Once hailed as the future of high-speed sustainable transport, the ambitious plans for a Hyperloop passenger network faded into the background when world travel ground to a halt during the global pandemic.
A resurrection of the technology to deliver cargo at high speed between freight terminals now appears under way with the release of a new design from a leading Hyperloop company and €800 million ($851 million) of funding for a first commercial network in Italy.
Hyperloop Transportation Technologies, a Los Angeles-based company with offices in Dubai, is pressing ahead with an express freight operation that promises fast unloading and loading to relieve pressure from congested shipping terminals.
"Hyperloop Express Freight will fundamentally transform how goods are transported globally,” said Andres de Leon, chief executive of HyperloopTT, in a statement on Monday.
“By incorporating key innovations like fast automated loading systems, maximised freight capacity and flexible configurations, we have developed a hyperloop design optimised for transporting freight at unprecedented speeds at cheaper rates than currently offered by air and road.”
HyperloopTT Express Freight will enable fast onboarding of freight with staggered doors for simultaneous loading and unloading, double doors on both sides of the capsules and a fast, energy-efficient rollerball loading system.
Specially designed capsules can fit standard air cargo containers by lowering the floor to maximise freight volume.
“This new standard for shipping will enable greater efficiency, sustainability and flexibility in supply chains worldwide,” said Mr de Leon.
“We are proud to be leading the way in this transportation revolution."
Space X and Virgin projects
The concept of transporting passengers using vacuum tube technology has existed since the late 19th century.
Huge investments from private companies and entrepreneurs, including Elon Musk and Richard Branson, edged the technology closer to reality with working designs of magnetically levitated pods, capable of travel at speeds approaching 1,000 kilometres per hour.
Building entirely new infrastructure to develop the technology further appears to have been a major stumbling block, despite interest in developing freight and cargo systems around the world, including in the UAE.
It was announced in November that Mr Musk’s SpaceX Hyperloop project would be indefinitely shelved.
With its staggered doors and rollerball technology, the latest designs from Hyperloop TT show how freight transport systems could be revolutionised in the near future.
It is three years since Virgin Hyperloop successfully tested passenger pods in the Nevada desert, albeit at speeds of only 160kph, a fraction of estimated capabilities.
The company, which is majority-owned by DP World, has since restructured and is focused on developing the technology for cargo.
DP World Cargospeed, a partnership between DP World and Virgin Hyperloop, was established to provide hyperloop-enabled cargo systems for the delivery of palletised cargo around the world.
DP World declined to comment on its current plans for the technology.
Trade and retail logistics are experiencing a huge period of growth, post-pandemic.
According to Precedence Research, the global retail logistics market size is expected to see annual growth of 12.4 per cent and will exceed $465 billion by 2030.
That expansion is likely to place considerable pressures on supply chain and port management, with Jebel Ali Port one of the world’s busiest shipping hubs.
Italy could get first network
Hyperloop TT said it has made significant progress in enabling technology to manage the anticipated growth.
The company has secured more than 40 patents and established an insurance network and safety certification guidelines.
In May, Hyperloop TT and its partners were awarded an €800 million tender to build a 25-mile commercial Hyperloop route from Padua to Venice in Italy.
Meanwhile, in China, government-backed projects also have momentum using similar technology. In the north of the country, researchers have already tested a maglev train running in a low vacuum pipeline in the Shanxi province reaching speeds of 130kph along a 2km track.
China's first city-to-city route could be developed between the coastal cities of Shanghai and Hangzhou, according to state media.
Design consultants Tangerine, who worked on Hyperloop TT's freight concept, said the project would accelerate cargo delivery and make it more efficient.
“What we have designed is a solution for express freight,” said Matt Round, chief creative officer at Tangerine.
“Our research made it clear that every creative thought we had and every design decision we made should contribute to reducing the time it takes to move freight from dispatch to delivery.
“Our solution is a melange of creative leaps and strict mathematical calculations."
Spain drain
CONVICTED
Lionel Messi Found guilty in 2016 of of using companies in Belize, Britain, Switzerland and Uruguay to avoid paying €4.1m in taxes on income earned from image rights. Sentenced to 21 months in jail and fined more than €2m. But prison sentence has since been replaced by another fine of €252,000.
