Abdul Latif Jameel and Joby Aviation Ink $1 Billion Deal for Flying Taxis in Saudi Arabia
Saudi Arabian diversified group Abdul Latif Jameel has partnered with leading eVTOL developer Joby Aviation in a landmark $1 billion deal to launch and scale flying taxi operations across the Kingdom.
Key Details of the Agreement
The significant agreement establishes Abdul Latif Jameel as Joby Aviation's exclusive operational partner in Saudi Arabia for a minimum of six years. This partnership includes a total potential investment of up to $1 billion from Abdul Latif Jameel and its affiliates, including both capital and potential funding for future market development.
The deal encompasses the purchase of up to 100 Joby aircraft, with the potential for additional aircraft subject to certain conditions. Abdul Latif Jameel will be responsible for enabling the launch and scaling of Joby's electric vertical take-off and landing (eVTOL) aircraft operations within Saudi Arabia. This involves identifying demand, facilitating necessary infrastructure like vertiports, and ensuring seamless integration with the Kingdom's existing transportation network.
Implications for Saudi Arabia and MENA Mobility
This partnership represents a major step forward for advanced air mobility in the Middle East, specifically within Saudi Arabia. The introduction of eVTOL aircraft is poised to revolutionize transportation within the Kingdom, offering solutions for urban congestion, enhancing connectivity for tourists visiting major sites, and providing rapid, efficient travel options.
The initiative aligns closely with Saudi Vision 2030, which aims to diversify the economy, embrace cutting-edge technology, and improve quality of life, including the development of smart cities and innovative transportation solutions. For founders and professionals in the MENA region, this highlights the increasing adoption of disruptive technologies and the vast opportunities in new sectors like advanced air mobility infrastructure and related services.
About Joby Aviation
Joby Aviation is a California-based company at the forefront of developing electric vertical take-off and landing (eVTOL) aircraft for use in commercial passenger services. The company's aircraft is designed to be a fast, clean, and quiet way to move people in and around congested areas, offering a new dimension to urban and regional transportation. Joby has been working towards receiving the necessary certifications to begin commercial passenger operations.
About Abdul Latif Jameel
Abdul Latif Jameel is a diversified international business with a significant presence and long history in Saudi Arabia and across the MENA region. Its operations span various sectors, including transportation and mobility (notably as a long-standing Toyota distributor), financial services, energy, environmental services, health, and manufacturing. The group has increasingly focused on investing in innovative technologies and sustainable solutions, making this partnership with Joby Aviation a strategic move aligned with its future vision.
Looking Ahead
The partnership sets the stage for the potential launch of aerial ridesharing services in Saudi Arabia. The focus will now shift towards obtaining regulatory approvals, developing operational capabilities, and building the necessary ground infrastructure (vertiports). The success of this initiative in Saudi Arabia could serve as a blueprint for further expansion of advanced air mobility across the broader MENA region.
Source: Fast Company Middle East