Dubai named world’s top Mega City for construction
Dubai number 1 in GlobalData’s list of the 50 Construction Mega Cities
Dubai has been named as the world’s top city for construction projects, beating out London to land the top spot. With $374.2 billion worth of construction projects in the pipeline, the UAE city obtained its position with a wide margin, with London at a project pipeline to the value of $328.7 billion.
These two cities form part of the estimated $4.2 trillion worth of construction projects that are either ongoing or scheduled to start in the world’s megacities. Comprising of 6 645 projects, these developments have been ascribed to the growing urban population. The United Nations has forecast that the percentage of people living in cities with at least a million inhabitants is set to grow from 23 to 27 percent between 2016 and 2030, whilst the number of megacities is set to grow from 31 to 41.
Yankina Ghozzi, an economist at GlobalData, said: “The ranking of Construction Mega Cities in the Gulf states shows that they are spending the most on major development projects relative to the size of their populations. Dubai, for example, has a population of 3.2 million, but it holds the top position in terms of the value of the construction mega-projects pipeline per capita.”
GlobalData’s report also indicated that Megacities in Asia-Pacific account for approximately half of the total cities, with a projects pipeline of $1.7 trillion.
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