Abdul Latif Jameel, an 80 year-old network of diversified businesses, and Joby Aviation, Inc. (NYSE: JOBY), a company developing electric air taxis for commercial passenger service, are announcing the signing of a Memorandum of Understanding (MoU) to explore opportunities to establish a distribution agreement in Saudi Arabia for Joby’s electric aircraft.

Shares of Joby Aviation jumped on Tuesday after the electric air taxi maker announced a deal with Saudi Arabian investment conglomerate Abdul Latif Jameel.

Abdul Latif Jameel, an 80-year-old network of diversified businesses, and Joby Aviation, a company developing electric air taxis for commercial passenger service, have signed a memorandum of understanding (MoU) to explore opportunities to establish a distribution agreement in Saudi Arabia for Joby’s electric aircraft.