10:05 AM EDT, 06/03/2025 (MT Newswires) -- Joby Aviation ( JOBY ) shares were up Tuesday after the company and Abdul Latif Jameel said they signed a memorandum of understanding to explore opportunities for an electric aircraft distribution agreement worth up to $1 billion.

The companies said they expect potential delivery of up to 200 Joby aircraft and related services over the coming years, with the collaboration initially focusing on Saudi Arabia, where Abdul Latif Jameel has a presence and operational experience.

Joby and Abdul Latif said they will explore distribution and sales partnerships, the launch of local air taxi services and pilot training, with Joby planning to carry its first passengers in Dubai next year.

The Jameel family invested in Joby's series C funding round in 2020, the companies said.

Price: 8.28, Change: +0.78, Percent Change: +10.47