Elon Musk’s The Boring Company has announced a massive tunnelling project across the UAE.
More than 150 kilometres of tunnels will be dug out, backed by a $3 billion funding round.
The company said this new agreement with the UAE and affiliated investment entities comes in addition to the Dubai Loop project.
What is the agreement?
The deal elevates the Texas-headquartered firm’s valuation to $23 billion, cementing its status as one of the world’s most valuable private infrastructure technology companies.
The capital injection also marks a significant expansion of the UAE’s partnership with Musk’s company.
Building on the Dubai Loop, the strategic investment will accelerate the deployment of mass underground transit networks across the Emirates.
Alongside primary backing from the UAE, the funding round saw participation from major global venture capital firms and regional investors, including Shamal Holding, Sequoia Capital, Andreessen Horowitz (A16Z), Vy Capital, Human Capital, Valor Equity Partners, Temasek, and Baron Capital.
Accelerating the Dubai Loop
The deal follows major contract wins for the firm in Dubai.
The Boring Company previously finalised a construction agreement with Dubai’s Roads and Transport Authority (RTA) for the initial pilot phase of the Dubai Loop.
The Loop will be a 6.4-kilometre underground transit network incorporating four stations. More
