Virgin Hyperloop to create 124,000 tech jobs, add to GDP growth in Saudi Arabia
Virgin Hyperloop One, the world’s leading hyperloop company, announced the results of a strategic study commissioned to build the world’s first extended test and certification hyperloop track in Saudi Arabia. The study also set out plans for an R&D center and manufacturing facility to support the development of the groundbreaking hyperloop technology.
In line with Saudi Vision 2030, the Kingdom’s diversification and development strategy, the VHO project is expected to significantly support a number of the economic and social pillars of the country’s 2030 Vision, including the expansion of transportation, the development of urban infrastructure and the growth of a technology enabled modern economy.
The Virgin Hyperloop One Center of Excellence, CoE, if approved, could break ground in King Abdullah Economic City, in 2020 and include an integrated test track, as well as explore the feasibility of creating a manufacturing center and operating facility that will propel the Kingdom to the forefront of hyperloop development worldwide.
The report also illustrated how the CoE will drive domestic value by adding to the creation of more than 124,000 high-tech local jobs, supporting the technology sector by incorporating advances in robotics and artificial intelligence and driving an estimated $4 billion increase in Saudi Arabia’s GDP by 2030.
Virgin Hyperloop One is the only company in the world that has built a fully operational hyperloop system. Virgin Hyperloop One is backed by key investors including DP World, Caspian VC Partners, Virgin Group, Sherpa Capital, Abu Dhabi Capital Group, SNCF, GE Ventures, Formation 8, 137 Ventures, WTI, among others.
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King Abdullah Economic City is the largest privately funded new city in the world. Situated on the west coast of Saudi Arabia, King Abdullah Economic City covers an area of 181 square kilometers of land, approximately the size of Washington DC. King Abdullah Economic City comprises King Abdullah Port, the Coastal Communities residential districts, the Haramain Railway district and the Industrial Valley. The city is under development by Emaar, The Economic City, a publicly listed Saudi joint-stock company established in 2006.
The study further provides analysis on the economic impact of the CoE and wider VHO development in the Kingdom, focusing specifically on the growth of hyperloop supply chains and the acceleration of innovation clusters across the Kingdom. Assessing short and long-term metrics, the study looked at the role of a manufacturing center and the local and global supply chains required to facilitate industrial development of this nature within King Abdullah Economic City.
Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World and Chairman of Virgin Hyperloop One, said, “The study highlights that hyperloop is more than a 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. With this in mind, we are delighted to highlight this vision at the Future Investment Initiative and continue our talks with a multitude of stakeholders.”
“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. It is 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,” said Jay Walder, CEO Virgin Hyperloop One. “This study sets the framework for the advancement of Virgin Hyperloop One’s system, and the creation of a new and unique ecosystem; creating jobs, supporting development and connecting people across the Kingdom.”
“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 King Abdullah Economic City is an important indicator of the momentum behind our plans. Establishing center of excellence located at the Industrial Valley will drive job creation, connect our cities and people while stimulating R&D and tech investment that will be the foundation of our future economy,” said Ahmed Linjawy, GCEO of King Abdullah Economic City.
“King Abdullah Economic City is fast establishing itself as the strategic location of choice for companies seeking to expand into Saudi Arabia and the wider region and has already attracted more than 118 leading local and international companies,” Linjawy concluded.
Commenting further on the Centre, VHO’s Jay Walder, added: “With Virgin Hyperloop One’s technology we are transforming inspiration into practical innovation. We have developed patented technology and are building a strong network of public and private partners committed to making hyperloop the catalyst of a transportation revolution in years to come.”
