DUBAI, United Arab Emirates (AP) — The Dubai-based port operator DP World is now firmly in the hyperloop business.

DP World's chairman and CEO Sultan Ahmed bin Sulayem made the announcement Sunday, saying Virgin Hyperloop One would launch a freight service called DP World Cargospeed.

A hyperloop is a mode of cargo and people transportation that involves levitating pods powered by electricity and magnetism that hurtle through low-friction pipes at a top speed of 1,220 kph (760 mph).

Bin Sulayem made the announcement on board the Queen Elizabeth 2 with billionaire Richard Branson and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum, the Emirates' vice president and prime minister.

It's unclear what, exactly, the branding means. At the least, it shows how much money DP World has poured into the company over three different funding rounds.