Dubai is the world’s leading city for construction projects with a pipeline worth a huge $374.2bn, according to a new report.
The Middle East city comfortably beat London into second place, with $328.7bn worth of projects, in a list of the world’s ‘50 Construction Mega Cities’ compiled by Globaldata.
Moscow is a distant third with a project pipeline worth $191.5bn, while all 50 cities on the list have pipelines worth above $30bn.
Asia-Pacific accounts for half of the 50 cities with a projects pipeline totaling $1.7 trillion.
There are 6,645 planned and ongoing construction projects across the 50 megacities valued at $4.2 trillion with projects fuelled by population growth, urbanisation and the trend towards ever-bigger cities, the report says.
Yasmine Ghozzi, economist at GlobalData, says: “The ranking of Construction Mega Cities in the Gulf states shows 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.”