Virgin Hyperloop One Unveils Saudi Network Plans

Virgin Hyperloop One Unveils Saudi Network Plans
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Virgin Hyperloop One Unveils Saudi Network Plans

Virgin Hyperloop One Unveils Saudi Network Plans

Virgin Hyperloop One Vice President for the Arabian Gulf, Colin Rhys, revealed the company’s plans for linking the infrastructure of Saudi, NEOM, Red Sea, Qiddiya and some Arab capitals.

Rhys, speaking to Asharq Al-Awsat, revealed that Saudi Arabia is set to be the number one partner in launching hyperloop technology, which would serve as an accelerator for the realization of Saudi Arabia’s Vision 2030 program.

He also reaffirmed the company’s trust in a bright future for the transportation network project in Saudi Arabia, especially in employing local skilled labor.

Virgin Hyperloop One is likely to reveal details of its plan to link Saudi Arabia's $500-billion futuristic city, NEOM, the mega Red Sea tourism project and Qiddiya giga-projects together at the upcoming The Big 5 Saudi show scheduled for Jeddah between March 11-13.

Rhys pointed out that launching work on the project depends on when agreements are signed, while taking into consideration safety regulations. The first system could launch in early 2020 if the organizational process continues to move smoothly.

A graphic published alongside details of Rhys’s speech depicts a Gulf Cooperation Council (GCC) alignment route, showcasing stops at NEOM, the Red Sea Project, Jeddah, Makkah, Riyadh, Kuwait City, Abu Dhabi, Dubai and Muscat.

Hyperloop technology could cut the time it takes to travel from Riyadh to Jeddah to 46 minutes.

The Hyperloop’s vision for the Kingdom is expected to launch mid-April, and is projected to take up to 10 years for accomplishment. Further information on exact costs was not revealed, but a kilometer covered is expected to run at a $15-20 million fee.

The project will provide also boost employment in the Kingdom.

The system is expected to create high-tech jobs for Saudi nationals and provide uplift in gross domestic product.

To ensure young Saudis benefit from Virgin Hyperloop One’s expertise, the company partnered with the Prince Mohammad bin Salman Foundation (Misk) last year to provide 21 internships at its campus in Los Angeles, US.

Rhys said the infrastructure scheme will encourage Saudi Arabia’s adoption of emerging technologies. Hyperloop will create a “manufacturing hub” in the Kingdom, allowing the country to import and export goods at rapid speeds, he stressed.



Oil Prices Ease as Traders Assess US Tariffs and OPEC+ Output Boost

A drone view shows a portion of the crude oil tank farm in Midland, Texas, US June 11, 2025. REUTERS/Eli Hartman/File Photo
A drone view shows a portion of the crude oil tank farm in Midland, Texas, US June 11, 2025. REUTERS/Eli Hartman/File Photo
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Oil Prices Ease as Traders Assess US Tariffs and OPEC+ Output Boost

A drone view shows a portion of the crude oil tank farm in Midland, Texas, US June 11, 2025. REUTERS/Eli Hartman/File Photo
A drone view shows a portion of the crude oil tank farm in Midland, Texas, US June 11, 2025. REUTERS/Eli Hartman/File Photo

Oil prices retreated on Tuesday, having climbed almost 2% in the previous session, as investors assessed the latest developments on US tariffs and a higher than expected increase to OPEC+ output for August.

Brent crude futures fell 12 cents, or about 0.2%, to $69.46 a barrel by 1043 GMT. US West Texas Intermediate crude lost 25 cents, or about 0.4%, to $67.68.

US President Donald Trump began telling trade partners on Monday that sharply higher US tariffs will start on August 1, though he later said that deadline was not 100% firm.

Trump's tariffs have raised uncertainty across the market and concerns that they could have a negative effect on the global economy and oil demand.

While prices seem to be pressured by OPEC+ unwinding its voluntary output cuts, tightness in middle distillates and Houthi attacks on cargo ships are supporting the market, said Rystad analyst Janiv Shah.

On Saturday the OPEC+ group comprising the Organization of the Petroleum Exporting Countries and its allies agreed to raise production by 548,000 barrels per day (bpd) in August, exceeding the 411,000 bpd increases in the previous three months.

Investors were bullish heading into the peak summer demand period in the United States, however, with data from the US Commodity Futures Trading Commission on Monday showing money managers raised their net-long futures and options positions in crude oil contracts in the week to July 1.

Once oil demand declines seasonally, the increase in OPEC+ exports will hit the market, raising downside risks to prices, HSBC analysts said in a note.

Analysts at Commerzbank expect the price of Brent to fall to $65 a barrel on the emerging oversupply in the autumn months.

The decision by OPEC+ removes nearly all of the 2.2 million bpd of voluntary cuts made by the group since 2023.

The producer group is set to approve an increase of about 550,000 bpd for September when it meets on August 3, according sources told Reuters, which would unwind all of the cuts.