Riyadh – Mubasher: Virgin Hyperloop One on Sunday has denied reports by the Financial Times (FT) that its project in Saudi Arabia was cancelled.

Virgin Hyperloop is working on building an ultra-high-speed transport network in the oil-rich kingdom.

The autonomous transport company, which wants to build a GCC-wide hyperloop network, has withdrawn from Saudi Arabia's Future Investment Initiative (FII), commonly known as “Davos in the Desert”.

“We are not attending FII but we have not received [an] indication that our projects have been cancelled in [Saudi Arabia],” a spokesperson for Virgin Hyperloop One told Construction.

It is worth noting that Saudi Arabia and Virgin Hyperloop One had been in official talks for months to launch autonomous transport system in the kingdom.

The US-based company will build a  network that can reach speeds of up to 300 metres per second, which would theoretically cut the time it takes to travel between the GCC cities of Dubai and Riyadh to 48 minutes.