Saudi Arabia awarded a trade license to Virgin Hyperloop One (VHO) following a recent announcement by the Ministry of Transport and the Public Transport Authority to conduct the world’s first Hyperloop study on a national level.
The newly established Ministry of Investment, formerly known as Saudi Arabian General Investment Authority (SAGIA), handed over the license at the US-Saudi Arabia Business Forum held in Washington DC, VHO said in a statement.
Under the agreement, VHO will examine viable routes, expected demand, anticipated costs and explore socio-economic impacts.
In addition, Hyperloop is expected to create jobs and add to the local GDP and furthers the exchange of specialized knowledge, while creating the infrastructure for a connected Saudi Arabia.
"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,” Tim Wilkinson, Executive Director, Strategy and Growth at VHO, said.
“The move marks important progress towards the commercialization of Hyperloop technology and could propel the country to the forefront of Hyperloop development worldwide," he stated.
A year prior, King Abdullah Economic City (KAEC) and VHO unveiled results of a study to create a Virgin Hyperloop One Center of Excellence, which would include an integrated test track, and explored the feasibility of creating a manufacturing center and operating facility.
In the same year, Saudi Arabia’s King Abdullah University of Science and Technology (KAUST) and VHO have partnered to boost the country’s technology and transport development.
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