Co-founder says futuristic transport system would also help to slash $800m cost of Dubai-Abu Dhabi traffic jams
US-based Hyperloop One on Tuesday put the cost of traffic congestion between Dubai and Abu Dhabi at almost $800 million in lost working hours.
Nearly 4,000 vehicles travel on the Dubai-Abu Dhabi highway every day as majority of the people, who work in the UAE capital, reside in Dubai which offers cheaper housing options.
“Reducing this commute to 12 minutes opens a whole new realm of options,” the company said, adding the investment in a UAE Hyperloop network will unlock economic value 3.5 to 4 times over high speed rail.
In November 2016, the Roads and Transport Authority and Hyperloop One signed a deal to explore the potential for developing a Hyperloop link with Abu Dhabi.
Speaking at the Middle East Rail conference, Rob Lloyd, chief executive officer, Hyperloop One, said hyperloop will ease pressure on existing infrastructure and connect all major cities in the Gulf countries within an hour’s time.
“Tying together the Middle East region would produce greater virtual density, without congestion and pollution, spurring innovation, productivity, job growth and more powerful sharing of knowledge, labour and investment. Building a Hyperloop would vastly impact the economy and make any major city in the GCC accessible within one hour,” he added.
The Los Angeles-based company also revealed new pictures of its development site (DevLoop) in the Nevada desert and announced plans of a public trial in the first half of 2017.
Hyperloop - the futuristic mode of transport - involves using magnets to levitate pods inside an airless tube, creating conditions in which the floating pods shuttle people and cargo at speeds of up to 500 miles per hour.