DUBAI: A US company plans to start building an ultra-fast hyperloop track for Abu Dhabi’s transport system in the third quarter of 2019, it said on Wednesday.
Hyperloops use magnets to levitate pods inside an airless tube, creating conditions in which the pods can shuttle people and freight at speeds of up to 750 miles (1,200 km) per hour.
The technology, which has not been used commercially, is proposed as a replacement to existing rail infrastructure.
Hyperloop Transportation Technologies (HyperloopTT) said in a statement that design and engineering firm Dar Al-Handasah had invested in the US-based business and would be the lead designer on the Abu Dhabi project.
It did not disclose the size of investment.
HyperloopTT signed a contract with Abu Dhabi’s state-controlled Aldar Properties in April to build a 10 kilometer track near the border with Dubai.
It previously signed a contract with Abu Dhabi’s municipal affairs and transport department in 2016 for a feasibility study to connect Abu Dhabi city with Al Ain along the Oman border.
Neighbouring Dubai is backing rival Virgin Hyperloop One to build the futuristic transport system.
US firm to start building hyperloop track in Abu Dhabi next year
US firm to start building hyperloop track in Abu Dhabi next year
- HyperloopTT signed a contract with Abu Dhabi’s state-controlled Aldar Properties in April to build a 10 kilometer track near the border with Dubai
- Neighbouring Dubai is backing rival Virgin Hyperloop One to build the futuristic transport system
Saudi Arabia raises $605m in January sukuk issuance: NDMC
RIYADH: Saudi Arabia’s National Debt Management Center has raised SR2.26 billion ($605 million) through its latest sukuk issuance.
Sukuk are Shariah-compliant financial instruments akin to bonds, granting investors a share in the issuer’s assets. Unlike conventional bonds, they comply with Islamic finance principles, which forbid interest-based transactions.
According to the NDMC, the January issuance was divided into five tranches. The first tranche was valued at SR410 million and is set to mature in 2031. The second amounted to SR338 million, maturing in 2033, while the third tranche, worth SR101 million, will expire in 2036.
The fourth portion, valued at SR523,000, is due in 2039, while the last tranche, due in 2041, was valued at SR1.42 billion.
The January figure represents a decrease of 67.64 percent compared to December, when the Kingdom raised SR7.01 billion from sukuk issuances.
In recent years, the Kingdom’s debt market has experienced swift growth, with investors increasingly turning to fixed-income instruments as rising global interest rates reshape the financial landscape.
This comes as the Gulf Cooperation Council sukuk outstanding climbed 12.7 percent to $1.1 trillion by the end of the third quarter of 2025, according to a recent Fitch Ratings report.
The US-based credit rating agency said debt capital market activity in the GCC is expected to remain strong into 2026, supported by a healthy pipeline of anticipated issuances.
The report noted that sukuk issuances increased 22 percent year on year in the first nine months of this year, accounting for 40 percent of total GCC DCM outstanding.
Sukuk also outpaced bond growth, which expanded 7.2 percent year on year.
Also known as Islamic bonds, these debt products allow investors to gain partial ownership of an issuer’s assets until maturity.
