US-headquartered Virgin Hyperloop One (VHO) and Saudi Arabia’s King Abdullah University of Science and Technology (Kaust) have agreed to work together “on fostering the exchange of scientific and technological knowledge to further support the development of the country’s technology and transportation sector”.
The two entities signed a memorandum of understanding (MoU) for the cooperation on 31 October.
The MoU seeks to “spur the development of the regional technology and transportation infrastructure for a connected Gulf”, according to VHO chairman Sultan bin Sulayem.
The agreement was signed days after VHO and King Abdullah Economic City (Kaec) published the findings of a feasibility study on the establishment of a centre of excellence at Kaec.
The study looked at building the world’s first high-speed testing track and a manufacturing facility capable of exporting hyperloop parts or components to other markets.
If the findings of the study are approved, it is understood the centre of excellence will break ground in 2020.
The centre is envisaged to create more than 124,000 jobs for locals and help add $4bn to the kingdom’s GDP by 2030.
This article is sourced from Power Technology sister publication www.meed.com, a leading source of high-value business intelligence and economic analysis about the Middle East and North Africa. To access more MEED content register for the 30-day Free Guest User Programme.
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