09:49 AM EST, 12/06/2024 (MT Newswires) -- Archer Aviation ( ACHR ) said Friday it has signed a collaboration agreement with entities in United Arab Emirates and Abu Dhabi to establish electric air taxi services in Abu Dhabi.

Financial details weren't disclosed.

The collaboration includes major stakeholders including the Abu Dhabi Investment Office, Abu Dhabi Airports, Falcon Aviation Services, Etihad Aviation Training, the General Civil Aviation Authority, Global Air Navigation Services, Global Aerospace Logistics, and the Integrated Transport Centre.

Shares of Archer Aviation ( ACHR ) were up 3.1% in recent Friday trading.

Price: 7.90, Change: +0.24, Percent Change: +3.13