Joby Aviation announced an industry-first: completing a piloted test flight between two public airports in the US, from Marina (OAR) to Monterey (MRY). This milestone is a strong signal of Joby’s commercial market readiness, showcasing operational capabilities that will be core to Joby’s planned Dubai launch in 2026.

The achievement highlights Joby’s ability to operate in real-world conditions, integrating with existing airport infrastructure and air traffic control, all key steps in preparing for passenger service in Dubai.

• FAA-controlled airspace: Joby successfully navigated alongside other aircraft, travelling 10 miles in 12 minutes, including a five-minute holding pattern at MRY for air traffic sequencing.

• Real-world demos: This point-to-point airport operation mirrors the service model Joby will bring to Dubai, offering fast, efficient, and sustainable urban connections.

• Mature flight test programme: The milestone builds on more than 40,000 miles of real-world test flights across four countries, underscoring the maturity of Joby’s development.

Joby Aviation, a developer of all-electric air taxis for commercial passenger service, said the Marina-to-Monterey flight also represents significant progress across safety, operations, certification, and integration with air traffic control systems.

The piloted flight featured vertical takeoff, transition to wingborne flight, controlled airspace integration, and vertical landing. It also marked the first time a piloted electric vertical takeoff and landing (eVTOL) aircraft has flown between two public airports, while successfully demonstrating Joby’s ability to conduct mobile testing and provide ground support away from its home base in Marina.

Read: Flying taxi firm Joby applies for aircraft certification in the UAE

“Successfully flying from Marina to Monterey showcased operations of our aircraft integrated in the broader transportation network and further validated its performance to ensure we’re prepared for service on day one,” said Didier Papadopoulos, President of Aircraft OEM at Joby. “For years, our flight testing has validated our aircraft’s capabilities, and we’ve done this across a wide range of environmental conditions. As part of the natural progression of our flight test programme, it was time to venture further, and there was no better place to visit first than our neighbors in Monterey.”

The test flights also generated developmental data on the human factors of operating at controlled airports and in national airspace. At Monterey, Joby’s aircraft sequenced with other air traffic, including entering a holding pattern to accommodate an arriving airliner. The demonstration showed Joby’s adherence to FAA protocols, similar to those followed by commercial airlines—an essential element of the certification process, as the FAA requires proof that new aircraft can operate safely in shared airspace across multiple airports.

Video of the flight demonstration can be seen below:

The achievement follows Joby’s planned acquisition of Blade Air Mobility’s passenger business, further underlining its commercial readiness. To date, Joby has flown more than 40,000 miles across its test fleet and has begun final assembly of its first aircraft intended for Type Inspection Authorisation flight testing, one of the final steps before FAA certification. Test flights with FAA pilots are expected early next year, ahead of plans to launch commercial service in Los Angeles and New York City.

With US equities increasingly dominated by a handful of mega-cap stocks and global markets facing heightened geopolitical uncertainty, investors are questioning how best to protect and grow their wealth.

In this interview, Gulf Business speaks with Angelina Lai, chief investment officer for Asia & Middle East at St. James’s Place (SJP), about how the firm is addressing the “US Concentration Conundrum”, the importance of diversification for Middle East investors, and why regions such as Europe, Japan, and emerging markets are offering attractive opportunities.

The latest CIO Quarterly Insights highlight rising concentration risks in the US market, with just 10 mega-cap stocks representing over a third of the index. How does SJP approach this “US Concentration Conundrum” in managing client portfolios?

The US market now represents two-thirds of global equities, with the 10 largest stocks in the US making up more than a third of the index, up from under a fifth just 15 years ago. At St. James’s Place, we see this as a significant risk.

A key question on most investors’ minds is what this means for their long-term portfolios. We believe it is important to follow a disciplined process. Our process is led by valuations, informed by a number of factors including fundamentals of the asset class, the economic environment, behavioural signals, and we remain mindful of the tail risks within the portfolio.

