LONDON: Virgin Hyperloop One (VHO) has received a trade license from Saudi Arabia’s new Ministry of Investment.
It was announced at the US-Saudi Arabia Business Forum in Washington D.C. and follows a move by transport chiefs in the Kingdom to conduct the world’s first hyperloop study on a national level.
Under the deal, Virgin Hyperloop One will examine viable routes, expected demand, and anticipated costs.
“From here we intend to establish a permanent presence that would better enable us to invest in resources in the region and run our local operations,” said Tim Wilkinson, executive director, strategy and growth at VHO. “The move marks important progress toward the commercialization of hyperloop technology and could propel the country to the forefront of hyperloop development worldwide.”
Last year King Abdullah Economic City and VHO published a study to create a Virgin Hyperloop One Center of Excellence, which would include an integrated test track.
Virgin Hyperloop One claims to be the only company in the world that has successfully tested its hyperloop technology at scale. (Virgin Hyperloop)
It found the project held the potential to help create more than 124,000 high-tech local jobs, further supporting the technology sector by incorporating advances in robotics and AI while driving an estimated $4 billion increase in Saudi Arabia’s GDP by 2030.
VHO entered into a technology partnership with the MiSK Foundation in 2018, where the company welcomed 20 Saudi students to its Los Angeles Innovation Campus.
Virgin Hyperloop One claims to be the only company in the world that has successfully tested its hyperloop technology at scale.
The company is now working with governments, partners, and investors around the world to make hyperloop a reality despite claims by some critics that the technology is not suitable for human transportation.
Hyperloop’s investors include regional companies DP World and Abu Dhabi Capital Group according to its website.
