Elon Musk's TBC Build 150Km Of Tunnels Across UAE, Raises Dh11 Billion

US billionaire Elon Musk's The Boring Company (TBC) will deploy more than 150 kilometres of tunnels across the UAE as part of an accelerated partnership with the country, backed by a $3 billion (Dh11 billion) Series D funding round led by the UAE and affiliated investment entities.

The financing values the tunnelling and infrastructure company at $23 billion and builds on the company's existing collaboration with the UAE on the Dubai Loop project. The company said this new agreement comes in addition to the Dubai Loop project previously awarded.

The first phase of Dubai Loop will involve a pilot route extending 6.4km, comprising four stations, linking the Dubai International Financial Centre and Dubai Mall. These include: Burj Khalifa, DIFC 2, Zabeel Dubai Mall Parking and ICD Brookfield Place.

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In July, TBC said precast concrete operations for the first phase of Dubai Loop wereunderway, with the tunnel set to weigh 100 million pounds.

The first phase will utilise 25,000 segments, each weighing 4,000 pounds, the company added.

Among the UAE investors in the round is Shamal Holding, a Dubai-headquartered global investment firm, which confirmed that it has taken a stake in TBC as part of the financing.

Other investors include Human Capital, Vy Capital, Valor Equity Partners, Sequoia Capital, A16Z, Temasek and Baron Capital, alongside other existing and new backers.

Shamal said it was keen to draw a distinction between its investment and the government-level Dubai Loop agreement. The firm described its move as a private, commercial investment in TBC as a company, based on business fundamentals rather than a bet tied to any single project.

“This is an investment in the company, not a single project: a private, commercial investment made on fundamentals in a business whose technology is relevant to cities globally,” Shamal said, adding that it is“separate from, and independent of, the government-level agreement between the RTA and TBC,” referring to Dubai's Roads and Transport Authority, which signed an implementation agreement with TBC in February 2026.

TBC's Loop system has carried more than four million passengers in Las Vegas since 2021 through 11 stations, according to the briefing, and the company is now advancing projects across multiple markets worldwide.

Shamal said it invested in the company because TBC's technology has moved beyond proof of concept following the success of the Las Vegas Loop. It added that the deal extends a pattern of Shamal backing category-defining businesses globally, that its Dubai roots give it sharper insight given the company's Dubai Loop project, and that the technology's deployment in Dubai delivers what it called a“local dividend” for the city.

Shahnawaz Nawabi, CIO at Shamal Holding, said The Boring Company combines engineering expertise with a practical approach to urban mobility, operating in a sector where the company sees significant opportunity for sustainable growth.

“We look forward to strengthening our relationship with Shamal, an experienced global technology investor with a deep understanding of Dubai and a track record of backing bold, disruptive ventures that help shape the future,” said Steve Davis, president of TBC.

TBC said that over the past two years, it has grown from operating a single Loop system into a multi-city tunnelling programme, pairing faster machine design with its first hard-rock project, its first international construction contract and a substantial expansion of the Vegas Loop.

Watch: Dubai Metro Blue Line's first phase of tunneling finished in record time Precast concrete work begins for Dubai Loop tunnel Phase 1, weighing 100 million pounds

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