As such, while the US remains a cornerstone of our global investment portfolios, we are acutely aware of the potential perils posed by such a narrow market leadership at expensive prices. All investments involve risks; our approach looks for the risks with the best value, thereby giving our clients the best chance of achieving great long term returns.

These, coupled with sound diversification across asset classes, geographies, sectors, and investment styles, aligned with long-term investment goals and risk preferences of individual clients, allow us to construct portfolios that are more balanced and resilient through any stress events such as Liberation Day, while still capturing global growth potential.

Given the geopolitical uncertainties in the US and Middle East, how important is diversification for investors in the Middle East, and which regions or sectors does SJP currently see as most attractive?

In a region as geopolitically dynamic as the Middle East, diversification is essential. Investors here face unique challenges, from fluctuating energy prices to regional political tensions, and these factors can have a profound impact on local markets and investor sentiment.

Our approach at SJP emphasises the importance of global diversification as a way to insulate portfolios from regional volatility and to access broader sources of growth.

Currently, we see compelling opportunities in European and Japanese equity markets. Many European firms offer attractive value, trading at a discount to US. stocks while benefiting from falling inflation, easing rates, and increased investment in infrastructure and defence, with a diversified sectoral composition.

Japanese equities have also been gaining momentum thanks to corporate governance reforms, rising shareholder returns, a shift away from deflation, strong earnings and a significantly undervalued yen as measured by long-term purchasing power parity. The yen historically also provides a great diversification benefit to global equities.

After years of under performance, our managers find many attractively priced investment opportunities in emerging market (EM) equities as well. Asia in particular is home to some of the world’s most dynamic technology firms, which are driving innovation and commanding significant market share in areas like semiconductors, e-commerce, and renewable energy.

Challenges remain, including geopolitical tensions, elevated US interest rates, and tariff threats.

However, history shows that prolonged market underperformance often sets the stage for significant rebounds.

Smaller companies and value stocks should not be overlooked on a global basis, as they are also priced at relative discounts to their larger and more growth-oriented counterparts and could further aid portfolio diversification and resilience.

By spreading investments across these diverse regions and sectors, we help clients in the Middle East build portfolios that are both robust and forward-looking.

The report mentions that SJP is underweight US equities in its core portfolios. Can you elaborate on the rationale behind this positioning and how it aligns with the firm’s long-term investment philosophy?

At the core of SJP’s investment philosophy is a structured framework that evaluates asset classes based on valuations, taking into consideration fundamentals, economic environment, behavioural flags and tail risks. This disciplined process is designed to remove emotion from decision-making, ensuring that portfolio positioning reflects objective analysis rather than reactive behaviour.

The recent success of the US market has led to increasingly expensive valuations, even when taking into consideration the solid fundamental qualities of many of the companies listed in the US. The US economy still has a strong footing; however, trade and fiscal policy uncertainty are disruptive, particularly with the continued uncertainty around tariffs causing a number of businesses to pause on business or investment decisions, and we are starting to see inflation move higher while labour supply is beginning to slow.

Concentration risk, as noted earlier, of the mega caps – many of which are within the same sectors – increases the overall tail risk of the asset class.

Having said that, US equities still make up around half of our equity allocations and thus remain a key part of our portfolios.

How does SJP tailor its asset allocation strategies to meet the specific risk tolerances and financial goals of Middle East clients, especially in such volatile global markets?

St. James’s Place takes a highly personalised approach to investment advice for all clients, applying the same principles in the Middle East while recognising the distinct circumstances, financial goals, and risk tolerances found in the region.

Our journey with any client begins with understanding their unique circumstances through a ‘Confidential Financial Review’. This allows us to build a full picture of their financial profile, goals, and investment time horizons, as well as their tolerance for market volatility (in both bull and bear markets), income and currency needs, tax and legacy considerations, and any allocation preferences and aversions.

This insight enables us to ensure that portfolio allocations are suitably aligned with individual objectives and preferences.

Talking about volatile markets prior to the event and “rehearsing” these scenarios with our clients helps ensure they do not make knee–jerk reactions during actual stress events. This enables us to take advantage of the opportunities that often comes with volatile markets, where our managers may be picking up great businesses at more desirable values.

