FinanceDraft

DP World Plans to Launch its First Hyperloop for Cargo in India

In the on-going World Government Summit in Dubai, DP world, one of the largest port operators, said it is planning to launch its first Hyperloop project in India.

In 2018, DP World, UAE’s state-owned port operator, signed a partnership with Virgin Hyperloop One to develop a cargo transporter. Now it has revealed its first project proposal with a destination of the world’s largest democracy.

DP World’s Chairman Sultan Ahmed bin Sulayem told at the World Government Summit in Dubai, “the first project will be in India, we signed an agreement, and we are looking at how to test the project.”

Sulayem added that the company is “eager now today to go on the next step, we are investing in something we believe is going to add value.”

The chairman continued, “We believe there is a need for it in India, one of the big problems in India is transportation, the congestion.”

He also described the importance of Hyperloop project as the technology has the potential to provide a transformative solution for the country of 1.3 billion as it runs underground, out of public view.

Virgin Hyperloop One is one of the few leading tech companies which aim to develop the technology that is hoped will revolutionize the transportation of people and goods.

It should be noted here that the technology was first envisioned by Tesla founder Elon Musk in 2013. The technology promises to be faster than air travel but at a fraction of the cost. The concept proposes to propel pods through a large tube underground at speeds of 750 mph using magnets.

When asked about the timeline to start the project, bin Sulayem declined to offer a date but said the date of the announcement would come soon.

He said, “We have a team in India that is working very hard, we’re working with our office here and in Los Angeles, but we are not wasting our time. The technology we brought into the company has improved 10 times. Whenever I meet with them, I see something new.”

It should be reported here that DP World is among the top four largest port operators on the planet by cargo tonnage.

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