Saudi Arabia invests $30mn to manufacture and export flying taxis

Saudi Arabia is investing $30 million to manufacture flying cars with American company – Doroni Aerospace – according to a press release issued by the firm.

Doroni Aerospace, a company based in Pompano Beach in Florida, announced it has secured a $30 million strategic investment from Innovation Wings Industries (IWI), operating as Kingdom Aero Industries (KAI) in Saudi Arabia.

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.

“The definitive agreement includes plans for a joint venture to manufacture the H1-X in Saudi Arabia, starting in 2027,” Doroni CEO Doron Merdinger added in the press statement.

35 flying taxis will ‘take off’ from Dubai resort in 2026

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.

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, added the press statement.

“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,” said Merdinger.

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.