Virgin Hyperloop One to Invest ‘US$4 Billion’ in Saudi Arabia
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.
The investment will create an estimated 124,000 jobs by 2030, the year Saudi Arabia’s 2030 vision becomes a reality.
The news follows a study conducted by VHO and the Saudi Economic City Authority, which Sultan Ahmed bin Sulayem, DP World group chairman and chairman of VHO recently commented on.
He 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.”
Jay Walder, VHO’s CEO, said: “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.”
“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 [the] development and connecting people across the Kingdom.”