Virgin Hyperloop to Add $4Bln to S. 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.A 35-kilometer test and certification track will be built 100 kilometers north of the Red Sea port of Jeddah, in King Abdullah Economic City (KAEC) by US tech transport company VHO, which commissioned the study.The study said that a Center of Excellence, if approved, would drive domestic growth by adding to the creation of more than 124,000 high-tech local jobs, supporting the technology sector by incorporating advances in robotics and ArtificiaI Intelligence, and driving an estimated $4 billion increase in Saudi Arabia’s GDP by 2030.Sultan Ahmed bin Sulayem…
Virgin Hyperloop One Selects New Chairman
Global hyperloop pioneer Virgin Hyperloop One elects Sultan Ahmed bin Sulayem as Chairman and Jay Walder as CEO as company leverages new round of funding to begin implementation of hyperloop from Pune to Mumbai.Sultan Ahmed bin Sulayem is the Group Chairman and CEO of DP World. Jay Walder, who is one of the world’s leading mass transportation and technology executives, has been appointed as its new CEO. Walder will also join the company’s Board of Directors.The selection of a new senior management team will allow Virgin Hyperloop One to transition its focus from technology startup to mass transportation company beginning with the implementation of the world’s first hyperloop system running from Pune to Mumbai.
Richard Branson Resigns as Chairman of Virgin Hyperloop
Sir Richard Branson has stepped down from his role as chairman of Virgin Hyperloop One, saying the company "needs a more hands-on chairman."DP World statement said Branson was stepping down due to the increased commitment of time the position requires.Following the resignation Branson DP World, the largest shareholder in Hyperloop, said it was looking for a new chairman to take the company to the next stage of growth.Commenting on the announcement, Sultan Ahmed Bin Sualyem, Group Chairman and CEO of DP World, said: “As the first major investor in Jeddah port 20 years ago we are committed to supporting the Kingdom’s effort to grow its…
DP World Sets Its Sights on Hyperloop Cargo Shipping
Dubai-based port operator DP World has partnered with Sir Richard Branson’s Virgin Hyperloop One to create a new venture that aims to provide hyperloop-enabled cargo systems.DP World and the U.S.-based Virgin Hyperloop One introduced their vision for “the future of on-demand freight transportation” at an event on April 29 at the historic vessel Queen Elizabeth 2.The joint venture, called DP World Cargospeed, will set out to be the world’s first to ship cargo with hyperloop technology.
