. Selfridges is a London icon. Aligned with the Ministry of Culture's ambitious goals, the Saudi Fashion Commission was established to empower and support the fashion sector in Saudi Arabia. The Commission's strategy focuses on supporting the fashion community throughout the total value chain, from the design process through production, development, and product lifecycle management. The Commission recognises the fashion industry as a pillar of local culture, reflecting Saudi Arabia's rich heritage. It works to amplify Saudi heritage and identity within the industry, contributing to fulfilling global needs and achieving a positive impact on the national economy. The Commission's mission is to enable the development of a thriving Saudi fashion sector that is sustainable, inclusive, and fully integrated to support local talent. Handicrafts have long held a special place in Saudi Arabia's cultural fabric, representing a prosperous heritage passed down through generations. Rooted in the creativity and skill of Saudi artisans, traditional crafts symbolise the nation's ingenuity and resilience, while highlighting its diverse cultural identity. Throughout 2025, the Saudi Ministry of Culture is organising an array of events, exhibitions, educational programmes and competitions under the banner of the 'Year of Handicrafts'. The activities aim to emphasise the cultural and historical significance of handicrafts, while supporting their relevance in contemporary life. By highlighting artisanry across various sectors, the initiative seeks to foster appreciation for traditional arts and encourage their continued practice and preservation. Handicrafts, including palm weaving, metalwork and pottery, serve as enduring symbols of Saudi culture, blending tradition with modernity. They are not only artistic expression, but also a reflection of the Kingdom's history, values, and adaptability. By celebrating them, the Year of Handicrafts aims to inspire new generations to engage with their heritage and highlight the talent of Saudi artisans to local and global audiences. The initiative also seeks to empower artisans by enhancing opportunities for their crafts in contemporary markets and strengthening their connection with the global community. Through partnerships across the public, private, and non-profit sectors, the Year of Handicrafts cultivates sustainable practices, fosters innovation, and contributes to cultural dialogue. As a testament to the Ministry of Culture's commitment to safeguarding Saudi Arabia's heritage, the Year of Handicrafts also provides a platform to celebrate the stories, skills, and traditions that form the foundation of the Kingdom's cultural identity. Selfridges is an upscale department store, stocking designer and popular clothing brands plus housewares and gifts. The Oxford Street icon is a London landmark and a luxury shopping experience, home to both affordable and premium brands, offering fashion, beauty, time pieces and jewellery to home and technology and haute cuisine.
Gulf Today
3 hours ago
- Gulf Today
The Republican Party's fiscal hawk era is officially over
There is no constituency for debt reduction, which is a fancy way of saying voters don't care that the federal balance sheet is roughly $37 trillion in the red — and growing. This simple fact of American politics goes a long way toward explaining why President Donald Trump, with the help of congressional Republicans, is pushing a sweeping reconciliation package of tax cuts and fresh domestic spending priorities that is projected to add approximately $3.8 trillion to the swelling federal debt. Politics is a service business and Trump and his Capitol Hill allies are aiming to please the customer. So they've loaded up the reconciliation package, dubbed the One Big Beautiful Bill Act, with a series of crowd-pleasers — expansions of existing tax breaks plus some brand-new ones. Yes, there are spending cuts. The version of the legislation that passed in the House of Representatives and is now up for consideration in the Senate includes reductions to Medicaid and other budget line items. But there's nothing in the bill that results in a net decrease in the debt. Even the proposed changes to Medicaid face an uncertain future, thanks to GOP opposition in the Senate. That's because the sort of substantial spending cuts and programme reforms required to break Washington's addiction to borrowing would be wildly unpopular. For instance, any meaningful attempt to balance the books probably requires both raising taxes and overhauling Medicare and Social Security. That's not a recipe for winning elections. As concerning as the US debt load is becoming for bond markets and some finance titans (and the few fiscal hawks left in Washington), most Americans have more urgent concerns, said David Winston, a Republican pollster who has been surveying voters for more than 25 years. 'There's another issue hitting voters that's a bigger deal, and that's inflation,' he told me. 'When you're looking at an economic situation where there's something that's pressing people at a personal level, it's not that the deficit isn't important, it is. But being able to pay bills and deal with things on a weekly basis and keep up with all your costs takes precedence.' Winston is right — and that's not to mention the fact that so many voters are convinced the looming debt bomb can be diffused by eliminating waste, fraud and abuse in government spending. But this isn't a new phenomenon. Voters generally, particularly on the left, have always found some reason or another for opposing legislation that asks them to participate in the solution to Washington's fiscal challenges. It's why tax hikes on the so-called rich are so popular and such an easy political message to wield. What has changed is the Republican Party and the voters it represents. Without question, Republican presidents prior to Trump were complicit in running up the debt. But in the pre-Trump era defined by President Ronald Reagan, fiscal responsibility and small government had currency with grassroots conservatives who formed the heart of the GOP base. But today's Republican base voters are different than their forebearers, courtesy of a Trump populist makeover. The 45th and 47th president over the past decade attracted legions of working-class voters to the Republican Party. For the most part, these newer Republicans are former Democrats who joined the GOP for cultural reasons; for instance, they passionately oppose abortion rights and support gun rights. Notably, they brought with them their preference for government safety-net programs and general lack of concern about the debt (qualities that have long defined grassroots Democrats). Simultaneously, suburban voters inclined to value fiscal responsibility generally, and debt reduction specifically, have drifted away from the GOP. The result is a Republican governing coalition much more enamored of government spending than it used to be and far less concerned about the federal debt, even though it has grown to more than 120% of the entire US economy — problematic to say the least. Brad Todd, a veteran Republican strategist in Washington and coauthor of The Great Revolt; Inside the Populist Coalition Reshaping American Politics, has closely monitored this electoral transformation. 'The voters who are additive to the coalition as a result of Donald Trump are voters who are not only comfortable with entitlements. They're wary of anybody that might cut them. One of the reasons these voters were not Republican for a long time is because they believed the Democrats' scare tactics on entitlements,' Todd told me. 'The realignment works both ways. Some of the voters Republicans have lost are upscale suburbanites who are fiscal conservatives.' 'Republicans tried to do privatised Social Security accounts; A to Z budgeting; baseline budgeting; line-item veto; balanced budget amendment,' he added. 'We've tried all those innovations, none of them resulted in winning elections. Culture does result in winning elections and so Donald Trump just came along and made the party about culture and not conservative economics.' David M. Drucker, Tribune News Service
Al Etihad
a day ago
- Al Etihad
China vice premier to meet US delegation for trade talks: Beijing
7 June 2025 23:12 Beijing (AFP)Chinese Vice Premier He Lifeng will meet a US delegation for talks next week in Britain, Beijing announced on Saturday amid a fragile truce in the trade dispute between the two will visit the United Kingdom from June 8 to 13 at the invitation of the British government, China's foreign ministry said in a said He and American representatives will co-chair the first meeting of the China-US economic and trade consultation President Donald Trump had already announced on Friday that a new round of trade talks with China would kick off in London beginning Monday, after he spoke by phone with Chinese counterpart Xi Jinping in a bid to end a bitter battle over posted on his Truth Social platform that Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer would meet the Chinese discussions will mark the second round of such negotiations between the world's two biggest economies since Trump launched his trade war shortly after returning to the White House in January.A first meeting, held in mid-May in Geneva, brought a pause to the US-China trade Thursday the Republican president finally discussed the issues with Xi for the first time since the trade tensions soared, assuring that the conversation had been positive. Xi for his part told Trump the two should "correct the course" of bilateral relations, according to remarks quoted by official Chinese media.
