Construction has begun on the first full-scale Hyperloop passenger tubes ahead of the next stage in development that could herald a new era of travel in the UAE.
A set of tubes measuring four metres in diameter have been moved from the development centre in Spain to Toulouse in France, where the next stage of testing is to shortly get under way.
Technicians at Hyperloop Transportation Technologies hope to have a closed 320 metre system ready for testing later this year.
A second full-scale 1km long system elevated by pylons at a height of 5.8 meters will be completed in 2019.
Both systems are fully upgradeable and will be utilised by both HyperloopTT and partner companies. The full-scale passenger capsule, currently near completion at Carbures in Spain, is scheduled for delivery to the facility this summer for assembly and integration.
“Five years ago we set out to solve transportation’s most pressing problems; efficiency, comfort and speed. Today we take an important step forward to begin to achieve that goal,” said HyperloopTT chief executive Dirk Ahlborn.
“Hyperloop is more than just displays of rapid acceleration and more than just breaking speed records. The real opportunity is to create an efficient and safe system with an unparalleled passenger experience.”
Other tech firms like the Hyperloop One system are developing similar versions of passenger pods, whilst market newcomers TransPod, a Canadian start-up, is planning a prototype track in Limoges, France.
Developers at HTT hope their system will be the first to make the long held dream of supersonic public transport an accessible reality.
The company has completed a feasibility study to bring the travel system that uses electro-magnetic levitation technology to fire pods at speeds of 1,200km per hour to the UAE.
Founded in 2013, HyperloopTT is a global team of more than 800 engineers, creatives and technologists in 52 multidisciplinary teams, with 40 corporate and university partners with a headquarters in Los Angeles.
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HyperloopTT has satellite offices in Abu Dhabi and Dubai, Bratislava, Toulouse, Contagem in Brazil and Barcelona.
As well as in the UAE, the company has signed agreements in the United States, Slovakia, the Czech Republic, France, India, Indonesia, Brazil and Korea.
A public unveiling of the Toulouse facility and prototype track is due later this year.
“Building in full-scale means we’re committed to innovation in the long-term,” said Bibop Gresta, HyperloopTT chairman.
“We’ve pioneered the technology, proved feasible and insurable by the world’s largest reinsurance company, Munich RE.
“We have agreements in place in nine countries where we’re working on feasibility and regulations, and have a research centre for freight and logistics in Brazil along with a facility in Toulouse.
“There we will deliver the first full-scale passenger capsule. Hyperloop is no longer a concept, it has become a commercial industry.”
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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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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UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Almnssa
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Sectors: Internet, e-commerce
Investments: Grants/private funding
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'Tell the Machine Goodnight' by Katie Williams
Penguin Randomhouse
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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