A $500 million test centre to develop scientific breakthroughs in high-speed hyperloop travel planned for the Gulf will open in West Virginia in the United States.
The UAE-backed Virgin Hyperloop announced it will open a new certification centre to forge global partnerships between governments, regulators, universities and private companies to work on the developing technology.
This milestone is a testament to our technology advancement
Supported by DP World, the hi-tech travel system will carry passengers and freight via floating pods in vacuum tubes at speeds of more than 1,000 kilometres per hour.
“This announcement brings hyperloop technology one step closer to commercialisation,” said Sultan bin Sulayem, chairman of Virgin Hyperloop and CEO of DP World.
“It is poised to transform the Gulf region with the rapid, sustainable, and on-demand transport of passengers and cargo.”
Regulators will use the certification centre, and accompanying six-mile test track, to establish safety standards, while Virgin will test its product and infrastructure.
The announcement builds off significant progress around the world on developing regulations ro ensure the technology is safe to use.
In July 2020, the US Department of Transportation (USDOT) and the Non-Traditional and Emerging Transportation Technology (NETT) Council unveiled the guidance document on a clear regulatory framework for hyperloop in America.
The announcement paved the way for hyperloop regulation and deployment in the country, while establishing hyperloop’s eligibility for federal funding.
Certifying systems to ensure they are safe to use is the first step towards commercial projects, including those in Saudi Arabia, India, and the UAE.
Virgin Hyperloop aims to achieve safety certification by 2025, with commercial operations beginning in 2030.
“This milestone is a testament to our technology advancement,” said Jay Walder, CEO of Virgin Hyperloop.
“The establishment of the HCC enables us to work with the US federal authorities to establish and set global safety and industry standards for the new hyperloop category, which can subsequently be adopted and re-applied in international markets.”
The US plans follows a recent announcement to develop a super-fast route in India from Kempegowda International Airport to Bengaluru - the country's sprawling tech hub.
Virgin Hyperloop has also partnered with Dubai's Roads and Transport Authority to utilise the technology for a high speed link between Dubai and Abu Dhabi, reducing travel times to just 12 minutes.
An agreement has been signed with Abu Dhabi's Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) to collaborate on research for the proposed project.
Virgin Hyperloop is one of two international tech firms aiming to bring the ground-breaking travel system to market within a decade.
Hyperloop Transportation Technologies (HyperloopTT) is also pushing ahead with plans at its Research and Development Centre in Toulouse, France, the aerospace capital of Europe.
The Los Angeles based company has developed a 32 metre pilot vehicle called QuinteroOne, that was unveiled to the public in 2018 ahead of extensive testing in France.
In 2019, the company released a comprehensive feasibility study analysing a hyperloop system.
It claimed the system was economically and technically feasible and would generate a profit without requiring government subsidies.
The company has looked at connecting routes in the Great Lakes and between Cleveland and Chicago, as well as in China and the UAE between Al Ain, Abu Dhabi and Dubai.
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.”
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Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
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What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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