Hyperloop One, which is developing technology for a futuristic transit system, said it had raised an additional $50 million as it prepares for a full-scale test of a Hyperloop system in the first quarter of 2017.

A Hyperloop involves using magnets to levitate pods inside an airless tube, creating conditions in which the floating pods could shuttle people and cargo at speeds of up to 750 mph (1,200 kph).

The concept originated in a paper by Tesla Motors Chief Executive Elon Musk in 2013, who envisioned it whisking passengers from Los Angeles to San Francisco in 30 minutes.

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Levitating Hyperloop pods that hurtle through underwater tunnels at 1,220 kph (760 mph) could some day arrive in Dubai. Pictured is an artist's impression

WHAT IS THE HYPERLOOP? Hyperloop is a proposed method of travel that would transport people at 740mph (1,200km/h) between distant locations. It was unveiled by Elon Musk in 2013, who said it could take passengers the 380 miles (610km) from LA to San Francisco in 30 minutes - half the time it takes a plane. It is essentially a long tube that has had the air removed to create a vacuum. The tube is suspended off the ground to protect against weather and earthquakes. Passengers would sit in either individual or group pods, which would then be accelerated with magnets. Capsules carrying six to eight people would depart every 30 seconds, with tickets costing around $20 (£13) each way. The cost of building a line from LA to San Francisco has been estimated at $16 billion (£10 billion) - although critics say it would be nearer $100 billion (£65 billion). Advertisement

Hyperloop One got its latest round of funding from DP World Group of Dubai.

The $50 million takes its total funding to $160 million.

DP World Group, whose chief executive is also joining Hyperloop One's board, signed an agreement with the company in August to explore a Hyperloop system to move containers from ships docked at its flagship Port of Jebel Ali to a new inland container depot in Dubai.

Los Angeles-based Hyperloop One has previously got funding from the likes of 137 Ventures, Khosla Ventures, the French National Rail Company and GE Ventures.

Former Uber Chief Financial Officer Brent Callinicos was also appointed as a full-time adviser to Hyperloop One Chief Executive Rob Lloyd and the board.

There are currently no functioning Hyperloops anywhere in the world, and skeptics wonder if the technology can ever make the leap from science fiction to reality.

Musk has encouraged third-party firms to develop the technology.

These firms include Hyperloop One and Hyperloop Transportation Technologies (HTT).

If the plans go ahead, and the technology proves successful, people could travel the 67 miles from Dubai to Fujairah in 10 minutes.

This currently takes just over 2 and a half hours to drive.

If it spreads to the rest of the country, they could can travel the 190 miles from Abu Dhabi to Doha in 22 minutes.

Currently driving that distance takes just over six hours.

Saif al-Aleeli, the CEO of Dubai Future Foundation, said: 'Imagine that you can live in Riyadh, work in Dubai, have your dinner in Abu Dhabi and watch a movie in Qatar.

'Dubai is trying, as a mission, to prove that concept.'

The heart of this effort can be seen around the Emirate Towers, where construction has begun on the Museum of the Future.

Just around the corner is the Dubai Future Foundation, the government initiative that helped sponsor the Hyperloop competition with the city-state's Roads and Transportation Authority.

Dubai's ruler, Sheikh Mohammed bin Rashid Al Maktoum visited the foundation this week.

Dubai recently hosted a two-day competition for designs related to a high-speed system known as a hyperloop, in which levitating pods powered by electricity and magnetism would hurtle through low-friction pipes at a top speed of 1,220 kph (760 mph)

If the plans go ahead, and the technology proves successful, people could travel the 67 miles from Dubai to Fujairah in 10 minutes. This currently takes just over 2 and a half hours to drive

A message on Sheikh Mohammed's official Twitter account read: 'Our goal is to anticipate challenges and explore future investment opportunities.

'We all need to think afresh as we develop for the future.'

It's unclear how much a regional Hyperloop network would cost, or who would pay for it.

Dubai is already home to the world's tallest building and the longest driverless metro line.

A Hyperloop network could cement its status as a global transit hub for decades to come.

Government-backed port operator DP World has held talks with Hyperloop One about cutting transport times for its cargo, said Chris Vasquez, the director of product development for the Hyperloop company.

Such a system could be in place in Dubai as early as 2020, he said.

'This is a place where big things happen,' Mr Vasquez said.

At a presentation this week, Hyperloop One suggested such a network could include an undersea tunnel connecting Abu Dhabi to Doha, Qatar, with a trip time of just under 22 minutes

Under their plans, the Hyperloop trip of some 145 kilometres (90 miles) over a mountain range would be 10 minutes or less, compared to the current hour and 20 minutes by road

HYPERLOOP IN EUROPE Hyperloop Transportation Technologies (HTT) met with Slovakian government officials earlier this year to finalise and sign an agreement. They are looking to build a local Hyperloop system, with the vision of creating future routes connecting Bratislava with Vienna, Austria and Budapest, Hungary. They wants the first stage to be complete by 2020. But the company has not secured funding yet, and the project is expected to cost $200-300 million (£141 – 211 million). Meanwhile Hyperloop One is working with FS-Links AB on a Hyperloop system that will operate between Finland, Sweden and Estonia. Advertisement

'They don't get bogged down by regulations, not that those things aren't important and don't deserve due diligence, but we've all seen projects stalled by over-crippling regulatory environments where it just stalls for years and years and years.'

At the ceremony this week, selected groups involved in the 48-hour Hyperloop project presented ideas for a possible track between Al Maktoum International Airport at Dubai World Central, Dubai International Airport and Fujairah International Airport.

Under their plans, the Hyperloop trip of some 145 kilometres (90 miles) over a mountain range would be 10 minutes or less, compared to the current hour and 20 minutes by road.

Focusing less on the science, those involved offered visions of Hyperloop stations and seating inside bullet-shaped transit cars.

A team from Paris-based transit company Systra won the competition, walking away with a certificate and a crystal trophy resembling Dubai's Burj Khalifa, the world's tallest building.

But among the contest's competitors were few Emiratis.

Asked about the low participation, Mr al-Aleeli said Emirati university students on hand for the event would help lead the UAE in future innovations.

'We are paving the road to build the right future for them,' he said.