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.
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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
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Killing of Qassem Suleimani
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
What is a Ponzi scheme?
A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
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