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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.

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Moody’s Raises Türkiye’s Rating, Cites Improved Monetary Policy, Lower Inflation

People shop at Grand Bazaar in Istanbul, Türkiye, November 4, 2022. REUTERS/Dilara Senkaya 
People shop at Grand Bazaar in Istanbul, Türkiye, November 4, 2022. REUTERS/Dilara Senkaya 
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Moody’s Raises Türkiye’s Rating, Cites Improved Monetary Policy, Lower Inflation

People shop at Grand Bazaar in Istanbul, Türkiye, November 4, 2022. REUTERS/Dilara Senkaya 
People shop at Grand Bazaar in Istanbul, Türkiye, November 4, 2022. REUTERS/Dilara Senkaya 

Moody’s Investors Service on Friday raised Türkiye’s long-term debt rating one notch, from B1 to Ba3, citing an improved track record in monetary policy, easing inflation, and narrowing macroeconomic imbalances.

The agency also revised the country’s outlook to stable from positive, reflecting a balance between ongoing policy gains and lingering political and external risks.

“On the upside, extending the track record of effective policymaking without political interference has the potential to support the improvement in Türkiye's external position more substantially than we currently assume,” Moody’s said.

The rating came one day after the country’s central bank cut interest rates by 300 basis points to 43%, more than expected, resuming an easing cycle that had been disrupted by political turmoil earlier this year, as markets have since calmed and disinflation continued.

The bank hiked the policy rate to 46% from 42.5% in April, reversing an easing cycle that had begun in December, following market volatility over the arrest in March of Istanbul Mayor Ekrem Imamoglu, who is President Tayyip Erdogan's main rival.

In its statement released on Friday, Moody’s said, “The upgrade reflects the strengthening track record of effective policymaking, more specifically in the central bank's adherence to monetary policy that durably eases inflationary pressures.”

Since the re-election of Turkish President Tayyip Erdogan in 2023, Türkiye shifted towards orthodox economic policies, which involved a series of significant interest rate hikes by the Central Bank to combat high inflation and stabilize the Turkish lira.

Türkiye’s annual inflation rate significantly declined to 35% in June 2025, a substantial drop from 72% in the same period a year earlier, according to official figures.

The nation's Ba3 rating remains below investment grade but signals improved creditworthiness.