A New Milestone for Virgin Hyperloop OneMarch 5, 2020
A newly-established Ministry of Investment in Saudi Arabia presented Virgin Hyperloop One (VHO) with a trade license in Washington DC, in the United States, during the US-Saudi Arabia Business Forum. The event was organized by the Ministry, Invest Saudi, the US Chamber of Commerce and the US Commercial Service. This license is a very significant achievement for VHO, given their persistent drive to commercialize the hyperloop technology.
This news follows the announcement about the national pre-feasibility study that is going to be performed in Saudi Arabia.
The license was presented to Tim Wilkinson, Executive Director, Strategy and Growth at Virgin Hyperloop One (VHO), by his Excellency Dr. Majed Al-Qasabi, Minister of Commerce and Media, in the presence of Her Royal Highness Princess Reema bint Bandar Al Saud, Ambassador of Saudi Arabia to the United States, the Honourable John Abizaid, U.S. Ambassador to the Kingdom of Saudi Arabia and the Honourable Wilbur Ross, U.S. Secretary of Commerce.
In Wilkinson’s words:
“Receiving the trade license from the Ministry of Investment, which has been a very smooth and swift process, marks a significant steppingstone in our commitment to the Kingdom of Saudi Arabia. From here we intend to establish a permanent presence that would better enable us to invest in resources in the region and run our local operations. The move marks important progress towards the commercialization of hyperloop technology and could propel the country to the forefront of hyperloop development worldwide.”
The issuing of this trade license is the next step that the country has taken in order to pioneer the high-speed technology. VHO is now getting ready to conduct the first hyperloop study on a national level. They will be examining viable routes, anticipated costs and a socio-economic impact that hyperloop can bring to Saudi Arabia.
Right now it is anticipated that the hyperloop system will create jobs and add to the local GDP.