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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AndhaDhun
Director: Sriram Raghavan
Producer: Matchbox Pictures, Viacom18
Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan
Rating: 3.5/5
if you go
The flights
Emirates fly direct from Dubai to Houston, Texas, where United have direct flights to Managua. Alternatively, from October, Iberia will offer connections from Madrid, which can be reached by both Etihad from Abu Dhabi and Emirates from Dubai.
The trip
Geodyssey’s (Geodyssey.co.uk) 15-night Nicaragua Odyssey visits the colonial cities of Leon and Granada, lively country villages, the lake island of Ometepe and a stunning array of landscapes, with wildlife, history, creative crafts and more. From Dh18,500 per person, based on two sharing, including transfers and tours but excluding international flights. For more information, visit visitnicaragua.us.
Barings Bank
Barings, one of Britain’s oldest investment banks, was
founded in 1762 and operated for 233 years before it went bust after a trading
scandal.
Barings Bank collapsed in February 1995 following colossal
losses caused by rogue trader Nick Lesson.
Leeson gambled more than $1 billion in speculative trades,
wiping out the venerable merchant bank’s cash reserves.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
UAE currency: the story behind the money in your pockets
Abandon
Sangeeta Bandyopadhyay
Translated by Arunava Sinha
Tilted Axis Press
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Who has been sanctioned?
Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
BOSH!'s pantry essentials
Nutritional yeast
This is Firth's pick and an ingredient he says, "gives you an instant cheesy flavour". He advises making your own cream cheese with it or simply using it to whip up a mac and cheese or wholesome lasagne. It's available in organic and specialist grocery stores across the UAE.
Seeds
"We've got a big jar of mixed seeds in our kitchen," Theasby explains. "That's what you use to make a bolognese or pie or salad: just grab a handful of seeds and sprinkle them over the top. It's a really good way to make sure you're getting your omegas."
Umami flavours
"I could say soya sauce, but I'll say all umami-makers and have them in the same batch," says Firth. He suggests having items such as Marmite, balsamic vinegar and other general, dark, umami-tasting products in your cupboard "to make your bolognese a little bit more 'umptious'".
Onions and garlic
"If you've got them, you can cook basically anything from that base," says Theasby. "These ingredients are so prevalent in every world cuisine and if you've got them in your cupboard, then you know you've got the foundation of a really nice meal."
Your grain of choice
Whether rice, quinoa, pasta or buckwheat, Firth advises always having a stock of your favourite grains in the cupboard. "That you, you have an instant meal and all you have to do is just chuck a bit of veg in."
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
RESULTS
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Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs
Company%C2%A0profile
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Green ambitions
- Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
- Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
- Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
- Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.