- Agreement signed with Mukamalah, aviation
subsidiary of Saudi Aramco, to introduce eVTOL aircraft to Saudi
Arabia
- Agreement contemplates direct sale of aircraft
to Mukamalah
- Mukamalah Aviation Company operates world’s
largest fleet of corporate aircraft
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.
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Captain Khalid Al Natour, CEO of
Mukamalah Aviation, signed a Memorandum of Understanding with Joby
Founder and CEO JoeBen Bevirt at the Future Aviation Forum in
Riyadh, Saudi Arabia. Joby Aviation Photo
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.
About Joby
Joby Aviation, Inc. (NYSE:JOBY) is a California-based
transportation company developing an all-electric, vertical
take-off and landing air taxi which it intends to operate as part
of a fast, quiet, and convenient service in cities around the
world. To learn more, visit www.jobyaviation.com.
About Mukamalah
Mukamalah Aviation Company (Mukamalah) provides safe, reliable
and trustworthy end to end aviation solutions. Its services include
passenger flights, search & rescue missions, cargo, medical
evacuation, executive flights, geological surveying, airport
management & operations, offshore support & oil spill
spraying and MRO. Headquartered in Dammam, Mukamalah operates more
than 55 aircraft from different fleets and serves 18 airports
throughout Saudi Arabia. It also manages nine airports and over 300
helipads, both on and offshore. To learn more, visit
www.mukamalah.com.
Forward Looking Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding the development and performance of our
aircraft, our regulatory outlook, progress and timing; our plans to
sell aircraft in the Saudi Arabian market; our business plan,
objectives, goals and market opportunity; and our current
expectations relating to our business, financial condition, results
of operations, prospects, capital needs and growth of our
operations. You can identify forward-looking statements by the fact
that they do not relate strictly to historical or current facts.
These statements may include words such as “anticipate”,
“estimate”, “expect”, “project”, “plan”, “intend”, “believe”,
“may”, “will”, “should”, “can have”, “likely” and other words and
terms of similar meaning in connection with any discussion of the
timing or nature of future operating or financial performance or
other events. All forward looking statements are subject to risks
and uncertainties that may cause actual results to differ
materially, including: our ability to launch our aerial ridesharing
service and the growth of the urban air mobility market generally;
our ability to produce aircraft that meet our performance
expectations in the volumes and on the timelines that we project,
and our ability to launch our service; complexities related to
obtaining certification and operating in foreign markets; the
competitive environment in which we operate; our future capital
needs; our ability to adequately protect and enforce our
intellectual property rights; our ability to effectively respond to
evolving regulations and standards relating to our aircraft; our
reliance on third-party suppliers and service partners;
uncertainties related to our estimates of the size of the market
for our service and future revenue opportunities; and other
important factors discussed in the section titled “Risk Factors” in
our Annual Report on Form 10-K, filed with the Securities and
Exchange Commission (the “SEC”) on February 27, 2024, and in future
filings and other reports we file with or furnish to the SEC. Any
such forward-looking statements represent management’s estimates
and beliefs as of the date of this release. While we may elect to
update such forward-looking statements at some point in the future,
we disclaim any obligation to do so, even if subsequent events
cause our views to change.
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Joby Aviation
Investors: investors@jobyaviation.com
Media: press@jobyaviation.com
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