PLAYA VISTA, Calif., April 18, 2018 /CNW/ -- (VIDEO/IMAGES) HyperloopTT and Aldar Properties sign an historic agreement for the world's first commercial Hyperloop system of 10km in critical development area between Abu Dhabi and Dubai -- Hyperloop Transportation Technologies (HyperloopTT) revealed today the signing of an agreement with Aldar Properties PJSC, the leading real estate developer in Abu Dhabi, which will allow HyperloopTT to start construction of a Hyperloop system as well as HyperloopTT's XO Square Innovation Center, and a Hyperloop Visitor Center.
The construction site is located in Aldar's Seih Al Sdeirah landbank in Abu Dhabi and in close proximity to the residential development Alghadeer. It is conveniently located on the border of the Emirates of Abu Dhabi and Dubai, close to the Expo 2020 site and Al Maktoum International Airport.
HyperloopTT plans construction of the line in several phases starting within the ten kilometer allocation, with further development aimed at creating a commercial Hyperloop network across the Emirates and beyond.
Earlier this month HyperloopTT began construction of the first full-scale passenger and freight prototype system in Toulouse, France, and expects delivery of the first passenger capsule later this year. The capsule will be assembled and optimized in Toulouse, France, prior to use in the Emirates.
"This agreement creates the basis for the first commercial Hyperloop system in the world here in the Emirates, with the goal of eventually connecting Abu Dhabi to Al Ain, Dubai, and Riyadh, Saudi Arabia," said Bibop Gresta, Chairman of HyperloopTT. "With regulatory support, we hope the first section will be operational in time for Expo 2020."
"We are delighted to be working with HyperloopTT as they look to bring one of the world's most revolutionary transportation technologies to Abu Dhabi," said Talal Al Dhiyebi, Chief Executive Officer, Aldar Properties. "Alghadeer sits at such a strategic point within the UAE – close to major growth areas of both Abu Dhabi and Dubai, that it makes sense to pair it with rapid transport opportunities. We believe that Hyperloop technology can have a major positive impact on the lives of all of those living within our communities, and we look forward to this possibility becoming a reality."
"A forward-thinking nation like the UAE is ideal for building the most revolutionary, most efficient, and fastest transportation system in the world," said Dirk Ahlborn, CEO of HyperloopTT. "With this historic agreement in Abu Dhabi, we take a big step towards the world's first commercial system."
Hyperloop Transportation Technologies Inc. (HyperloopTT | HTT) is an innovative transportation and technology company focused on realizing the Hyperloop, a system that moves people and goods at unprecedented speeds safely, efficiently, and sustainably. Through the use of unique, patented technology and an advanced business model of lean collaboration, open innovation and integrated partnership, HyperloopTT is creating and licensing technologies.
Founded in 2013, HyperloopTT is a global team comprised of more than 800 engineers, creatives and technologists in 52 multidisciplinary teams, with 40 corporate and university partners. Headquartered in Los Angeles, CA, HyperloopTT has offices in Abu Dhabi and Dubai, UAE; Bratislava, Slovakia; Toulouse, France; and Barcelona, Spain. HyperloopTT has signed agreements in Ohio, Slovakia, Abu Dhabi, the Czech Republic, France, Indonesia, Korea and Brazil.
HyperloopTT is led by co-founders Dirk Ahlborn (CEO) and Bibop Gresta (Chairman) and a senior management team of experienced entrepreneurs and professionals. For more information or media inquiries, contact [email protected] or visit http://hyperloop.global/.
Aldar Properties PJSC is the leading real estate developer in Abu Dhabi with USD10 billion in assets, a 75 million sq. m land bank, and through its iconic developments, it is one of the most well known in the United Arab Emirates, and wider Middle East region.
From its beginnings in 2005 through to today, Aldar continues to shape and enhance the urban fabric of the UAE's Capital City in addition to other key areas of the Emirate.
Aldar develops exciting and innovative projects, such as the internationally recognized HQ building situated in the Al Raha Beach development, the Gate Towers in Shams Abu Dhabi on Al Reem Island, in addition to Yas Island's F1 circuit.
Aldar's shares are traded on the Abu Dhabi Securities Exchange (Stock quote: ALDAR:UH), and is a profitable, cash generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. Aldar operates according to high standards of corporate governance and is committed to operating a long term and sustainable business in order to provide ongoing value for its shareholders.
Aldar seeks to create quality, comfortable, desirable destinations that enrich the lives of Abu Dhabi residents as well as tourists within the Emirate. Aldar is playing a leading role in the development and provision of world class retail - Yas Mall, international standard education through Aldar Academies, iconic entertainment venues such as the Yas Marina Circuit, and community amenities across its entire portfolio.
Aldar is driven by a vision to be the most trusted and recognized real estate lifestyle developer in Abu Dhabi and beyond.
Contact: Ben Cook, [email protected], 310-720-1214
SOURCE Hyperloop Transportation Technologies