The United Arab Emirates Strategic Development Fund (SDF) and Dronomics, a pioneer airline in cargo drones, today announced that they have signed a term sheet to establish a joint venture (JV) to produce Black Swan cargo drones to meet the global demand and requirements of Dronamics’ local and international customers. The joint venture will constitute the first series production facility for the Dronamics Black Swan aircraft.
At the end of 2022, SDF Through its Venture Capital division, it invested in Dronamics and is its largest investor to date. The joint venture term sheet signed at Dubai Airshow 2023 builds on the venture capital investment and MoU signed between SDF and Dronamics at last month’s SAVI Cluster launch event in Masdar City by the Department of Abu Dhabi Economic Development.
Abdulla Naser Al Jaabari, Director General and CEO of SDFsaying,
“SDF is committed to investing in financially sustainable partnerships that contribute to developing technological and manufacturing capabilities in the UAE.”
“Leveraging Dronamics’ pioneering drone technology and the UAE’s advanced logistics ecosystem and infrastructure, this joint venture will bring the manufacturing base of this advanced technological solution that we believe will be a game-changer within the logistics sector for the half-mile delivery segment. “
Svilen Rangelov, co-founder and CEO of Dronamics, saying,
“This joint venture will drive our advanced cargo drone technology to the market on a large scale. Our collaboration with SDF, an existing key strategic investor in Dronamics, reinforces our vision of offering same-day delivery for all, aiming to leverage the UAE’s exceptional infrastructure. Together, we believe we will revolutionize the logistics and air cargo sectors, capitalizing on the enormous opportunities within the UAE and the global market.”
Christian Jens Ziehe, Executive Director of Portfolio Management and Portfolio Director of Industrial Investments at SDF, saying,
“This agreement is an example of how SDF combines its different investment approaches to achieve its mandate of both financial and strategic profitability in an optimal way to deliver the best value to the companies in which SDF invests while developing commercial and technological capabilities in the UAE. Through the joint venture, we will establish a facility in the United Arab Emirates to begin serial production in 2025 and will have the capacity to produce up to 300 Black Swan drones per year. The joint venture will also contribute to the further development of the local supply chain within the aerospace sector in the UAE.”
This innovative remotely piloted aircraft developed by DronomicsIt is capable of transporting up to 350 kg for 2,500 km and represents a leap in long-range and high payload air logistics.
News source: Emirates News Agency