Ultimately, our aim is to provide investors in the Middle East with strategies that are both globally informed and locally relevant.

With ongoing tensions impacting global supply chains and energy prices, how is SJP incorporating macroeconomic and geopolitical factors into its investment advice for clients in the region?

At SJP, macroeconomic analysis (including the assessment of geopolitical impact) is a key part of our disciplined investment decision-making process.

Our ‘Group Economic Views’ forum actively screens and continuously monitors economic activities globally – from supply chains, energy prices, and employment data to capex spend and consumer sentiment. These insights feed into a monthly report on our views of the current economic environment, which are reviewed against our asset views, specifically whether the environment creates headwinds or tailwinds for key asset allocations. Portfolios are also tested against various economic scenarios, including historical stress events as well as hypothetical events, to assess the resilience of our portfolios.

These processes reflect our investment principles, which are rooted in the belief that wealth is best built through patience, discipline, and strategic allocation, rather than attempting to time the market or chase short-term trends. By integrating macroeconomic insights with a robust, diversified portfolio framework, we ensure that our clients receive investment advice that is both responsive to global developments and anchored in enduring principles. This helps investors stay focused, confident, and in control, even when the world feels anything but predictable.

Investor sentiment appears cautiously optimistic despite volatility. How does SJP help clients maintain discipline and focus on long-term goals without reacting to short-term market noise?

Investor anxiety has moderated in recent weeks – the latest tariff announcements notwithstanding, and volatility remains a constant in markets, particularly with a number oftariff deadlines still coming up and continued unpredictability to Trump’s policies. Incorporating sound risk management into portfolios, especially during periods of relative optimism, helps ensure they can withstand more turbulent conditions when they arise.

A key part of our role is helping clients maintain discipline and avoid short-term, emotionally driven decisions that can harm long-term returns. We achieve this through regular communication, a focus on goal-based planning, and by keeping attention on long-term objectives – whether that’s retirement planning, wealth preservation, or legacy building, rather than reacting to daily market noise.

Read: Prioritise the fundamentals when investing’, says SJP’s Martin Hennecke

Nakheel, a member of Dubai Holding Real Estate, has awarded a contract worth Dhs2.6bn to Fibrex Contracting for the construction of Bay Villas at Dubai Islands. The waterfront community will feature 636 luxury residences across five distinct property types, marking one of Nakheel’s most ambitious residential projects to date.

The development builds on Nakheel’s established partnership with Fibrex Contracting, following their collaboration on the District One West community in Mohammed Bin Rashid Al Maktoum City (MBRAMC). Bay Villas will introduce a variety of premium homes, including Townhouses, Semi-detached Villas, Garden Villas, Waterfront Villas, and Beachfront Villas, complemented by lifestyle amenities such as three pool houses, a beach club, landscaped parks, and leisure facilities.

Khalid Al Malik, chief executive officer of Dubai Holding Real Estate, said: “Our partnership with Fibrex Contracting marks a key milestone for Bay Villas, a landmark project that underscores our commitment to shaping Dubai’s future through elevated spaces that residents can proudly call home. This development delivers on our vision of designing waterfront communities that prioritise wellbeing, luxury and privacy, all while offering residents an opportunity to enjoy the best of island living.”

Strategically located along a prime promenade with direct beach access, the Beachfront Villas will offer three-storey residences with six bedrooms, a show kitchen, a rooftop lounge and terrace, and a dedicated dining space. Waterfront Villas will provide expansive plots with panoramic views, while Garden Villas will be surrounded by greenery to create a retreat. Semi-detached Villas are designed for a modern community lifestyle, and Townhouses will be arranged in four- to six-home clusters with private gardens.

Read: Dubai Islands: Nakheel launches third phase of Bay Grove Residences

Drawing inspiration from Dubai’s cultural heritage, Bay Villas incorporates traditional design touches, such as wooden finishes and arabesque detailing, while maximizing natural light and open living spaces. Residents will also benefit from a resort-inspired lifestyle, complete with a central park, swimming pools, sports courts, children’s play areas, and green corridors linking directly to the waterfront.

