The utility services provider reported Dh651 million net profit for Q1 2024, down from Dh763 million in same quarter last year
uae20 hours ago
The US-based firm, which develops all-electric aircraft for commercial passenger service, will operate air taxis in Dubai for 6 years.
The flying carmaker also received financial support from the Dubai government ahead of the launch of service in the emirate.
“We signed a definitive agreement with the government of Dubai that grants Joby exclusive rights to operate air taxis in the Emirate for six years. The agreement includes financial support and identifies a regulatory pathway to enable early operations,” the company said in its financial statement.
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In February, Joby Aviation signed an agreement with Dubai’s Road and Transport Authority (RTA) at the World Governments Summit to launch air taxi services by early 2026, with Joby targeting initial operations as early as 2025.
The agreement secures a variety of support from the RTA, including financial mechanisms, for the entry and maturing of service operations in Dubai.
In an interview with Bloomberg, Bonny Simi, president of Joby Aviation, said the company will launch its air taxi first in Dubai before any other country, including the US.
In an interview with Khaleej Times earlier, JoeBen Bevirt, founder and CEO of Joby Aviation, they’re also exploring the opportunity to set up a manufacturing facility in the UAE and other regional countries.
“We have a manufacturing line in California and Ohio and received $330 million incentives. We are in active conversation with the region about opportunities for manufacturing in the region. And UAE is among the regional countries (to set up manufacturing unit),” said Bevirt.
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