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Abu Dhabi fines company $100,000 over audit failings

The Registration Authority of ADGM found significant deficiencies during a routine audit inspection

Elon Musk's Boring Company has entered into an agreement to investigate underground transport, utility tunnels, and associated infrastructure in Abu Dhabi. The agreement was signed during the Liveability and Investment (LIVEX) conference by Steve Davis, president of The Boring Company. Davis highlighted Abu Dhabi's ideal environment for exploring advanced underground infrastructure solutions, supported by the emirate's growth vision and commitment to innovative technologies.

The Boring Company plans to build 150km of tunnels in the UAE after raising $3 billion in a funding round led by the UAE. Construction has already commenced on the Dubai Loop, a high-speed underground transportation network aimed at alleviating congestion in the city. The Dubai Loop, a joint project between the government and Boring Company, is projected to commence operations within two years.

Mohamed Ali Al Shorafa, chairman of the Department of Municipalities and Transport, emphasized that infrastructure is crucial for future growth, enabling efficient city expansion, enhanced connectivity, and sustainable urban development. The Boring Company's collaboration with Abu Dhabi Projects and Infrastructure Centre (Adpic) presents an opportunity to explore advanced underground transportation and utility tunnel solutions, leveraging global expertise, technical innovation, and international best practices.

Maysarah Mahmoud Eid, director general of Adpic, noted that the partnership offers a chance to assess the potential role of advanced underground infrastructure in meeting Abu Dhabi's future infrastructure needs and development priorities. The Dubai Loop, estimated to cost Dh565 million ($153.8 million) for Phase 1, will connect DIFC with Dubai Mall using autonomous Tesla cars and include four stations at Burj Khalifa, DIFC 2, Zabeel Dubai Mall Parking, and ICD Brookfield Place.

The eventual Dubai Loop network will span 22km with 19 stations, with the final cost projected at approximately Dh2 billion.

Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.

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