Joby Aviation Prepares for Air Taxi Launch in UAE, Shares Surge

NEW YORK, Nov. 12, 2023 — Joby Aviation‘s stock surged approximately 12% after the company announced progress toward launching its air taxi service in the United Arab Emirates.

On Monday, Joby revealed it had delivered its first electric vertical takeoff and landing aircraft to the UAE and completed piloted flight tests. The company aims to begin operations in Dubai by 2026.

Founder and CEO JoeBen Bevirt stated, "Our flights and operational footprint in Dubai are a monumental step toward weaving air taxi services into the fabric of daily life worldwide." He highlighted the UAE as a "launchpad for a global revolution in how we move."

This planned service in the UAE was first announced in February 2024, following an agreement with Dubai’s Road and Transport Authority. As part of the agreement, Joby secured exclusive rights to conduct air taxi services in Dubai for six years.

Joby is currently building a base at Dubai International Airport, with additional sites planned for Palm Jumeirah and Dubai’s downtown and marina areas.

In November, Joby entered into partnerships with three Abu Dhabi government departments to expand its presence in the Middle East.

Earlier this year, Joby’s shares spiked after Saudi Arabia’s Abdul Latif Jameel announced an order for up to 300 electric vertical takeoff and landing aircraft.

Joby’s shares have increased by over 32% in 2023, boosting its market valuation to more than $9 billion. The demand for air taxis, which can take off and land like helicopters, is on the rise, although there are ongoing regulatory and safety challenges.

In June, President Biden signed an executive order that included a pilot program for testing air taxi services. The air taxi concept has been praised for its potential to alleviate urban traffic congestion and reduce emissions.