site.btaUAE's Strategic Development Fund, Bulgaria's Dronamics Sign Agreement on Joint Venture to Produce Cargo Drones

The Strategic Development Fund (SDF) of the United Arab Emirates and Bulgaria's Dronamics cargo drone airline have signed a term sheet to set up a joint venture to produce cargo drones, the Bulgarian company said Wednesday. The future project aims to fulfill the global demand and requirements for the company's international and local customers. The joint venture will constitute the first serial production plant for the Dronamics Black Swan aircraft.

The term sheet was signed at the Dubai Airshow 2023. The document builds on SDF's Venture Capital investment in Dronamics made in late 2022 and the Memorandum of Understanding signed between the two sides in October. SDF is Dronamics' largest investor to date.

SDF Managing Director and CEO Abdulla Naser Al Jaabari said, as quoted in the press release: "SDF is committed to investing in financially sustainable partnerships that contribute towards building manufacturing and technological capabilities in the United Arab Emirates."

Dronamics Co-Founder and CEO Svilen Rangelov said that this joint venture will propel the company's advanced cargo drone technology into the market on a grand scale. 

Dronamics is the world's first cargo drone airline licensed to operate in Europe. Its flagship Black Swan long-range cargo drone can carry 350 kg at a distance of up to 2,500 km.