Joby Aviation’s stock jumped 14% on Monday following the delivery of its first electric vertical takeoff and landing (eVTOL) aircraft to the United Arab Emirates, marking a major milestone in the company’s mission to revolutionize urban mobility.
The California-based aerospace company, known for its innovative electric air taxis, confirmed that it has successfully completed piloted flight tests in the UAE. These developments set the stage for the launch of a full-fledged air taxi service in the region by 2026.
“This marks a monumental step toward weaving air taxi services into the fabric of daily life worldwide,” said Joby’s founder and CEO, JoeBen Bevirt. He emphasized the strategic importance of the Middle East as a launchpad for a global shift in transportation.
Joby’s agreement with the UAE was first announced in early 2024 as part of a partnership with Dubai’s Road and Transport Authority. The deal grants Joby exclusive rights to operate air taxi services in Dubai for six years. As part of the rollout, the company began construction on its first vertiport at Dubai International Airport in late 2024, with three more planned for key locations including Palm Jumeirah, Downtown Dubai, and the Marina.
The company is also expanding in Abu Dhabi, having signed additional agreements with three government departments to support regional development of air taxi infrastructure and operations.
Investor enthusiasm around Joby has been steadily growing. Earlier this year, Saudi Arabian conglomerate Abdul Latif Jameel announced a potential $1 billion investment to acquire up to 300 eVTOL aircraft. The firm had previously participated in Joby’s Series C funding round, signaling a long-term commitment to the emerging sector.
As a result of these developments, Joby’s shares have surged more than 32% this year, boosting its market capitalization to over $9 billion.
Earlier this month, the U.S. federal government approved a pilot program for testing electric air taxis as part of a broader initiative to explore new transportation solutions. This political backing further validates the industry’s direction and potential impact.