Javier Mascherano Accepted one-year suspended sentence in January 2016 for tax fraud after found guilty of failing to pay €1.5m in taxes for 2011 and 2012. Unlike Messi he avoided trial by admitting to tax evasion.
Angel di Maria Argentina and Paris Saint-Germain star Angel di Maria was fined and given a 16-month prison sentence for tax fraud during his time at Real Madrid. But he is unlikely to go to prison as is normal in Spain for first offences for non-violent crimes carrying sentence of less than two years.
SUSPECTED
Cristiano Ronaldo Real Madrid's star striker, accused of evading €14.7m in taxes, appears in court on Monday. Portuguese star faces four charges of fraud through offshore companies.
Jose Mourinho Manchester United manager accused of evading €3.3m in tax in 2011 and 2012, during time in charge at Real Madrid. But Gestifute, which represents him, says he has already settled matter with Spanish tax authorities.
Samuel Eto'o In November 2016, Spanish prosecutors sought jail sentence of 10 years and fines totalling €18m for Cameroonian, accused of failing to pay €3.9m in taxes during time at Barcelona from 2004 to 2009.
Radamel Falcao Colombian striker Falcao suspected of failing to correctly declare €7.4m of income earned from image rights between 2012 and 2013 while at Atletico Madrid. He has since paid €8.2m to Spanish tax authorities, a sum that includes interest on the original amount.
Jorge Mendes Portuguese super-agent put under official investigation last month by Spanish court investigating alleged tax evasion by Falcao, a client of his. He defended himself, telling closed-door hearing he "never" advised players in tax matters.
Day 1, Abu Dhabi Test: At a glance
Moment of the day Dimuth Karunaratne had batted with plenty of pluck, and no little skill, in getting to within seven runs of a first-day century. Then, while he ran what he thought was a comfortable single to mid-on, his batting partner Dinesh Chandimal opted to stay at home. The opener was run out by the length of the pitch.
Stat of the day - 1 One six was hit on Day 1. The boundary was only breached 18 times in total over the course of the 90 overs. When it did arrive, the lone six was a thing of beauty, as Niroshan Dickwella effortlessly clipped Mohammed Amir over the square-leg boundary.
The verdict Three wickets down at lunch, on a featherbed wicket having won the toss, and Sri Lanka’s fragile confidence must have been waning. Then Karunaratne and Chandimal's alliance of precisely 100 gave them a foothold in the match. Dickwella’s free-spirited strokeplay meant the Sri Lankans were handily placed at 227 for four at the close.
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More from Aya Iskandarani
UAE currency: the story behind the money in your pockets
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
'The Sky is Everywhere'
Director:Josephine Decker
Stars:Grace Kaufman, Pico Alexander, Jacques Colimon
Rating:2/5
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
COMPANY%20PROFILE
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Itcan profile
Founders: Mansour Althani and Abdullah Althani
Based: Business Bay, with offices in Saudi Arabia, Egypt and India
Sector: Technology, digital marketing and e-commerce
Size: 70 employees
Revenue: On track to make Dh100 million in revenue this year since its 2015 launch
Funding: Self-funded to date
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Company Profile
Company name: Fine Diner
Started: March, 2020
Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka
Based: Dubai
Industry: Technology and food delivery
Initial investment: Dh75,000
Investor: Dtec Startupbootcamp
Future plan: Looking to raise $400,000
Total sales: Over 1,000 deliveries in three months
UAE cricketers abroad
Sid Jhurani is not the first cricketer from the UAE to go to the UK to try his luck.
Rameez Shahzad Played alongside Ben Stokes and Liam Plunkett in Durham while he was studying there. He also played club cricket as an overseas professional, but his time in the UK stunted his UAE career. The batsman went a decade without playing for the national team.
Yodhin Punja The seam bowler was named in the UAE’s extended World Cup squad in 2015 despite being just 15 at the time. He made his senior UAE debut aged 16, and subsequently took up a scholarship at Claremont High School in the south of England.
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
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.”
The details
Colette
Director: Wash Westmoreland
Starring: Keira Knightley, Dominic West
Our take: 3/5
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
