International port operator DP World and Virgin Hyperloop One are collaborating to launch ultra-fast hyperloop for cargo, in what they hope will revolutionize both the speed and cost of commerce.

The project, DP World Cargospeed, will be powered with Virgin Hyperloop One's technology to "enable ultra-fast, on-demand deliveries of high-priority goods and can revolutionize logistics, support economic zones, and create thriving economic megaregions," according to the two entities.

Sitting beside DP World Group Chairman Sultan Ahmed Bin Sulayem in Dubai, Virgin Hyperloop One Chairman Richard Branson told CNBC's Hadley Gamble in an exclusive interview on Sunday, "I think that Virgin Hyperloop can play a big role ... From a freight point of view, it's fantastically exciting."

DP World Cargospeed will aim to deliver goods at speeds of up to 620 miles per hour and link to existing roads, rail and air infrastructure. A timeline for completion was not specified.

Hyperloop is the super-fast ground transport method first envisioned by Tesla founder Elon Musk, which promises to be faster than air travel but at a fraction of the cost.

Hundreds of millions of dollars have already been invested in designing these systems, and Virgin Hyperloop One is one of just a few companies racing to do so.

Chaired by Virgin Group CEO and billionaire entrepreneur Branson, the U.S.-based company will be providing the technology behind the project. DP World is its largest investor.

Dubai-based DP World is the Middle East's largest port operator and has a portfolio of over 65 marine terminals across six continents.

Hyperloop for cargo? Virgin's Richard Branson and Dubai port operator team up on ultra-fast transporter