nd Virgin Hyperloop One are going head-to-head in the Middle East.

The competition between hyperloop developers in the Middle East is heating up, with the two main operators — Hyperloop Transportation Technologies (HTT) and Virgin Hyperloop One — sniping over the use of the name "hyperloop" and territorial ambitions. The chairman of HTT told CNBC that his company "owns" the brand name '"hyperloop" — the name given to a super-fast, ground-based transportation system, a concept of Tesla founder Elon Musk. "We are the original hyperloop, we own the brand hyperloop," Bibop Gresta told's "Capital Connection on Monday." "We are focused on passengers," he said. "We are the first company that actually brings this technology to reality, and we are building the first commercial line in Abu Dhabi." HTT is among several companies developing the hyperloop. The system works by propelling pods through a large tube, using magnets, at speeds of up to 750 miles per hour. HTT wants to build a high-speed transportation system in the Middle East that can reduce the travel time between cities like Dubai, Abu Dhabi and Saudi Arabia.

Bibop Gresta, chairman of Hyperloop Transportation Technologies. John Macdougall | AFP | Getty Images

In the Middle East, HTT's main competition comes from Virgin Hyperloop One and the pressure is on to see who can deliver a functioning system first. Gresta told CNBC this month that HTT was about to start building a hyperloop track in Abu Dhabi with the aim of having it operational by 2020. Meanwhile, Virgin Group CEO Richard Branson told CNBC on Sunday that he wants to see his company's hyperloop operational in the next two to three year. He said he sees the system connecting cities and countries around the world. Virgin and Dubai-based port operator DP World also announced plans to transport cargo using the system. HTT's Gresta said that he was happy that Virgin had "dropped the hyperloop name" but Branson suggested to CNBC over the weekend that a decision on the name had not yet been reached, saying "whether we actually keep the name hyperloop is something we are questioning because I think this company (Virgin Hyperloop One) is way ahead of all the others."

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