Hyperloop co-founder has a dream of a 48-minute Riyadh to Abu Dhabi trip as he wants to connect Middle East

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Updated 09 November 2021
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Hyperloop co-founder has a dream of a 48-minute Riyadh to Abu Dhabi trip as he wants to connect Middle East

  • Virgin Hyperloop Co-Founder Josh Giegel outlines Hyperloop dream for Middle East

Virgin Hyperloop, the company partnered with businesses and governments in the Arab world to develop a vacuum train that could transport passengers at 1,000 kph, is closer than ever to debuting not just a single train in the Middle East, but the start of a GCC-wide network.

“A network emanating from Riyadh connecting to Abu Dhabi in 48 minutes,” said Virgin Hyperloop Co-Founder Josh Giegel of his dream for the Middle East. “Going over to Dubai. From there, going out to Kuwait, going over to Jeddah, going up to NEOM. Going over to all these areas and being able to access any part within an hour from Riyadh or no more than two hours across the whole region.”

The first commercial train is expected to debut before the end of the decade, either in Saudi Arabia or India according to Hyperloop Chairman, Sultan Ahmed bin Sulayem. Regardless of which comes first, Saudi Arabia is an appealing location thanks to the development projects emerging from Saudi Vision 2030.

“NEOM is a new city, and with a new city comes new opportunities. It’s a new technology. It’s an opportunity for new technologies,” he said. “You look at the speed at which they want to connect, their sustainability missions, their idea that they want to modernize the way cities are built and export. And they’re looking for varieties of technologies to connect people, to get people where they want to go quickly, sustainably. And Hyperloop checks all those boxes.”

Models of the Hyperloop passenger and cargo pods are on display for the public at Dubai Expo 2020, which runs until March 2022.

“Last year, when I was one of the first passengers to ride on a Hyperloop system, it really elevated the excitement,” Giegel said. “It was like ‘oh this isn’t just something that’s 10, 20 years from now. It’s now. And so this idea of ‘The Decade of Hyperloop,’ it started with Sara and I being the first two people to ride on a Hyperloop, and it’s gonna end with millions of people riding it, hopefully in the Middle East.”

 


Closing Bell: Saudi main index extends gains as market opens wider to foreign investment

Updated 02 February 2026
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Closing Bell: Saudi main index extends gains as market opens wider to foreign investment

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 153.61 points, or 1.38 percent, to close at 11,321.09.

The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion), as 207 of the listed stocks advanced, while 55 retreated.

The MSCI Tadawul Index increased, up 21.20 points or 1.41 percent, to close at 1,524.18.

The Kingdom’s parallel market Nomu gained 278.13 points, or 1.17 percent, to close at 24,013.03. This comes as 43 of the listed stocks advanced, while 29 retreated.

The best-performing stock was Saudi Pharmaceutical Industries and Medical Appliances Corp., with its share price surging by 7.26 percent to SR28.94.

Other top performers included Rasan Information Technology Co., which saw its share price rise by 6.51 percent to SR144, and Knowledge Economic City, which saw a 6.25 percent increase to SR13.09.

On the downside, the worst performer of the day was Najran Cement Co., whose share price fell by 2.11 percent to SR6.49.

Almasane Alkobra Mining Co. and Saudi Cable Co. also saw declines, with their shares dropping by 2 percent and 1.88 percent to SR103.10 and SR166.80, respectively.

On the announcement front, Riyad Bank has announced its annual financial results for 2025, with the total income from special commission of financing reaching SR24.1 billion, while net income from special commission of financing amounted to SR12 billion.

In a statement on Tadawul, the bank said: “Net income increased by 11.7 percent mainly due to an increase in total operating income and a decrease in total operating expenses.”

The bank further noted that the rise in total operating income was primarily driven by increased revenue from fees and commissions, trading activities, special commissions, gains on non-trading investments, and other operating sources. This growth was partially tempered by declines in exchange and dividend income.

“Net provision of expected credit losses and other losses decreased by 15.8 percent due to a decrease in impairment charge of credit losses and impairment charge for other financial assets, partially offset by an increase in impairment charge for investments,” it added.

RIBL’s share price closed at SR18.18 on the main market, marking a 1.43 percent increase.