Sufyan S. Saleh, group managing director, Fibrex Contracting, said: “Fibrex Contracting is proud to work with Dubai Holding Real Estate, the region’s most distinguished and visionary developer, known for their exceptional track record in delivering iconic projects. This time, we are honoured to extend our successful collaboration to the prestigious Bay Villas project at Dubai Islands. As one of the UAE’s leading construction groups, we are committed to delivering this flagship development on time, while adhering to the highest industry standards. Through advanced construction technologies, specialised in-house capabilities and our trusted supply chain network, we are well-equipped to bring this waterfront community to life.”

Developed in line with the Dubai 2040 Urban Master Plan, Dubai Islands spans 18.6 square kilometres across five islands. The master development offers 59 kilometres of waterfront, over 20 kilometres of beaches, and expansive open spaces, along with parks, promenades, golf courses, and cycling routes. Located close to Downtown Dubai and Dubai International Airport, it is positioned as a prime destination for world-class hospitality, retail, dining, and entertainment.

In just three decades, Dubai has risen from a modest seaside town into one of the first great cities of the 21st century by leveraging its location and bold global ambitions. Yet the city’s best days may still lie ahead.

Today’s geopolitical tensions and trade protectionism are a far cry from the globalization ethos that helped fuel Dubai’s rise, but they play to the city’s strategic strengths.

Dubai’s leaders promoted real estate development, finance, shipping, aviation, and tourism, and in the space of a generation built a dynamic city that boasts the world’s tallest building and busiest international airport, and hosts the regional headquarters of most major multinationals.

Dubai now ranks 8th among 1,500 cities across Asia, Africa, Latin America, and the Middle East as a commercial hub, or city with vibrant corporate, industrial, retail, and hospitality sectors, according to the Oliver Wyman Forum’s index of The Cities Shaping The Future.

It also ranks 4th as a mobility connector, or city that facilitates the movement of goods and people.

That base gives Dubai an opportunity to capitalise on two major shifts in the global economy: the rebuilding of supply chains for greater resilience and the rapid rise of mid-tier cities across Africa, Asia, and the Middle East that need a sophisticated hub to connect them to global markets.

Seizing that opportunity can enable Dubai to challenge some of the Asian megacities that top our commercial hubs ranking, including Tokyo, Shanghai, and Singapore.

Capitalising on supply-chain disruption

To sustain robust growth and challenge top-ranked cities like Tokyo, Shanghai, Seoul, and Singapore, Dubai authorities should take advantage of the realignment of global supply chains in response to geopolitical tensions.

A recent surge in tariffs and other trade restrictions has prompted many multinational companies to double down on diversifying their supply chains for greater resilience. India is an increasingly attractive location for companies looking to avoid US tariffs on China and Southeast Asian countries, and our conversations indicate that Korean and Japanese investors are quickly pivoting to this large market. Japanese investment in India amounted to $5.5bn in 2024, more than three times the annual average between 2015 and 2020. Dubai is well-placed to take advantage of this trend given its proximity to India and the fact that Indian nationals make up roughly a third of the population of the UAE.

Dubai is already playing a growing role in shipping manufactured goods and parts to and from India and selling professional services to companies building new factories and distribution facilities in the country. The UAE and India signed an economic partnership agreement in 2022, and two-way trade between the countries reached nearly $85bnin the 12 months ended in March 2024. The UAE also is India’s seventh-largest overseas investor, having poured $22bn in foreign direct investment into the country since the year 2000.

Dubai also has an opportunity to play a greater role orchestrating trade flows between Southeast Asia, South Asia, and North Africa, as supply chains rebalance.

Morocco and Turkey are two potential winners from the latest tariff disruption, and in today’s highly interconnected supply chains, Dubai’s logistics companies will play an important role transshipping products between growing numbers of factories in India, Southeast Asia, and across the Middle East and North Africa.

Dubai can build on its record and replicate the success Hong Kong has had the past 30 years serving as a gateway between the rapidly expanding manufacturing sector in southern China and global markets.

