Shares of Joby Aviation (JOBY) jumped on Tuesday after the electric air taxi maker announced a deal with Saudi Arabian investment conglomerate Abdul Latif Jameel.

The companies have signed a memorandum of understanding to "explore opportunities to establish a distribution agreement in Saudi Arabia for Joby’s electric aircraft," per a Tuesday press release.

The sides laid out potential targets of 200 aircraft and other services valued at about $1 billion to be delivered in the coming years. They also said they see "potential revenue opportunities across the Middle East" in the long term.

The partnerships will begin in Saudi Arabia to "work together to explore distribution and sales collaborations, the launch of local air taxi services, including the establishment of aftermarket services such as MRO (Maintenance, Repair, and Overhaul), and pilot training."

Joby continues to expect its first passengers will be carried in Dubai in 2026. Abdul Latif Jameel has also participated in previous inv꧃esting rounds for Joby, the company said𝓡.

Shares of Joby were up 9% in Tuesday trading after recently pulling back from a rally sparked by the 澳洲幸运5官方开奖结果体彩网:announcement of a $250 mil🐬lion investment from Toyota Motor (TM).