Hyperloop One just got one step closer to building its high-speed transport system in Dubai

Hyperloop One is making progress on creating its high-speed transportation system for passengers in Dubai.

The start-up announced early on Tuesday that it signed an agreement with Dubai Roads and Transport Authority to evaluate the Hyperloop on Dubai and the UAE. Hyperloop One will conduct the feasibility study with McKinsey & Co. and the Bjarke Ingels Group. 

Hyperloop One is also pursuing using the high-speed system for transporting cargo underwater, and secured $50 million in a funding round led by DP World, the third largest port and terminal operator in the world, earlier in October for that purpose. The $50 million investment brought Hyperloop One's total funding to $160 million, according to the start-up.

As part of Tuesday's announcement, Hyperloop One unveiled its concept for the futuristic transport system that it claims can take passengers from Dubai to Abu Dhabi in 12 minutes, which is normally a two-hour drive. Here's Hyperloop One's plan for the passenger system.