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Hamdan bin Mohammed Attends MoU Signing for Dubai Loop Project

The MoU was signed during the 2025 World Governments Summit (WGS). WAM
The MoU was signed during the 2025 World Governments Summit (WGS). WAM
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Hamdan bin Mohammed Attends MoU Signing for Dubai Loop Project

The MoU was signed during the 2025 World Governments Summit (WGS). WAM
The MoU was signed during the 2025 World Governments Summit (WGS). WAM

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defense of the UAE, and Chairman of The Executive Council of Dubai, witnessed the signing of a Memorandum of Understanding (MoU) between Dubai’s Roads and Transport Authority (RTA) and US-based firm The Boring Company to study the implementation of the “Dubai Loop” tunnel project.

The proposed 17-kilometer tunnel, featuring 11 stations, is designed to transport over 20,000 passengers per hour. It is part of a long-term plan to construct a citywide loop transportation network.

Signed during the 2025 World Governments Summit (WGS), the MoU aims to strengthen the partnership between both parties in tunnel excavation and construction.

The MoU was signed by Mattar Al Tayer, Director General, Chairman of the Board of Executive Directors of RTA; and John Hering, Lead Investor and Senior Advisor to The Boring Company, in the presence of senior officials from both sides.

The MoU “aims to implement cutting-edge technologies, foster innovative transport solutions, and create a dynamic ecosystem for the advancement of transportation technologies,” said Al Tayer.

“The agreement facilitates knowledge and expertise exchange to develop transportation systems tailored to the city’s evolving needs,” he stated.

He added that the technology used in the system offers rapid execution, lower costs than conventional tunneling methods, and minimal impact on existing infrastructure and road networks.

The MoU, Al Tayer noted, involves conducting studies and exchanging information on the specifications and standards required by the RTA for innovative transport systems, as well as insights into current and future trends in the mobility market. It also focuses on gathering data on system developments, pilot routes, and applied safety standards.
Hering highlighted the advantages of the loop system. “The Boring Company aims to transform the transportation sector by constructing safe, fast, and cost-efficient tunnels for passenger transit, utilities, and freight.”

He noted that the loop system incorporates innovative and sustainable technologies. “The loop system offers rapid connectivity solutions, enhancing passenger mobility and reducing travel time thanks to the speed and seamless flow of tunnel transportation.”

Hering added: “The company adopts a fully integrated vertical approach to streamline operations and reduce costs. It designs and manufactures its own Tunnel Boring Machines (TBMs), engineers tunnel structures and stations, operates tunnel excavation machinery, and manages the underground loop transportation system.”

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Azerbaijan Proposes Joint Investment Fund with Saudi Arabia to Strengthen Economic Partnership

Key agreements were signed during the 8th session of the Saudi-Azerbaijani Joint Committee. (Asharq Al-Awsat)
Key agreements were signed during the 8th session of the Saudi-Azerbaijani Joint Committee. (Asharq Al-Awsat)
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Azerbaijan Proposes Joint Investment Fund with Saudi Arabia to Strengthen Economic Partnership

Key agreements were signed during the 8th session of the Saudi-Azerbaijani Joint Committee. (Asharq Al-Awsat)
Key agreements were signed during the 8th session of the Saudi-Azerbaijani Joint Committee. (Asharq Al-Awsat)

In a significant step toward deepening economic and strategic ties, Azerbaijan is working to transform its growing partnership with Saudi Arabia into tangible investment initiatives.

At the forefront of this effort is a proposal to establish a joint sovereign investment fund that would support priority sectors in both countries and finance joint ventures in third markets. The plan, revealed by Azerbaijani Ambassador to Saudi Arabia Shahin Abdullayev in an interview with Asharq Al-Awsat, reflects Baku’s intention to build on the momentum of recent high-level engagements and turn bilateral cooperation into long-term, shared economic value.

The proposed fund comes in the wake of the 8th Saudi-Azerbaijani Joint Government Committee meeting held in Riyadh in April, co-chaired by Saudi Investment Minister Khalid Al-Falih and Azerbaijani Deputy Prime Minister Samir Sharifov.

The talks resulted in several memorandums of understanding covering energy, transport, logistics, and water, as well as endorsement of recommendations from the 6th Saudi-Azerbaijani Business Council.

Abdullayev highlighted the rapid growth in ties between Baku and Riyadh across multiple sectors, especially energy, investment, tourism, and culture. He praised Saudi-based ACWA Power for its role as a leading investor in Azerbaijan’s renewable energy sector.

In 2024, both countries signed a joint executive program during COP29 in Baku, aimed at strengthening cooperation in renewable energy development and transfer. The agreement was signed in the presence of Saudi Energy Minister Prince Abdulaziz bin Salman and Azerbaijani President Ilham Aliyev. It includes large-scale wind power projects with a combined capacity of 2.5 gigawatts, along with battery-based energy storage systems.

The ambassador noted that Azerbaijani Economy Minister Mikayil Jabbarov proposed the creation of a joint sovereign wealth fund during a visit to Riyadh in December 2024. The fund would target priority sectors outlined in both countries’ economic agendas and invest in third countries as well.

Abdullayev underscored the importance of finalizing an investment protection agreement between the two nations, along with offering incentives to encourage Saudi investors to explore opportunities in Azerbaijan’s free economic zones. Areas of cooperation under discussion include oil, renewables, industry, tourism, infrastructure, agriculture, livestock, and mining.

Tourism is another bright spot in the growing partnership. More than 100,000 Saudi tourists visited Azerbaijan in 2024, up over 31% from the previous year. The ambassador expects further growth through the development of joint tourism programs, sustainable tourism initiatives, and shared exhibitions and events.

On the strategic level, Abdullayev emphasized the importance of Azerbaijan’s oil policy, initiated by former President Heydar Aliyev, as a foundation for national development. That strategy has enabled Azerbaijan to invest in key sectors such as infrastructure, education, and healthcare, positioning the country as one of the region’s most advanced economies.

Azerbaijan also plays a vital regional role in energy security through its major pipeline projects, including the Baku-Tbilisi-Ceyhan oil pipeline and the TANAP and TAP natural gas lines, which serve European markets.

The ambassador highlighted Baku’s successful bid to host COP29 as a sign of Azerbaijan’s growing global presence. The conference resulted in a pledge urging developed nations to allocate $300 billion annually by 2035 to help developing countries mitigate climate change impacts.

He also praised Saudi Arabia’s humanitarian support, particularly through the King Salman Humanitarian Aid and Relief Center, which signed a demining agreement in January 2024 to assist in clearing liberated areas in Azerbaijan, a step that has helped accelerate reconstruction and enable safe civilian return to their homes.