Hyperloop plan gains pace



ABU DHABI // The plan to build a hyperloop link between Abu Dhabi and Al Ain received further backing on Sunday.

Sheikh Falah bin Zayed signed an agreement with Hyperloop Transportation Technologies to support the project.

The California company is a third of the way through a six-month feasibility study to explore locations for stations and tracks after signing an agreement with Abu Dhabi’s Department of Municipal Affairs and Transport in November.

Sheikh Falah’s sponsorship has allowed the hyperloop company to surpass US$100 million (Dh367m) in investments, said chairman Bibop Gresta.

He believed that once government approval was granted the first project could begin in a litle over three years.

HTT has signed agreements with more than 20 governments to conduct feasibility studies into the concept.

“In this region there is a vision and once Abu Dhabi sets its mind on doing something, it does it,” Mr Gresta said.

He did not provide the potential cost of the project, but said it would cost about $40m per kilometre to build. Since Abu Dhabi and Al Ain are 145km apart, that would suggest a cost of nearly $6 billion.

HTT is a rival to Hyperloop One, another US company that is conducting a feasibility study with the Roads and Transport Authority in Dubai into building a hyperloop link between the city and Abu Dhabi.

Moustafa Samir, an adviser to Sheikh Falah, said the partnership illustrated his desire to support projects that strengthened Abu Dhabi on a regional and international level.

He said the project “promises to support and develop the emirate’s infrastructure, and contribute to driving economic and social activity in Abu Dhabi, and in Al Ain in particular”.

The hyperloop concept, in which a magnetically levitated pod is propelled through a near-vacuum tube at speeds of up to 1,200 kilometres an hour, was proposed in 2013 by Elon Musk, the American engineer and entrepreneur.

But it has yet to be fully tested, and many scientists have suggested it faces engineering and financial challenges that may make it impracticable.

tsubaihi@thenational.ae

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Roll of honour 2019-2020

Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain

West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership

UAE Premiership
}Winners: Dubai Exiles
Runners up: Dubai Hurricanes

UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II

UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby

COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

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6.30pm: Baniyas (PA) Group 2 Dh195,000 1,400m.

7.05pm: Maiden (TB) Dh165,000 1,400m.

7.40pm: Handicap (TB) Dh190,000 1,200m.

8.15pm: Maiden (TB) Dh165,000 1,200m.

8.50pm: Rated Conditions (TB) Dh240,000 1,600m.

9.20pm: Handicap (TB) Dh165,000 1,400m.

10pm: Handicap (TB) Dh175,000 2,000m.

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Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

A Cat, A Man, and Two Women
Junichiro
Tamizaki
Translated by Paul McCarthy
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MATCH INFO

Sheffield United 0 Wolves 2 (Jimenez 3', Saiss 6)

Man of the Match Romain Saiss (Wolves)

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The currency conundrum

Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”

Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.

This is a race to the bottom, and everybody wants to be a winner.

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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OIL PLEDGE

At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.

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Native Invader
Decca

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
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Transmission: 8-speed automatic
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Brief scoreline:

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Doucoure 90'

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