Joby Partners with Mukamalah Aviation

Joby Aviation, Inc. (NYSE:JOBY), a company developing electric air taxis for commercial passenger service, today announced it has signed a Memorandum of Understanding (MoU) with Mukamalah, a wholly owned subsidiary of Saudi Aramco, the operator of the world’s largest fleet of corporate aircraft, to introduce Joby’s aircraft to the Kingdom of Saudi Arabia.

The MoU, signed today between Joby and Mukamalah, contemplates the parties working together to engage with key aviation stakeholders, including The Saudi General Authority of Civil Aviation (GACA), to expedite Joby’s entry into the Saudi Arabia market, leading to the direct purchase of Joby aircraft to be used in Mukamalah’s operations.

The direct sale of aircraft to business customers such as Mukamalah and government partners like the U.S. Department of Defense forms one pillar of Joby’s commercialization strategy, alongside the direct operation of Joby aircraft in core markets such as the U.S. and the United Arab Emirates, and partnered operations in other markets.

JoeBen Bevirt, founder and CEO, Joby Aviation, said: “Saudi Arabia presents a remarkable opportunity for our technology and the scope and scale of Mukamalah’s operations make them a natural partner for us.

“We’re looking forward to supporting Mukamalah as they introduce emissions-free aircraft to their fleet and we’re excited to explore wider opportunities across the region, in support of the Kingdom’s commitment to sustainability, which is a pillar of Vision 2030, and their overall goal of reaching net-zero emissions by 2060.”

Mukamalah operates 55 aircraft from different fleets, serving 13 airports throughout Saudi Arabia, nine of which are fully managed and operated by Mukamalah, along with more than 300 helipads, both on- and off-shore.

Captain Khalid Alnatour, CEO, Mukamalah, said: “As part of our ongoing commitment to achieving the Kingdom’s sustainability goal, we are proud to be working with Joby to explore introducing emissions-free aircraft to our fleet and to the Kingdom.
“Over the past years, we have already invested in a more sustainable future, including taking steps in Sustainable Aviation Fuel testing, supporting the development of hydrogen solutions in the aviation ecosystem, and supporting the Kingdom’s green initiatives by delivering sustainable aviation solutions.

“We are excited to work with Joby and we look forward to furthering our shared goals as we strengthen our partnership and develop further innovative sustainable solutions together.”

A spokesperson for GACA, the Saudi General Authority of Civil Aviation, said: “We are proud to be working together with Joby and Mukamalah on the regulatory framework necessary to support the introduction of eVTOL aircraft. These initiatives will help the Kingdom of Saudi Arabia meet its climate goals and steer the nation towards a sustainable future.”

Joby’s aircraft is designed to carry a pilot and up to four passengers at speeds of up to 200 mph (321 km/h), offering high-speed mobility with a fraction of the noise produced by helicopters and zero operating emissions. In November 2023, Joby’s aircraft became the first air taxi to fly in New York City, building on a number of recent successes including the launch of production at the Company’s Pilot Production Line in California in June 2023 and the first ever delivery of an electric air taxi to the U.S. Department of Defense in September 2023.

Joby is listed on the New York Stock Exchange and has raised more than $2 billion of funding to date, including investments from Toyota, Delta Air Lines, SK Telecom, Uber and Baillie Gifford.