Virgin Hyperloop One (VHO), the world’s leading hyperloop company, has announced the results of a strategic study commissioned to build the world’s first extended test and certification hyperloop track in the Kingdom of Saudi Arabia.
The study also set out plans for an R&D center and manufacturing facility to support the development of the groundbreaking hyperloop technology.
In line with Saudi Vision 2030, the Kingdom’s diversification and development strategy, the VHO project is expected to significantly support a number of the economic and social pillars of the country’s Vision 2030, including the expansion of transportation, the development of urban infrastructure and the growth of a technology-enabled modern economy.
Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World and Chairman of Virgin Hyperloop One, said, “The study highlights that hyperloop is more than high-speed connectivity for passengers and cargo. The findings have shown a positive alignment between the project and Saudi Arabia’s ambitious national economic and social development agenda. With this in mind, we are delighted to highlight this vision at the Future Investment Initiative and continue our talks with a multitude of stakeholders.”
The Virgin Hyperloop One Center of Excellence (CoE), if approved, could break ground in King Abdullah Economic City (KAEC) in 2020 and include an integrated test track, as well as explore the feasibility of creating a manufacturing center and operating facility that will propel the Kingdom to the forefront of hyperloop development worldwide.
The report also illustrated how the CoE will drive domestic value by adding to the creation of more than 124,000 high-tech local jobs, supporting the technology sector by incorporating advances in robotics and AI and driving an estimated $4billion increase in KSA GDP by 2030.
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