Hyperloop Transportation Technologies (HTT) - the organization in charge of developing the new, innovative and high-speed transportation method - will start building a track in Abu Dhabi with the aim of having it operational by 2020, just in time for the upcoming Expo in Dubai.

The company signed an agreement with Aldar Properties, the developer behind Yas Island's Formula 1 race track, to begin construction of the Hyperloop system, Khaleej Times reported.

According to the official statement, it will be developed close to the site of Expo 2020 and Al Maktoum International Airport, on the border of the UAE's capital of Abu Dhabi and Dubai.

"We are delighted to be working with Hyperloop as they look to bring one of the world's most revolutionary transportation technologies to Abu Dhabi," said Talal Al Dhiyebi, the chief executive of Aldar Properties, according to The National.

"We hope the first section will be operational in time for Expo 2020."

HyperloopTT reportedly plans the construction of the 10-kilometer line in several phases. Ultimately, the technology promises to reduce travel times between the two emirates from hours to just minutes.

"This agreement creates the basis for the first commercial Hyperloop system in the world here in the Emirates, with the goal of connecting Abu Dhabi to Al Ain, Dubai, and Riyadh, Saudi Arabia." Bibop Gresta, the chairman of HyperloopTT, said in a press release on Wednesday.

"With regulatory support, we hope the first section will be operational in time for Expo 2020."

"A forward-thinking nation like the UAE is ideal for building the most revolutionary, most efficient, and fastest transportation system in the world," said Dirk Ahlborn, the CEO of HyperloopTT.

Expo 2020 will be held in Dubai and is expected to draw millions of visitors to the UAE between its opening day on October 20, 2020, and closing day on April 10, 2021.

In the past, HyperloopTT's competitors at the Sir Richard Branson-backed Virgin Hyperloop One have also proposed a similar system for Saudi Arabia to reduce journey times from Riyadh to Jeddah from 10 hours to just 76 minutes.

That project, in particular, is planned for 2030 and talk are still being held at the highest level.