Half the Worlds Mega Projects Are in the GCC
Megaprojects have been growing larger globally and many of them have recently centered on the Arab Gulf Region.
As Statista’s Katharina Buchholz reports, construction software company 1Build estimates that before the end of the decade, the world will see the first construction megaproject with a cost estimation exceeding $1 trillion.
Right now, there are several projects underway that exceed the size of $100 billion – despite the fact that $10 billion construction proposals were considered to be megaproject just some years ago.
Out of all nine ongoing megaprojects identified by 1Build, International Construction Magazine and Construction Review to cost $100 billion or more, four were being built in Arab Gulf States.
This includes the ambitious project of Neom City, actually a collection of futuristic towns and cities which are being built in Northwestern Saudi Arabia and are expected to house 450,000 people by 2026.
One of the developments, The Line, has received the most attention for being planned as a completely enclosed city 170 km in length, 200 meters in width and 500 meters in height.
More expensive than Neom City is the EU’s Trans-European Transport Network. The large-scale infrastructure upgrade estimated to cost $600 billion includes the building of railway lines, roads, shipping routes and related structures in EU member countries to improve long-distance transport.
Projects on the peninsular have also suffered a setback, as the $250 billion, 2,000 km project to connecting GCC member countries by rail – initially to be completed by 2018 – was halted. However, the project could resume soon. Other megaprojects in the region include entertainment and tourism complex Dubailand, King Abdullah Economic City North of Jeddah in Saudi Arabia and Silk City in Northern Kuwait, which will be home to the world’s future tallest building.
