Aldar Properties signs MoU with Hyperloop TT

April 18, 2018

undefinedAldar Properties has signed a Memorandum of Understanding to build the first full scale commercial hyperloop system in the UAE.

The agreement with Hyperloop Transportation Technologies (HyperloopTT) will enable the development of a new urban centre close to Alghadeer, its newly announced masterplanned community near the Abu Dhabi border with Dubai.

Plans also include the creation of a new HyperloopTT centre, a Hyperloop R&D Advanced Mobility Centre, a Demonstration & Visitor centre and an Innovation Hub.

The hyperloop will be built in several phases starting within the 10km allocation, with further development aimed at creating a commercial hyperloop network across the Emirates and beyond.

Talal Al Dhiyebi, CEO of Aldar Properties, said: “We are delighted to be working with HyperloopTT as they look to bring one of the world’s most revolutionary transportation technologies to Abu Dhabi.

“Alghadeer sits at such a strategic point within the UAE – close to major growth areas of both Abu Dhabi and Dubai, that it makes sense to pair it with rapid transport opportunities.

“We believe that Hyperloop technology can have a major positive impact on the lives of all of those living within our communities, and we look forward to this possibility becoming a reality.”

Bibop Gresta, chairman of HyperloopTT, said: “This agreement creates the basis for the first commercial Hyperloop system in the world here in the Emirate of Abu Dhabi. With regulatory support, we hope the first section will be operational in time for Expo 2020.”

Dirk Ahlborn, CEO of HyperloopTT, added: “A forward-thinking nation like the UAE is ideal for building the most revolutionary, most efficient, and fastest transportation system in the world. With this agreement in Abu Dhabi, we take a big step towards the world’s first commercial hyperloop system.”

PHOTO:

From Left to Right: Fahad Al Ketbi, Deputy CEO, Aldar; Talal Al Dhiyebi, CEO, Aldar; Bibop Gresta, Chairman, HyperloopTT; Joel Michael, Head of Business Development for India, HyperloopTT; Rodrigo Sa, Head of Global Business Development, HyperloopTT

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