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Saudi Arabia s Future Investment Initiative Institute has invested in Germany s electric aircraft start-up Lilium.
The investment is a part of a $3.3 billion transaction announced last week, which will see Lilium list on the Nasdaq market in the US through a merger with a special purpose acquisition company, Qell Acquisition Corporation.
The start-up is raising about $830m through the deal.
“Our investment in Lilium is aligned with the FII-Institute’s mission: to support initiatives and projects which will have a positive impact on humanity, Richard Attias, the institute s chief executive said in a statement to the Saudi Press Agency.
The FII Institute is a think tank-cum-foundation set up as a non-profit body to support the development of technologies to address some of the world s biggest social and environmental challenges. Its board includes the governor of the kingdom s Public Investment Fund Yasir Al Rumayyan, its ambassador to the US Princess Reema Bint Bandar,