Hyperloop One signed an agreement with Dubai on Tuesday to "evaluate" the building of the world's first near-supersonic hyperloop transport system in the Gulf emirate.
"We are here today to sign a historic agreement with our partners from (the Dubai) Road and Transport Authority... and we begin to evaluate the delivery of the world's first hyperloop system across the country," the company's CEO, Rob Lloyd, said.
"We will initially focus on the value that Hyperloop One will deliver in Dubai and across the (United Arab) Emirates," he told reporters.
Lloyd did not provide further details or figures.
Hyperloop is a futuristic passenger and freight transportation system that its promoters say offers the promise of near supersonic speeds.
Earlier this year, Hyperloop One held a first public test in the desert outside Las Vegas, trying out engine components designed to rocket pods through reduced-pressure tubes at speeds of 1,125 kilometres (700 miles) per hour or more.
Last month, ports colossus DP World Group of Dubai announced it was investing in the concept, joining backers who already include the French national rail company SNCF, US industrial conglomerate General Electric and Russian state fund RDIF.