The Virgin Hyperloop One Center of Excellence (CoE) will add US$4 billion to Saudi Arabia’s economy by 2030, according to a study commissioned by the King Abdullah Economic City (KAEC) and Virgin Hyperloop One.
The study was initiated in July 2019, when Virgin Hyperloop One and the Saudi Economic City Authority sought to explore the commercial feasibility of Hyperloop and the CoE.
The study showed that the project will support the expansion of transportation, development of urban infrastructure and growth of a technology-enabled economy. In doing so it could create as many as 124,000 high-tech jobs. If approved, the CoE could break ground in 2020.
Sultan Ahmed bin Sulayem, CEO of DP World, Virgin Hyperloop One’s largest investor, was quoted as saying this: “The study highlights that hyperloop is more than 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.”
Jay Walder, CEO, Virgin Hyperloop One, emphasized the importance of the partnership with Saudi Arabia.
“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,” he said.
“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.”
Hyperloop and other revolutionary technologies is part of Saudi Arabia’s wider goal to transform and diversify its economy. Ahmed Linjawy, group CEO, KAEC, commented: “The Kingdom of Saudi Arabia has set out a clear strategy for economic diversification and development through Vision 2030.
“Attracting world-beating technology companies like VHO to our hub of innovation and industrial development at KAEC is an important indicator of the momentum behind our plans.”
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