Formal announcement expected at the Future Investment Initiative (FII), in Riyadh later this month
Virgin Hyperloop One CEO Jay Walder says the price of a ticket will be comparable to urban rail systems
American-Emirati consortium will start procuring for Phase 1 after state CM's approval, with Dubai's DP World to invest $500m
Transport firm is looking at developing operations in the US state of North Carolina
US Congress members and federal stakeholders briefed on ultra high-speed technology's merits by DP World-backed company
Hyperloop developer aims to encourage development of European Commission standards to govern hyperloop projects
The kingdom is one of a number of countries around the world, including the United Arab Emirates and India, which are looking to embrace Hyperloop technology.
The first phase of the project involves construction of 10km out of a 150km system between Abu Dhabi and Dubai and is set to be ready next year.
UAE edges nearer to having a fully operational Hyperloop transport system as design and engineering firm appointed for Abu Dhabi project.
DP World insists the mammoth project will go ahead following his departure.
The QuinteroOne is 32-metres long and weighs 5 tonnes. It is intended to whisk passengers between Dubai and Abu Dhabi at the speed of sound, Mach 1, or 1,230kph.
The system is also envisaged to be used for the transport of cargo, providing what logistics experts have said will be air freight transit times at the cost of conventional rail.
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