DUBAI: April 29, 2018. DP World and Virgin Hyperloop One are to launch a new company called DP World Cargospeed to provide hyperloop-enabled cargo systems for the delivery of palletised cargo.

They say it will transport high-priority, time-sensitive goods including fresh food, medical supplies and electronics “at the speed of flight and closer to the cost of trucking”.

Speaking at the launch, vice president and prime minister of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum said: “The UAE is keen to be a leading player in shaping the future of the world. Being a pioneer means taking bold decisions that open the way for adopting innovative solutions. We have big aspirations because we have unlimited mindsets and the confidence that we can achieve whatever we set our minds to.”

DP World Group chairman and CEO Sultan Ahmed Bin Sulayem noted his company had made a significant investment in Virgin Hyperloop One because it sees the need for a hyperloop-enabled cargo network to support rapid, on-demand deliveries globally.

In August 2016 DP World signed an MoU with the then Hyperloop One to analyse the value of using hyperloop systems to move containers from Jebel Ali Port to a new inland container depot in Dubai.

Two months later it reportedly invested US$50 million and took a seat on the company’s Board.

“We believe in Virgin Hyperloop One’s long-term vision. They are the right partner to shape the future of global logistics, and we look forward to developing the first DP World Cargospeed systems with them,” said Bin Sulayem at today's announcement.