Virgin Hyperloop One (VHO) is anticipated to pile in a potential US$4 billion into Saudi Arabia as it strives to make hyperloop transportation a reality.
A 35-kilometer test and certification track will be built 100 kilometers north of the Red Sea port of Jeddah, in King Abdullah Economic City (KAEC) by US tech transport company VHO, which commissioned the study.
The study said that a Center of Excellence, if approved, would drive domestic growth by adding to the creation of more than 124,000 high-tech local jobs, supporting the technology sector by incorporating advances in robotics and ArtificiaI Intelligence, and driving an estimated $4 billion increase in Saudi Arabia’s GDP by 2030.
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 a 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.”
“This strategic partnership in Saudi Arabia is a result of a shared ambition to harness the power of technology to drive the next leap forward in transportation. It’s a market that has shown a readiness to embrace transformative innovation to achieve the goal of sustainable, energy efficient travel that will have a huge impact on the economy and wider society”, said Jay Walder, CEO, Virgin Hyperloop One.
The journey from Riyadh to Jeddah would be reduced from 10 hours to 76 minutes, VHO said earlier this year, while travel from Riyadh to Abu Dhabi would be shortened to 48 minutes from 8.5 hours.
“This study sets the framework for the advancement of Virgin Hyperloop One’s system, and the creation of a new and unique ecosystem; creating jobs, supporting development and connecting people across the Kingdom,” Walder added.