Abdul Latif Jameel, Joby explore Saudi e-aircraft deal
Abdul Latif Jameel, an 80-year-old network of diversified businesses, and Joby Aviation, a company developing electric air taxis for commercial passenger service, have signed a memorandum of understanding (MoU) to explore opportunities to establish a distribution agreement in Saudi Arabia for Joby's electric aircraft.
This announcement builds upon the renewed economic partnership between the US administration and the Saudi government towards shared innovation and transportation growth, a statement said.
Potential delivery of up to 200 Joby aircraft and related services valued at approximately $1 billion are expected by the businesses over the coming years. In the long-term, Abdul Latif Jameel and Joby also see potential revenue opportunities across the Middle East, it said.
Abdul Latif Jameel and Joby share complementary long-term visions to revolutionise the future of mobility through transportation services that are cleaner, safer, more efficient and more affordable, helping to improve passenger experiences while simultaneously protecting the planet. In addition, the Jameel family invested in Joby's Series C funding round, led by Toyota Motor Corporation in 2020.
The direct sale of aircraft through businesses such as Abdul Latif Jameel form one pillar of Joby's commercialisation strategy. Additionally, Joby will directly own and operate its aircraft and services in certain markets, like the US, and partner for similar operations in other markets, such as Japan.
'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.'
Joby's collaboration with Abdul Latif Jameel will initially focus on Saudi Arabia, where Abdul Latif Jameel has an extensive presence, network and deep operational experience. 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.
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