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Joby Aviation (JOBY) Inks Deal to Launch Air Taxis in UAE
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Joby Aviation (JOBY - Free Report) has inked a definitive agreement with Dubai’s Road and Transport Authority (“RTA”) to introduce air taxi services in the Emirate by early 2026, with initial operations aimed for 2025.
The agreement, signed at the World Governments Summit in Dubai, in the presence of His Highness Sheikh Mohammed bin Rashid Al Maktoum, U.A.E. vice president, prime minister, and ruler of Dubai, grants Joby Aviation the exclusive right to operate air taxis in Dubai for six years. This move positions Dubai at the forefront of delivering swift, eco-friendly and noiseless air travel, courtesy of Joby Aviation’s groundbreaking technology. The agreement secures various forms of support from the RTA, including financial mechanisms, to facilitate the entry and growth of service operations in Dubai.
JoeBen Bevirt, the founder and CEO of Joby Aviation, expressed his gratitude, stating, "It is an honor to partner with the government of Dubai to demonstrate the value of sustainable air travel to the world."
Bevirt highlighted three essential elements that are crucial for the successful launch of an air taxi service — a definitive operational pathway, strategically placed infrastructure supported by committed partners, and an aircraft equipped with the capacity and range to facilitate meaningful journeys.
His Excellency Mattar Al Tayer, director general and chairman of the board of executive directors for RTA, emphasized the significance of this agreement, describing the air taxi service as part of RTA’s endeavor to adopt future transportation technologies, offering a novel and efficient mobility option for Dubai's residents and visitors.
Joby Aviation has also teamed up with Skyports to develop, construct and operate four initial vertiport sites across Dubai. These sites include Dubai International Airport, Palm Jumeirah, Dubai Marina and Dubai Downtown.
Joby Aviations’aircraft, showcased for the first time in the region at the World Governments Summit, is designed to carry a pilot and four passengers at a speed of up to 200 miles per hour. The company aims to significantly reduce travel time, with a journey from Dubai International Airport to Palm Jumeirah anticipated to take just 10 minutes compared to 45 minutes by car.
In preparation for its operations in Dubai, the company has established a local operating entity and plans to recruit locally for most of its operational team. It also eyes the localization of other global business activities in Dubai and across the region.
SkyWest is based in St. George, UT. Its fleet modernization efforts are commendable. By 2026-end, SkyWest is likely to operate 258 E175 aircraft. We are impressed by SKYW's efforts to reward its shareholders through buybacks. Upbeat passenger volumes also bode well.
Over the past 60 days, the Zacks Consensus Estimate for 2024 earnings has been revised 11.2% upward. SkyWest shares have gained 37.7% over the past three months.
American Airlines is witnessing improvements, driven by an encouraging air travel demand scenario, particularly on the domestic front. The carrier's debt-reduction efforts are impressive as well. Management aims to reduce its debt by $15 billion by 2025 end.
The Zacks Consensus Estimate for 2024 earnings has been revised 4.19% upward over the past 60 days. AAL surpassed the Zacks Consensus Estimate for earnings in each of the past four quarters, the average beat being 23.83%.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.
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Joby Aviation (JOBY) Inks Deal to Launch Air Taxis in UAE
Joby Aviation (JOBY - Free Report) has inked a definitive agreement with Dubai’s Road and Transport Authority (“RTA”) to introduce air taxi services in the Emirate by early 2026, with initial operations aimed for 2025.
The agreement, signed at the World Governments Summit in Dubai, in the presence of His Highness Sheikh Mohammed bin Rashid Al Maktoum, U.A.E. vice president, prime minister, and ruler of Dubai, grants Joby Aviation the exclusive right to operate air taxis in Dubai for six years. This move positions Dubai at the forefront of delivering swift, eco-friendly and noiseless air travel, courtesy of Joby Aviation’s groundbreaking technology. The agreement secures various forms of support from the RTA, including financial mechanisms, to facilitate the entry and growth of service operations in Dubai.
JoeBen Bevirt, the founder and CEO of Joby Aviation, expressed his gratitude, stating, "It is an honor to partner with the government of Dubai to demonstrate the value of sustainable air travel to the world."
Bevirt highlighted three essential elements that are crucial for the successful launch of an air taxi service — a definitive operational pathway, strategically placed infrastructure supported by committed partners, and an aircraft equipped with the capacity and range to facilitate meaningful journeys.
His Excellency Mattar Al Tayer, director general and chairman of the board of executive directors for RTA, emphasized the significance of this agreement, describing the air taxi service as part of RTA’s endeavor to adopt future transportation technologies, offering a novel and efficient mobility option for Dubai's residents and visitors.
Joby Aviation has also teamed up with Skyports to develop, construct and operate four initial vertiport sites across Dubai. These sites include Dubai International Airport, Palm Jumeirah, Dubai Marina and Dubai Downtown.
Joby Aviations’aircraft, showcased for the first time in the region at the World Governments Summit, is designed to carry a pilot and four passengers at a speed of up to 200 miles per hour. The company aims to significantly reduce travel time, with a journey from Dubai International Airport to Palm Jumeirah anticipated to take just 10 minutes compared to 45 minutes by car.
In preparation for its operations in Dubai, the company has established a local operating entity and plans to recruit locally for most of its operational team. It also eyes the localization of other global business activities in Dubai and across the region.
Zacks Rank & Key Picks
Joby Aviation currently carries a Zacks Rank #3 (Hold). Investors interested in the Zacks Airline industry may consider American Airlines (AAL - Free Report) and SkyWest (SKYW - Free Report) . SkyWest currently sports a Zacks Rank #1 (Strong Buy) and AAL carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SkyWest is based in St. George, UT. Its fleet modernization efforts are commendable. By 2026-end, SkyWest is likely to operate 258 E175 aircraft. We are impressed by SKYW's efforts to reward its shareholders through buybacks. Upbeat passenger volumes also bode well.
Over the past 60 days, the Zacks Consensus Estimate for 2024 earnings has been revised 11.2% upward. SkyWest shares have gained 37.7% over the past three months.
American Airlines is witnessing improvements, driven by an encouraging air travel demand scenario, particularly on the domestic front. The carrier's debt-reduction efforts are impressive as well. Management aims to reduce its debt by $15 billion by 2025 end.
The Zacks Consensus Estimate for 2024 earnings has been revised 4.19% upward over the past 60 days. AAL surpassed the Zacks Consensus Estimate for earnings in each of the past four quarters, the average beat being 23.83%.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.