Aldar Properties and Hyperloop Transportation Technologies (HyperloopTT) have signed a memorandum of understanding (MoU) that will allow the development of a new urban centre in Abu Dhabi, UAE.
Located in Aldar's Seih Al Sdeirah landbank and in close proximity to Alghadeer, the HTT site is also conveniently located on the border of the Emirates of Abu Dhabi and Dubai, close to Al Maktoum International Airport and the Expo 2020 site.
Aldar Properties CEO Talal Al Dhiyebi 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."
Upon fully executed, the MoU will enable the development of a new HyperloopTT centre including; a full-scale commercial Hyperloop system, an Hyperloop R&D advanced mobility centre, a demonstration & visitor centre, and an innovation centre.
HyperloopTT plans to build the line in several phases, beginning within the 10km allocation, with further development aimed at developing a commercial Hyperloop network across the Emirates and beyond.
HyperloopTT chairman Bibop Gresta 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."
HyperloopTT CEO Dirk Ahlborn said: "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."