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FinancialNews
26-10-19
VHO plans for R&D Centre, production unit in Saudi
(MENAFN) The world's leading hyperloop company, Virgin Hyperloop One (VHO), eyes the R&D centre and manufacturing facility in Saudi Arabia to support the development of the groundbreaking hyperloop technology in the kingdom.
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, a strategic study commissioned to build the world"s first extended test and certification hyperloop track in Saudi Arabia, said.
Group chairman and CEO of DP World and chairman of Virgin Hyperloop One, Sultan Ahmed bin Sulayem, 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."
MENAFN2610201900450000ID1099182433
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