Abdul Latif Jameel and Joby Aviation have announced the signing of 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 U.S. administration and the Saudi government towards shared innovation and transportation growth,” said the companies in a press release. “Potential delivery of up to 200 Joby aircraft and related services valued at approximately USD1 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.
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 commercialization strategy,” said the press statement. “Additionally, Joby will directly own and operate its aircraft and services in certain markets, like the United States, and partner for similar operations in other markets, such as Japan….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.”
For more information
https://www.jobyaviation.com/news/abdul-latif-jameel-and-joby-agree-to-explore-opportunities/
(Image: Abdul Latif Jameel)