HyperloopOne, a Los Angeles company in the forefront of developing the hyperloop technology proposed by billionaire entrepreneur Elon Musk, signed an agreement Tuesday with Dubai’s Roads and Transport Authority (RTA) “to pursue a passenger and cargo hyperloop network in the UAE.”

The technology proposed by Musk can carry both people and goods at speeds up to 750 miles an hour. There is still a while to go before it goes from demonstrations to commercial and practical viability but the potential it holds is exciting, as can be seen in a video the company released after the Dubai agreement was signed.

The signing of the agreement took place at Burj Khalifa, the world’s tallest building at present, and Mattar Al Tayer of RTA said at the ceremony: “Every historical era that witnessed the invention of a new means of transportation – from ships to cars to airplanes – equally witnessed a radical shift in trade, which eventually led to notable economic growth. Moreover, the movement of people across borders also increased, bringing about a great exchange of culture.”

HyperloopOne has previously also received interest and investment from Russia, where it is exploring setting up mass transit systems in Moscow and St. Petersburg, as well as a line between a port in Russia’s far east and a manufacturing district in China.