Joby Aviation, Inc. (NYSE:JOBY) saw its stock rise by 8% following news of a Memorandum of Understanding (MoU) signed with Abdul Latif Jameel to explore opportunities for Joby’s electric aircraft in Saudi Arabia. Valued at approximately $1 billion, the agreement could result in the delivery of up to 200 electric aircraft along with associated services over the next several years. This aligns with Saudi Arabia’s Vision 2030 initiative aimed at driving socio-economic development.
The MoU represents a significant milestone toward bringing Joby’s electric air taxis to the Middle Eastern market, leveraging Abdul Latif Jameel’s broad regional presence. The partnership also reinforces the ongoing economic collaboration between the U.S. and Saudi governments, united by common objectives in innovation and transportation advancement. Joby Aviation is focused on revolutionizing mobility with solutions that prioritize cleaner, safer, and more efficient travel.
JoeBen Bevirt, Joby Aviation’s Founder and CEO, conveyed excitement about the partnership, emphasizing the chance to showcase U.S. innovation in electric air mobility on a global scale. He noted the venture’s potential to improve passenger travel experiences while supporting environmental sustainability.
Within Saudi Arabia, the alliance will explore areas such as distribution, sales, local air taxi operations, Maintenance, Repair, and Overhaul (MRO) services, as well as pilot training programs. Joby’s electric aircraft, designed to carry four passengers at speeds up to 200 mph, offers a quieter and zero-emission alternative to conventional helicopters. The company intends to launch passenger flights in Dubai by 2026.
This collaboration fits into Saudi Arabia’s broader Vision 2030 goals, aimed at transforming the country’s transportation infrastructure and generating job opportunities. Joby’s partnership with Abdul Latif Jameel could open the door to a new phase of sustainable urban air mobility across the region.