Saudi’s Abdul Latif Jameel invests in US air taxi start-up

Jameel Investment Management Co. (JIMCO), the investment arm of Saudi-based Abdul Latif Jameel (ALJ), announced its participation in a Series C round of funding for California-based start-up, Joby Aviation, which raised an additional $590 million (SAR 2.2 billion) in capital.

Joby Aviation is currently developing and certifying a piloted, all-electric, vertical take-off and landing aircraft, which will enable affordable air taxi services both in the Middle East and globally.

The move is in line with ALJ’s strategy of making high-stakes investments in the future of mobility, the conglomerate said in a statement.

“We are excited to be a part of this new chapter for the sector, bringing fast, affordable, and zero-emissions air mobility to Saudi Arabia and the wider MENA region,” Hassan Jameel, Deputy President and Vice Chairman of ALJ, said.

“Improving daily transportation in line with environmental sustainability is a mission we share with all our partners in business, and one which we are committed to delivering on,” he added.

JIMCO joined the round as a new investor alongside Toyota Motor Corporation (TMC), a long-term business partner of ALJ, and lead investor in Joby’s Series C funding, and Baillie Gifford.

Adding to new and prior investments by SPARX Group, Intel Capital, Capricorn Investment Group, JetBlue Technology Ventures, 8VC, Toyota AI Ventures, and AME Cloud Ventures, the latest investment round brings Joby Aviation’s total funding to $720 million (SAR 2.7 billion).