Subscribe Free
in Business Aviation / Features

Saudi investment company making the sparks fly

Posted 26 June 2020 · Add Comment

A Saudi investment company is backing one of the new crop of electric aircraft designs aimed at bringing pollution-free flight to the public.

The company hopes to see the new aircraft operating in the Middle East over the next few years.

Jameel Investment Management Company (JIMCO), the investment arm of Abdul Latif Jameel (ALJ), has not said how much it has sunk into Joby Aviation, but the Californian company has recently raised $590 million in a third round of fund-raising, taking its total funding to $720 million – believed to be the largest amount of cash raised by a company in the electric vertical take-off and landing (eVTOL) market, writes Alan Dron.

Leading the investing group in the latest funding round was Japanese car-maker, Toyota Motor Corporation.

Joby Aviation’s S4 electric air taxi aircraft is designed to carry a single pilot and four passengers and to be capable of flying at 200mph (320km/h) out to a range of around 150 miles (240km) on a single charge of electricity.

The aircraft has an inverted gull main wing, together with a highly glazed cabin with a tricycle undercarriage. Propulsion comes from four motors on the wing, plus two on rear booms.

All six motors swivel through 90 degrees from horizontal to vertical to allow vertical take-off and landing (VTOL).

The aircraft, if it receives the necessary certification and goes into production, will be operated as a taxi service, with passengers paying per trip.

“We’re building a new system for transportation to transform your daily life, at greater safety and, in time, at a similar cost to driving,” said Joby Aviation’s founder and CEO, JoeBen Bevirt.

“Through JIMCO’s investment, Abdul Lateef Jameel is leveraging its regional expertise for Joby Aviation,” said Hassan Jameel, deputy president and vice chairman of ALJ.

“Air taxi service is still in the early stages of commercialisation, but one that has the potential to completely transform the future of mobility. We are excited to be part of this new chapter for the sector, bringing fast, affordable and zero-emissions air mobility to Saudi Arabia and the wider MENA region.”


 

Other Stories
Advertisement
Latest News

The airline industry is expected to remain cash negative throughout 2021

The International Air Transport Association (IATA) has released new analysis showing that the airline industry is expected to remain cash negative throughout 2021.

Emirates and Dubai Health Authority to create digital verification of COVID-19 medical records

Emirates and the Dubai Health Authority (DHA) have signed an MoU which aims to position Dubai as one of the first cities in the world to implement digital verification of traveller medical records related to COVID-19 testing and

TAV Airports served 27 million passengers in 2020

Turkey’s TAV Airports has announced its full-year 2020 financial and operational results revealing it served 14.3 million domestic and 12.7 million international passengers in 2020, with a total of 70% decrease compared to the

Embraer’s Phenom 300 becomes world’s best-selling light jet

For the ninth consecutive year, Embraer’s Phenom 300 series has become the world’s best-selling light jet according to numbers released today by the General Aviation Manufacturers Association (GAMA).

Flydubai expands its operations to Romania

Flydubai has launched flights to Cluj-Napoca in Romania. The airline will operate twice-weekly flights between Dubai International (DXB) and Avram Iancu International Airport Cluj (CLJ) starting from 20 March 2021.

IDEX: Collins Aerospace targets Middle East fighter seats

Collins Aerospace is looking at upgrading the F-15 and F-16 aircraft in the Middle East with its next generation ACES 5 ejection seats.

WDS SK2601090322
See us at
World Defence Show 2022DAS21_BTAviation Africa 2021 BTNNAviation MENA 2021Arab Aviation Summit BT1002230321