Something big is happening today – no, not the US presidential election, although it is quite big, but something far bigger. Hyperloop One is set to make an announcement.

To give you a quick refresher: Hyperloop is a concept for a high-speed form of transport, first discussed by Tesla CEO, Elon Musk. It involves pods travelling through semi-vacuumed tubes at speeds of up to 750 miles per hour.

When Musk first talked about the idea, he was focusing on linking Los Angeles and San Francisco by Hyperloop and cutting journey time down enormously.

But. For its launch product, Hyperloop One is focusing on linking Dubai to Abu Dhabi. The journey time is expected to take just 12 minutes, that’s a distance of 160 kilometres.

All we have so far is a teaser video. But it seems that Hyperloop One’s plans are initially for linking Dubai with key cities across the United Arab Emirates. But from there, it has plans to ramp up across the world.

Back in the spring, Hyperloop One tested an early version of the technology near Las Vegas and managed to achieve a speed of 187 kilometres an hour in less than two seconds.

Recently, Jakob Lange, a director of the Danish company Big Ideas which has been working on the project said: “This is about creating a love for the new possibilities out there. Suddenly you can live in a forest, take the Hyperloop into work everyday and it's only going to take 10 minutes.

"You spread out the possibilities for everybody to live where they want: by the sea, by the water, in the forest, wherever."