Megaprojects have been growing larger globally and many of them have recently centered on the Arab Gulf Region.
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.
As Statista's Katharina Buchholz reports, 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.
One of the developments, The Line, has received the most attention for being planned as a completely enclosed, linear city. The project was recently scaled back to a length of just 2.4 kilometers/1.5 miles (and a width of 200 meters/height of 500 meters). It is projected to house around 300,000 people by 2030 - just a fractions of its original length. Other ongoing megaprojects on the Gulf are 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.
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 setbacks, like the $250 billion, 2,000 km project to connecting GCC member countries by rail. Initially to be completed by 2018, it was halted, but planning has since resumed. A megaproject in the region that was partially canceled is entertainment and tourism complex Dubailand, initially scheduled to cost $64 billion.
By Zerohedge.com