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ALDAR SIGNS MoU WITH HYPERLOOP TT

ALDAR SIGNS MoU WITH HYPERLOOP TT

MoU signed to bring first commercial Hyperloop system, Hyperloop R&D, Demonstration & Visitor Centre, and Innovation Hub to Abu Dhabi

ABU DHABI, UAE, 18 APRIL 2018: Aldar Properties PJSC ("Aldar"), announces that it has signed a Memorandum of Understanding with Hyperloop Transportation Technologies (HyperloopTT), the innovative transportation and technology company, that will enable the development of a new urban centre within Aldar's Seih Al Sdeirah landbank and in close proximity to Alghadeer.  The HTT site within Aldar's Seih Al Sderieh is also conveniently located on the border of the Emirates of Abu Dhabi and Dubai, close to the Expo 2020 site and Al Maktoum International Airport.

The MoU, when fully executed, will allow for the creation of a new HyperloopTT centre including; a full scale commercial Hyperloop system, an Hyperloop R&D Advanced Mobility Centre, a Demonstration & Visitor centre, and an Innovation Hub.

HyperloopTT future plans include construction of the line in several phases starting within the ten kilometer allocation, with further development aimed at creating a commercial Hyperloop network across the Emirates and beyond.

Commenting on the signing of the MoU, Talal Al Dhiyebi, Chief Executive Officer, Aldar Properties, said:

"We are delighted to be working with HyperloopTT as they look to bring one of the world's most revolutionary transportation technologies to Abu Dhabi. Alghadeer sits at such a strategic point within the UAE – close to major growth areas of both Abu Dhabi and Dubai, that it makes sense to pair it with rapid transport opportunities. We believe that Hyperloop technology can have a major positive impact on the lives of all of those living within our communities, and we look forward to this possibility becoming a reality."

"This agreement creates the basis for the first commercial Hyperloop system in the world here in the Emirate of Abu Dhabi." said Bibop Gresta, Chairman of HyperloopTT. "With regulatory support, we hope the first section will be operational in time for Expo 2020."

Also commenting, "A forward-thinking nation like the UAE is ideal for building the most revolutionary, most efficient, and fastest transportation system in the world," said Dirk Ahlborn, CEO of HyperloopTT. "With this agreement in Abu Dhabi, we take a big step towards the world's first commercial hyperloop system."