Archer Signs Agreement For Multi-Hundred-Million Dollars To Accelerate Commercial Air Taxi Operations Across UAE
Portfolio Pulse from Benzinga Newsdesk
Archer Aviation Inc. has signed a significant agreement with Abu Dhabi to accelerate the commercialization of its air taxi operations in the UAE, including in-country manufacturing and training. The deal, announced at the DRIFTx mobility event, involves multi-hundred-million dollar investments and aims to launch air taxi operations with Archer's Midnight aircraft as early as next year. This partnership with the Abu Dhabi Investment Office (ADIO) also includes the development of vertiports, operational support, and the establishment of Archer's international headquarters in Abu Dhabi.
April 25, 2024 | 12:23 pm
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Archer Aviation Inc. has entered into a strategic partnership with Abu Dhabi to expedite the launch of its air taxi services in the UAE, including local manufacturing and the development of vertiports.
The agreement with Abu Dhabi represents a significant milestone for Archer Aviation, indicating strong financial backing and governmental support for its operations in the UAE. This partnership is likely to enhance investor confidence in Archer's growth prospects and operational expansion, potentially leading to a positive impact on its stock price in the short term. The commitment to in-country manufacturing and the development of necessary infrastructure such as vertiports further solidifies Archer's position in the urban air mobility market.
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