Dubai: Saudi Arabia has pledged $ 30 million for the development of flying cars, in partnership with US company Doroni Aerospace. Announced in a press release, this investment is ready to accelerate the production of HX-1, which is a two-seater electric aircraft designed for personal use.
Doroni AeroSpace, based in Pompeno Beach, Florida, received strategic investment from the Innovation Wings Industries (IWI), acting as a Kingdom Aero Industries (KAI) in Saudi Arabia. According to Doroni’s CEO, Doron Marginger, the agreement includes joint venture projects that will begin producing the HX-1 in Saudi Arabia, which begins in 2027.
The HX-1 is an electric vertical take-off and landing (EVTOL) aircraft, which can be charged at home, stands in two car garage, and departs from the driveway. This partnership will accelerate the development of EVTOL technology, aimed at launching aircraft by 2026.
Million 30 million will be invested in two phases: $ 5 million at the shutdown, the remaining millions of 25 million are linked to the key milestone in the next two years. After completion, Kai Doroni will have 40 % shares.
“This partnership is in line with our mission to solve the air movement in the world,” said Marginger.
The move is part of Saudi Arabia’s wider vision 2030 steps, which seeks to invest in modern technologies such as cars to divert and fly the country’s economy beyond oil.
