The top MENA Megaprojects to watch over the next decade!
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While the Middle East and North Africa (MENA) project market has long been dominated by the sort of ambitious schemes that are only brought about by both serious capital and resolute political will, 2017 saw a seismic shift in the scale and scope of projects being envisioned.
The debut of the $500 billion Neom masterplan in late October represents something of a paradigm shift for the region. If successful, the vast undertaking will become the new benchmark.
With backing from the government and the Public Investment Fund (PIF), this flagship development of the ascendant Saudi Crown Prince Mohammed bin Salman al-Saud is set to envelop 26,500 square kilometers of land along 468 kilometers of coastline along the Red Sea and the Gulf of Aqaba. It will also cross into Jordan and Egypt, connecting Saudi Arabia and Egypt with a causeway across the Red Sea.
By 2030, Neom’s contribution to the kingdom’s economy is expected to be at least $100 billion. If these projections are correct and the scheme is successful, this would make it a significant contributor to the country’s post-oil future.
Another demonstration of the dynamism of the region’s project landscape was a last-minute spike in the value of contract awards in December 2017, brought about by a deal between Egypt and Russia for the construction of the $21 billion El-Dabaa plant, Egypt’s first nuclear energy project. The project is part of a wider atomic vogue sweeping the Middle East, with the UAE, Saudi Arabia, Iran, and Jordan all now advancing along the path towards the roll-out of nuclear power.
The award of the El-Dabaa facility more than doubled the value of Egypt’s 2017 contract awards to $38.5 billion, placing it just behind the UAE at $46.8 billion and far ahead of Saudi Arabia at $25.2 billion.
On the contrary, President Abdul Fattah al-Sisi is proving himself to be a megaproject enthusiast. Egypt has its own mixed-use urban megaproject, The Adminstrative Capital Cairo, with a development cost of $45 billion, and is expected to issue the first contracts for the Golden Triangle, a $29 billion mineral resources masterplan, in 2018.
Some of the biggest megaprojects in the Middle East:
NEOM (KSA)
Forget megaprojects, KSA has leveled up with gigaprojects. The brainchild of the Saudi Crown Prince HH Mohammed bin Salman, NEOM is more than just a futuristic city.
The city spans 26,500 square kilometers and will be 100% renewable, 10 degrees cooler than the rest of the GCC, offer mountains and lakes, and touts itself as one of the most sustainable and technologically advanced cities in the world.
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Earlier this week, Bloomberg reported that the city will also feature twin skyscrapers 500 meters (1,640 feet) tall that stretch horizontally for dozens of miles and will include residential, retail and office space that reportedly runs from the Red Sea coast into the desert.
The industrial region is already open for business with commercial flights launched in May. The first phase of the project is scheduled to be completed by 2025.
LUSAIL CITY (QATAR)
Another futuristic and sustainable city, but this time in Qatar, Lusail City comprises residential, mixed-use, entertainment and commercial districts, and four exclusive, luxurious and eco-friendly islands. The three southern Qetaifan Islands cater primarily to the high-end residential sector, while the northern island includes a water park, beach club and luxury hotels and is expected to open in time for the FIFA World Cup 2022.
NEW ADMINISTRATIVE CAPITAL (EGYPT)
Over the last few years, Egypt has announced several new cities, but the country’s New Administrative Capital is our pick for this list.
The New Administrative Capital includes residential and business districts, but it will also have the world’s largest park, a new international airport and a justice district, while Egypt’s government departments are scheduled to migrate to the new city. Egypt is also developing a new rail network with Siemens Mobility announced just this week. The rail network comprises three lines and is set to connect Cairo with new cities, including the New Administrative City, with the first line creating the rail equivalent of the Suez Canal for transportation of goods and people.
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