Vertical Aerospace Signs Strategic MOU to Advance AAM in Saudi Arabia
Vertical’s MOU with AHQ Group and Saudi National Industrial Development sets up a collaboration on industrial development, commercial deployment and investment opportunities for Advanced Air Mobility.
(London, UK; Riyadh, Saudia Arabia & New York, USA) Vertical Aerospace (NYSE: EVTL) announced today (Feb. 10) that it has signed a strategic three-party Memorandum of Understanding (MOU) with Abdel Hadi Abdullah Al-Qahtani & Sons Group of Companies (Tariq Al-Qahtani & Brothers) (“AHQ Group”), a leading Saudi industrial conglomerate, and the Saudi National Industrial Development Centre (“NIDC”), part of the Ministry of Industry and Mineral Resources; the MOU establishes a framework to explore the development of a long-term Advanced Air Mobility (AAM) ecosystem in the Kingdom of Saudi Arabia.
Photo of the Vertical Aerospace-AHQ Group-Saudi National Industrial Development Centre MOU signing today (Feb. 10) courtesy of Vertical Aerospace.
The framework is aligned with Vision 2030, Saudi’s national program to diversify its economy and build advanced industrial capabilities.
Under the MOU, the parties will evaluate a broad set of opportunities spanning manufacturing localization, commercial eVTOL operations and potential investment and incentive opportunities, supporting Vertical’s certification program and long-term growth.
Saudi Arabia represents one of the largest and most attractive emerging markets for AAM globally, with the potential to support the operation more than 1,000 of Vertical’s Valo eVTOL aircraft, according to today’s press release from Vertical.
Today’s news comes after Vertical Aerospace announced last week (on Feb. 5) a pre-order from new customer JetSetGo with the intent to accelerate electric and hybrid-electric aviation in India.
Per today’s press release from Vertical, Vertical Aerospace is believed to be the only electric vertical takeoff and landing (eVTOL) OEM actively assessing both in-country manufacturing and investment opportunities with a Ministerial body in the Kingdom.
“Saudi Arabia is one of the most strategically important future markets for Advanced Air Mobility,” said Vertical Aerospace CEO Stuart Simpson. “Signing this MoU here in Riyadh reflects the Kingdom’s ambition to build a worldclass aerospace industrial capability under Vision 2030. Partnering with AHQ Group and NIDC brings together deep industrial expertise, capital strength and a shared commitment to establishing Saudi Arabia as a regional leader in this new sector.”
** The author of this article currently maintains a long position in Vertical Aerospace (EVTL).
** Not investment advice; neither The FLY Report nor FlyJets – nor any associated individual – is a registered investment adviser.
