The GCC and Iraq are set to spend $1 trillion on new construction projects by 2030, MEED’s Destination Dubai 2020 conference has been told.

Terry Tommason, partner and head of property and infrastructure in the Gulf at the UK-based EC Harris, told the event that 100 major construction programmes were planned to be started by 2030 in the Middle East, which will require $1 trillion of investment.

Tommason says that 73 per cent of the major new construction programmes planned are worth $10bn-plus. Around $430bn-worth of those programmes, nearly half of the total value of projects planned, will be for megacity developments, such as the planned Mohammed bin Rashid City in Dubai.

MEED produces a quarterly table of the biggest megaprojects planned in the region, which can be found here.