Scooping Up Sky-High Gains
Joby Aviation's stock soars following announcement of partnership to investigate a potential $1 billion launch in Saudi Arabia.
So, JOBY's shares have flown high after securing a deal with Saudi Arabian tycoon, Abdul Latif Jameel.
The powerhouse duo plans to kickstart some serious collaborations for distribution and sales of electric aircraft, and perhaps even set up shop for JOBY's air taxi services in the heart of Saudi Arabia.
According to the insider scoop, these strategic moves aim to bring about 200 aircraft and services worth a whopping $1 billion to the land over the next few years. Stepping out of the airport, the partnership could also uncover revenue sources across the Middle East in the long run.
Get read to roll up your sleeves and get down to business in Saudi Arabia! The partners will be joining forces to explore sales and distribution channels, kick off local air taxi services, bolster aftermarket services like repairs, overhauls, and even training pilots.
Joby still has Dubai set in its sights, aiming to usher in passengers as early as 2026, marking its first foray into commercial air taxi adventures. Sounds intriguing, right?
In case you missed it, Abdul Latif Jameel has already dipped a toe into the JOBY pool, participating in previous funding rounds.
With shares that have leapt up by 9%, it seems the market is bucking up for some exciting adventures with JOBY in the Middle East!
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JOBY might consider entering the digital asset market by issuing a unique token during an Initial Coin Offering (ICO), aiming to raise funds for diversifying its services and expanding its technology globally. The collaboration with Abdul Latif Jameel could potentially include trading these tokens as an innovative revenue stream, complementing the traditional business operations of JOBY's air taxi services.
