It has been widely suggested that Elon Musk's purchase of Twitter will mean he will focus less on his other companies, such as electric vehicle maker Tesla and aerospace company SpaceX.
However, amid the Twitter sale drama, there has been an update from Boring Company, one of the lesser known of Mr Musk's many ventures. The tunnelling company is working on a high-speed hyperloop transport system and announced on Tuesday that it is nearing a major milestone.
“Hyperloop testing at full-scale begins later this year,” Boring Company tweeted.
Mr Musk tweeted just hours earlier that Boring would attempt to build a working hyperloop, adding that “from a known physics standpoint, this is the fastest possible way of getting from one city centre to another for distances less than 2,000 miles. Starship is faster for longer journeys".
“Underground tunnels are immune to surface weather conditions (subways are a good example), so it wouldn’t matter to Hyperloop if a hurricane was raging on the surface. You wouldn’t even notice," he added.
Hyperloop has been mooted for years
Yes, it has. Mr Musk first published his white paper in 2013 outlining a high-speed transportation system he called the hyperloop.
The system sees magnetic levitation pods carrying people at up to 1,200 kilometres per hour — nearly three times faster than a conventional high-speed rail — in tubes either above or below ground, with plans to build a hyperloop capable of ferrying passengers between New York and Washington in 29 minutes.
After sharing his specifications in 2013, he said he didn’t plan to execute “because I must remain focused on SpaceX and Tesla".
In 2017, his hyperloop project completed its second phase of testing in Nevada, though progress then fizzled out.
What other companies are building hyperloop systems?
There's Hyperloop Transportation Technologies, which late last year unveiled the passenger cabin of a new high-speed hyperloop pod in which travellers could ride in luxurious comfort at speeds approaching 1,000 kph.
The full-scale passenger pod can accommodate 30 people and offers a personalised travel experience.
The capsule will be installed in the company’s first commercial passenger prototype system and features artificial skylights, an advanced air purification system, interactive displays, digital wayfinding, personal tablets and biometric sensors.
Hyperloop TT unveiled its Quintero One capsule in Spain in 2018 and has since tested at a 320-metre track in Toulouse, France.
The company has been working with governments around the world to create the necessary legal framework to bring the travel system into the mainstream.
A deal was also signed in 2018 for a transport hub and an innovation centre for continuing research and development by Hyperloop TT at Aldar's Seih Al Sdeirah land bank in Abu Dhabi.
Then there's the Virgin Hyperloop, which after successful passenger testing in November 2020, is seeking regulation and certification of hyperloop systems in cities and countries around the world. It predicts commercial operations as early as 2027.
DP World, the world’s biggest ports operator by volume, is the largest shareholder in the US-based company and plans to use the system to transport cargo in the future.
Virgin Hyperloop unveiled its transport pods at the DP World pavilion within Expo 2020 Dubai.
Abu Dhabi's Mohamed bin Zayed University of Artificial Intelligence in 2020 also signed a preliminary agreement with Virgin Hyperloop to collaborate on research to develop the futuristic transport system.
Under a proposed UAE scheme, Virgin Hyperloop One’s pods would take just 12 minutes to cover the distance between Dubai and Abu Dhabi. It currently takes about 1 hour 20 minutes to drive between the two cities.
Spanish start-up Zeleros said it would have a working prototype of a hyperloop ready to carry cargo in the port of Valencia by the end of next year.
Juan Vicen, co-founder and chief marketing officer of Zeleros, told The National the company is also working on passenger pods that will carry 50 to 200 passengers. The technology to test with passengers is expected to be ready by 2030.
What will the Boring Company do now?
Last week, the Boring Company disclosed a new funding round that raised $675 million, led by Vy Capital and Sequoia Capital. The round values the start-up at $5.675 billion, the company said.
It has a tunnel system in place at the Las Vegas Convention Centre, and transported passengers at the CES conference earlier this year.
Its Vegas Loop project, located in Las Vegas, is a 47km tunnel network connecting 51 stations. Vegas Loop is the largest subsurface transportation project in the US and targets throughput of up to 57,000 passengers per hour.
The company aims to expand in other cities in coming years and said it would use the latest round of funding to “significantly increase hiring”.
It is currently advertising for several vacancies, including roles in engineering and operations.
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
heading
Iran has sent five planeloads of food to Qatar, which is suffering shortages amid a regional blockade.
A number of nations, including Iran's major rival Saudi Arabia, last week cut ties with Qatar, accusing it of funding terrorism, charges it denies.
The land border with Saudi Arabia, through which 40% of Qatar's food comes, has been closed.
Meanwhile, mediators Kuwait said that Qatar was ready to listen to the "qualms" of its neighbours.
Vaccine Progress in the Middle East
UAE currency: the story behind the money in your pockets
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
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The specs: Rolls-Royce Cullinan
Price, base: Dh1 million (estimate)
Engine: 6.75-litre twin-turbo V12
Transmission: Eight-speed automatic
Power: 563hp @ 5,000rpm
Torque: 850Nm @ 1,600rpm
Fuel economy, combined: 15L / 100km
FA Cup fifth round draw
Sheffield Wednesday v Manchester City
Reading/Cardiff City v Sheffield United
Chelsea v Shrewsbury Town/Liverpool
West Bromwich Albion v Newcastle United/Oxford United
Leicester City v Coventry City/Birmingham City
Northampton Town/Derby County v Manchester United
Southampton/Tottenham Hotspur v Norwich City
Portsmouth v Arsenal
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
Match info
Australia 580
Pakistan 240 and 335
Result: Australia win by an innings and five runs
UAE%20SQUAD
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'Shakuntala Devi'
Starring: Vidya Balan, Sanya Malhotra
Director: Anu Menon
Rating: Three out of five stars
The specs: 2018 Audi RS5
Price, base: Dh359,200
Engine: 2.9L twin-turbo V6
Transmission: Eight-speed automatic
Power: 450hp at 5,700rpm
Torque: 600Nm at 1,900rpm
Fuel economy, combined: 8.7L / 100km
Veil (Object Lessons)
Rafia Zakaria
Bloomsbury Academic
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Past winners of the Abu Dhabi Grand Prix
2016 Lewis Hamilton (Mercedes-GP)
2015 Nico Rosberg (Mercedes-GP)
2014 Lewis Hamilton (Mercedes-GP)
2013 Sebastian Vettel (Red Bull Racing)
2012 Kimi Raikkonen (Lotus)
2011 Lewis Hamilton (McLaren)
2010 Sebastian Vettel (Red Bull Racing)
2009 Sebastian Vettel (Red Bull Racing)
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
What is 'Soft Power'?
Soft power was first mentioned in 1990 by former US Defence Secretary Joseph Nye.
He believed that there were alternative ways of cultivating support from other countries, instead of achieving goals using military strength.
Soft power is, at its root, the ability to convince other states to do what you want without force.
This is traditionally achieved by proving that you share morals and values.
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THE%20SPECS
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COMPANY%20PROFILE
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