01:50 PM EDT, 04/25/2024 (MT Newswires) -- Joby Aviation ( JOBY ) said Thursday it has signed a multilateral memorandum of understanding with three Abu Dhabi government agencies for the establishment and scaling of air taxi services.

The agencies include the Abu Dhabi's Department of Municipalities and Transport, the Department of Culture and Tourism, and the Abu Dhabi Department of Economic Development, according to the company.

The agreement includes potential for inter-emirate air taxi services, the company added.

Joby said the agreement covers developing a complete air taxi ecosystem, including training, infrastructure, flight operations, and manufacturing in Abu Dhabi.

The company shares were up 2.8% in recent trading.

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