Joby and Abdul Latif Jameel Sign MOU for $1 Billion Potential Deal, Including Delivery of up to 200 Joby eVTOL Aircraft
Abdul Latif Jameel and Joby will explore opportunities to establish a distribution agreement for Joby’s electric aircraft in Saudi Arabia.
(Santa Cruz, Californial & Jeddah, Saudi Arabia) Diversified business network Abdul Latif Jameel and Joby Aviation, Inc. (NYSE: JOBY) announced today the signing of a Memorandum of Understanding (MOU) to explore opportunities to establish a distribution agreement for Joby’s electric aircraft in Saudi Arabia, including the potential delivery of up to 200 Joby electric vertical takeoff and landing (eVTOL) aircraft and related services valued at approximately $1 billion.
Photo of Joby’s electric vertical takeoff and landing (eVTOL) vehicle in flight courtesy of Joby Aviation.
The announcement builds upon the renewed economic partnership between the U.S. administration and the Saudi government towards shared innovation and transportation growth; in the long-term, Abdul Latif Jameel and Joby also see potential revenue opportunities across the Middle East, according to today’s press release from Joby.
Specifically, in Saudi Arabia – where Joby’s and Abdul Latif Jameel’s collaboration will initially focus – the two businesses will work together to explore distribution and sales collaborations, the launch of local air taxi services, including the establishment of aftermarket services such as MRO (Maintenance, Repair, and Overhaul), and pilot training, according to Joby.
The Jameel family previously invested in Joby’s Series C funding round, led by Toyota Motor Corporation in 2020.
“This collaboration is about bringing America’s leadership in electric air mobility to the world,” said JoeBen Bevirt, Founder and CEO of Joby Aviation. “Together with Abdul Latif Jameel, we’re not just imagining a cleaner, safer, more efficient future—we’re building it. And there is no better partner to help unlock the extraordinary opportunity for air travel in the region.”
Hassan Jameel, Vice Chairman, Saudi Arabia, Abdul Latif Jameel, stated: “Saudi Arabia is transitioning toward a new era of mobility – one that is on-demand, shared, connected, and sustainable. eVTOL is an exciting and important component of this. We are looking forward to collaborating with Joby to support the transformation of the Kingdom’s mobility sector. This collaboration also comes as Abdul Latif Jameel Motors marks 70 years of distributing Toyota in Saudi Arabia — a strategic investor in Joby.”
