Abu Dhabi's ambitious drive to launch flying taxis by next year has moved closer to lift-off after plans for the country's first hybrid heliport in the capital were approved.
Regulator the UAE General Civil Aviation Authority on Wednesday said it had accepted the design for the heliport at Abu Dhabi Cruise Terminal at Zayed Port.
The heliport will be able to accommodate traditional helicopters and electric vertical take-off and landing (eVTOL) aircraft, such as US-based Archer Aviation's Midnight flying taxi.
It has been developed in a strategic partnership between AD Ports Group, Falcon Aviation Services and Archer Aviation, marking a key step forward in the emirate's efforts to provide sustainable air transport.
The site was chosen due to the location at Zayed Port, which welcomes more than 650,000 visitors annually and is intended to be a gateway to the emirate's attractions such as Louvre Abu Dhabi and the Saadiyat Cultural District.
“This milestone is not just about infrastructure – it reflects the UAE’s unwavering commitment to innovation and global leadership in advanced air mobility,” said Saif Al Suwaidi, director general of the GCAA.
“Through our close collaboration with Archer, AD Ports Group, and Falcon Aviation Services, we are enabling a future where sustainable, high-tech air transport becomes a core part of our urban landscape. This approval represents a new era for civil aviation, driven by partnership and vision.”
The GCAA has finalised a regulatory framework to govern the safe and efficient use of rapidly evolving air transport services, which is due to be published by July.
“Leveraging existing aviation assets is a cornerstone of our launch strategy,” said Adam Goldstein, chief executive and co-founder of Archer.
“It allows us to move both quickly and safely – getting critical infrastructure ready ahead of our planned commercial air taxi launch.”
The hybrid heliport will serve as a key launch point for Abu Dhabi air taxi services, with plans for roll-out by 2026.
Vision for future takes flight
Archer Aviation has identified the Corniche, Saadiyat Island and some areas of Abu Dhabi city as among the most promising places in which to run its electric air taxi service.
Nikhil Goel, chief commercial officer at Archer Aviation, told The National this month that a network would be revealed in “the near future”.
The Abu Dhabi Investment Office is working with the company to make the capital its first international launch site, with plans to establish its first international headquarters and manufacturing plant in the city.
Mr Goel said that Archer would start commercial operations with “less than five” air taxis, each with a capacity of four passengers, plus the pilot, which can fly a distance exceeding 161km at a top speed of 241kph.
“We want to make sure that everything is working properly, everybody has a good customer experience and from there, we'll scale as much as the demand can accommodate,” he said.
Archer Aviation will be carrying out rigorous testing to ensure the vehicles are safe and reliable for service before commercial operations begin. Mr Goel said it is bringing the first Midnight eVTOL to Abu Dhabi this summer, which will then undergo test flights.
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In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
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Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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In
- Raed Mozafar Abu Al Saoud, Minister of Water and Irrigation
- Dr Bassam Samir Al Talhouni, Minister of Justice
- Majd Mohamed Shoueikeh, State Minister of Development of Foundation Performance
- Azmi Mahmud Mohafaza, Minister of Education and Minister of Higher Education and Scientific Research
- Falah Abdalla Al Ammoush, Minister of Public Works and Housing
- Basma Moussa Ishakat, Minister of Social Development
- Dr Ghazi Monawar Al Zein, Minister of Health
- Ibrahim Sobhi Alshahahede, Minister of Agriculture and Minister of Environment
- Dr Mohamed Suleiman Aburamman, Minister of Culture and Minister of Youth
Out
- Dr Adel Issa Al Tawissi, Minister of High Education and Scientific Research
- Hala Noaman “Basiso Lattouf”, Minister of Social Development
- Dr Mahmud Yassin Al Sheyab, Minister of Health
- Yahya Moussa Kasbi, Minister of Public Works and Housing
- Nayef Hamidi Al Fayez, Minister of Environment
- Majd Mohamed Shoueika, Minister of Public Sector Development
- Khalid Moussa Al Huneifat, Minister of Agriculture
- Dr Awad Abu Jarad Al Mushakiba, Minister of Justice
- Mounir Moussa Ouwais, Minister of Water and Agriculture
- Dr Azmi Mahmud Mohafaza, Minister of Education
- Mokarram Mustafa Al Kaysi, Minister of Youth
- Basma Mohamed Al Nousour, Minister of Culture
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Nationality: Irish
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Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
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Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
What is the Supreme Petroleum Council?
The Abu Dhabi Supreme Petroleum Council was established in 1988 and is the highest governing body in Abu Dhabi’s oil and gas industry. The council formulates, oversees and executes the emirate’s petroleum-related policies. It also approves the allocation of capital spending across state-owned Adnoc’s upstream, downstream and midstream operations and functions as the company’s board of directors. The SPC’s mandate is also required for auctioning oil and gas concessions in Abu Dhabi and for awarding blocks to international oil companies. The council is chaired by Sheikh Khalifa, the President and Ruler of Abu Dhabi while Sheikh Mohamed bin Zayed, Abu Dhabi’s Crown Prince and Deputy Supreme Commander of the Armed Forces, is the vice chairman.
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