Boring Company UAE tunnels are set to expand underground transport across the country, with Elon Musk’s The Boring Company planning more than 150 kilometres of tunnels in the UAE. The company has also secured $3 billion in fresh funding in a Series D round.
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The latest funding values the tunnelling company at $23 billion. The investment was led by UAE-based entities and will support the company’s plans to develop large-scale underground transport infrastructure across the UAE.
Dubai Loop Partnership
The new investment builds on The Boring Company’s existing work with the UAE on the Dubai Loop project. The company said the funding will help speed up its partnership with the UAE and support the deployment of large quantities of underground infrastructure.
Dubai is expected to become the second city in the world, after California, to use the tunnel-based transport system developed by The Boring Company.
The company’s Loop system has already carried more than four million passengers in Las Vegas since 2021. The firm says its technology has now moved beyond the proof-of-concept stage.
Who Invested In The Company?
The Series D funding round includes several major investors. They include Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, A16Z, Temasek, Shamal Holding and Baron Capital.
Shamal Holding, a Dubai-based global investment company, confirmed its involvement but did not disclose the details of its investment.
The new funding comes in addition to the Dubai Loop project that was previously awarded to the company.
More Projects Underway
The Boring Company has faced criticism over the slow progress of some of its larger futuristic transport plans during the past decade. However, the company is now advancing projects in several markets.
Its flagship Vegas Loop is already operating. The company also broke ground this year on a tunnel project in Nashville, Tennessee. Its Dubai project is another major development.
The UAE funding marks a significant step for the company and could accelerate underground transport projects across the country. Boring Company UAE tunnels could therefore become an important part of the UAE’s future transport network.
What’s Next For UAE Transport?
The planned 150-kilometre tunnel network could expand underground transport beyond Dubai and support the UAE’s wider next-generation transport ambitions. Further details about the locations and timelines of the planned tunnels have not yet been disclosed.