Seizing the growth opportunity of mid-tier cities

Another opportunity closely related to supply-chain realignment is the rise of mid-tier cities. Dubai lies within a six-hour flight of over 800 cities across Africa, Asia, and the Middle East with populations greater than 250,000.

Combined, they have over one billion people and a GDP of $8tn, making them increasingly attractive markets.

These cities are poised to be a growing source of consumer demand for everything from travel services and tourism to e-commerce and financial services. The fastest-growing of these cities are benefiting from expanding manufacturing investments, growing business process outsourcing, and improved digital connectivity. As growth spreads beyond major cities to these mid-tier urban areas, the prospects for the emirate will grow.

Dubai, which serves as a destination or transit hub for more than 90 million travellers from over 270 cities around the world, is well placed to capture a big share of the growth in leisure travel from these mid-tier cities.

The emirate also can serve as a convenient and efficient distribution hub for e-commerce platforms selling to shoppers in these cities. Chinese e-commerce and logistic players, for instance, can easily tap these markets from Dubai’s existing transport infrastructure.

The city also has an opportunity to attract more corporate headquarters beyond those of multinationals that already have a presence. The growing consumer clout of the mid-tier market across Africa, Asia, and the Middle East makes it more compelling than ever for companies to establish a regional office to support their local presence in these cities. Dubai also can attract local conglomerates from these same markets as they seek to build out an international business.

Can Dubai seize these opportunities? For a city that has grown its population nearly five-fold in the past three decades and transformed a largely undeveloped coastline into a glittering global destination, the question might be better phrased, how can it not?

The writer is a partner in Oliver Wyman’s Finance and Risk practice and leads Asian initiatives of the firm’s think tank, the Oliver Wyman Forum.

Huawei, a global leader in ICT infrastructure and smart devices, has launched its latest flagship conference whiteboard – the IdeaHub S3 – in partnership with Eros Group, the official IdeaHub Gold Distribution Partner. Designed to transform workplace collaboration, the new solution enables enterprises to embrace a new era of intelligent communication and efficiency.

“The new IdeaHub S3, built on our groundbreaking AI+ architecture, delivers advanced capabilities including smarter interaction, enhanced image quality, real-time interpretation, and insightful meeting summaries,” said He Yujin, vice president of Huawei Intelligent Collaboration. “With this launch, we aim to transform communication and resource sharing and redefine what it means to offer a more precise, smarter, and safer AI experience.”

Smarter collaboration powered by AI

The IdeaHub S3 delivers crystal-clear visuals and audio, with AI-powered image enhancement and HD cloud conferencing ensuring sharp, seamless meetings without additional costs. Security is enhanced with an electronically controlled camera privacy shield, while a 24-mic array with 15-meter sound pickup and AI noise reduction boosts sound clarity. Huawei’s Acoustic Baffle 2.0 automatically filters out background noise, creating distraction-free discussions.

Collaboration made simple

Supporting up to nine panes per meeting, the IdeaHub S3 allows multiple viewpoints to be shared simultaneously, with layouts that adapt dynamically. The next-gen remote control offers pinpoint accuracy for drawing and selection, while bi-directional connectivity and interactive features keep teamwork smooth. A 66W fast-charging Type-C port ensures uninterrupted performance during extended sessions.

During the launch event, Rajat Ashtana, CEO of Eros Group, said: “The new IdeaHub S3 reflects the strength of our collaboration with Huawei and our shared commitment to shaping the future of innovation. Together, we are equipping enterprises to lead with confidence in an increasingly intelligent, connected and dynamic world.”

Read: du launches region’s first live 5G-Advanced network in UAE with Huawei

Huawei emphasised that the launch reinforces its mission to enable seamless connections across individuals, teams, and organisations. The company’s Intelligent Collaboration unit will continue advancing its “AI+ architecture” to redefine customer experiences, from workplace meetings to production decision-making. By working with its global ecosystem, Huawei is unlocking new digital opportunities and accelerating the shift towards a fully connected, intelligent world.