Shelved plans for a UAE hyperloop system could be dusted off thanks to renewed interest in developing a passenger line in Italy by 2029.
The industry was dealt a blow in December when Hyperloop One – the start-up that proposed a high-speed transport system in the Emirates and other countries – announced it was ending its development and selling assets.
Although a long-established means of high-speed travel in theory, the electric-powered tube technology proved expensive and difficult to achieve in reality, despite 1,000kph speeds having the potential to cut travel times and the environmental impact of mass travel.
But the plans in Italy have renewed interest as Andres de Leon, chief executive of HyperloopTT, says “now there is a real project, there is a real opportunity”.
We are changing the world from the point of view of transport infrastructure
Andres de Leon,
HyperloopTT chief executive
The proposed hyperloop link between Venice and Padua is a joint venture between the Italian government and private investors.
The €800 million ($862 million) project aims to become the world’s first working passenger system and will incorporate freight logistics in an effort to take heavy goods vehicles off the busy route in Italy’s industrial north.
“Since the announcement of the Italian project and now the signature of the contract, this has reignited the interest in hyperloop elsewhere,” Mr de Leon told The National.
“Now there is a real project, there is a real opportunity. With the pandemic, there was a moment where interest decreased and the conditions to progress the industry were very difficult.
“And because of that, we have relaunched conversations in the region.
“With the environment in this region, we are re-engaging with partners and with people interested about this in the past.
“Now we are seeing a resurgence in worldwide interest.
“If there's going to be this money for the technology development [in Italy], we can capitalise on that worldwide. There are good opportunities.”
The Venice-Padua link
Once complete, it is hoped the Hyper Transfer project will reduce heavy traffic, decrease traditional transport times and energy consumption, improve road safety, and enhance connections between Venice-Mestre and Padua.
Bibop Gresta, founder and chief executive of Hyperloop Italia, said the industry is ready for the next stage of development.
“The hyperloop sector's growth is remarkable, marking a renaissance period,” he said.
“HyperloopTT's decade of technological development, alongside rapid advancements in Europe and China's successful tests, underscores the industry's vitality.
“Italy stands poised to be at the forefront of this eco-friendly, high-speed transport revolution.”
Hyperloop One: a history
Founded in 2014, Hyperloop One – formerly Virgin Hyperloop – had pressed on with research and development, raising more than $450 million in investment and creating a passenger test track in the Nevada desert.
High-profile investors included DP World, which backed the project since 2016 and aimed to introduce the technology to freight operations.
A hyperloop simulator at Expo2020 in Dubai showed the potential of the system to transform logistics.
Meanwhile, rivals HyperloopTT were close to launching the technology in Abu Dhabi in 2020, before the global pandemic derailed plans.
With a development site in Brazil, planned freight operations in Germany and a running test track in France, HyperloopTT had looked the front-runner in overcoming significant financial obstacles, as well as developing a regulatory and insurance safety framework.
Doubters have been too quick to sound the death knell for the technology, according to Mr de Leon, who said the science retains the potential to transform travel.
“The news of the closing of Hyperloop One was not good news for the industry, that’s logical – but on the other hand, we recognised their efforts to advance the industry,” he said.
“The industry is growing, with some small companies in Europe and it's also important to say that China is advancing in the hyperloop.
“The main message is the industry is in good health, it’s also true we have been 10 years in development.
“People ask if this going to arrive or not, and when is it coming?
“It is important to understand we are not just doing a typical start-up, a web application or a mobile app – we are changing the world from the point of view of transport infrastructure.”
The system moves people and goods at air travel speeds safely, efficiently and sustainably.
Scientists claim it has the potential to reduce travel times between city centres from hours to minutes, promoting widespread economic expansion throughout connected regions while replacing current emissions-heavy travel options.
The global picture
High-speed rail networks using bullet trains and magnetic levitation are currently the fastest ground transport systems, reaching around 500kph in Shanghai.
While hyperloops can be faster and aim to run continuously between points, they will carry fewer passengers.
Other players in the industry include Hardt Hyperloop in the Netherlands, Spanish company Zeleros and DGW Hyperloop – India’s first venture that completed a feasibility study to cut travel times from Delhi to Mumbai from three hours to under an hour.
California-based HyperloopTT is now shifting focus from its 300-metre test track in Toulouse to bring the high-speed link to Italy.
Company%20profile
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
More coverage from the Future Forum
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The specs
Price, base / as tested Dh12 million
Engine 8.0-litre quad-turbo, W16
Gearbox seven-speed dual clutch auto
Power 1479 @ 6,700rpm
Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
