Well, if there's one place in the world a project is likely to get done despite making no practical or economic sense it's Dubai.
But I bet it turns out to be maglev in a vacuum tube, not aerodynamic flying.
Now if someone successfully builds a maglev in a hard vacuum tube, then that would definitely not be a Hyperloop, it would just be a classic vactrain. On the other hand, I don't think Musk would be the least bit disappointed if somebody was able to actually build an operational vactrain.