Middle East countries, especially those in the Gulf Cooperation Council (GCC), are transforming their economies by alleviating reliance on oil and gas and instead shifting to green energy and tourism-related giga projects. Saudi Arabia, for instance, requires as much as $2.5 trillion in investments over the next few years to build critical infrastructure and planned projects like Neom, a futuristic, $500 billion smart city spanning 26,500 square kilometers in Tabuk along the Red Sea.
“We see a tremendous opportunity in the Middle East for new investments, given the criticality of that investment to meet their long-term population, economic, and energy demand estimates,” said Ed Winter, managing director at BlackRock, which has invested considerably in Middle East projects. “And this is underpinned by the global infrastructure trends of decarbonization, decentralization, and digitalization.”
The United Arab Emirates (UAE) is another GCC country aggressively transforming its economy and infrastructure with an abundance of mega projects. Below is a look at six of those that are either in the planning or construction stages.
Burj Binghatti
Dubai is already home to the world’s tallest skyscraper—the 892.8-meter Burj Khalifa—and it will soon also have the world’s tallest residential tower. The Burj Binghatti, a collaborative project between luxury jewelry company Jacob & Co. and property developer Binghatti, will be “more than 112 stories” and surpass the 393-meter Princess Tower in height. Central Park Tower in New York is currently the world’s tallest residential tower with a height of 472 meters.
The Business Bay skyscraper project was launched at a celebratory event in November 2022 at the Coca-Cola Arena. The luxury residential tower will feature two- and three-bedroom condominiums ranging in price from AED 8 million to AED 10 million. It will also have exclusive penthouses, an in-house concierge service including private chefs and chauffeurs, and an infinity pool with a sightline extending over the Dubai skyline, including the Burj Khalifa.
Mohammed Bin Rashid City
A planned mixed-use development inaugurated by His Highness Sheikh Mohammed Bin Rashid (MBR) in 2015, MBR City will be a major cultural center and tourist attraction once complete. Expected to cost about AED 30 billion, it will feature approximately 45 million square feet of freehold property in addition to Meydan One Mall, which will be the world’s largest shopping center. The mall will house more than 600 retail shops, 100 food outlets, a 1-kilometer indoor ski slope, and other indoor sports facilities. MBR City will also have man-made beaches, family leisure centers, golf courses, and a 7-kilometer man-man lagoon.
Saadiyat Grove
A $1.5 billion project planned to be constructed on Saadiyat Island, Saadiyat Grove will be a tourism and business hotspot with plenty of recreational and leisure facilities, as well as co-working spaces for startup ventures. It will also feature a pair of hotels and 3,000 homes, as well as street level food and beverage outlets. Transportation options will vary from segways and motorized bikes to shuttle buses and autonomous vehicles.
The first phase of the mixed-use community, which includes the construction of more than 600 residential units and 200 retail locations, will be completed by 2025. The entire project is expected to be complete by 2026.
Abu Dhabi Midfield Terminal
Construction of the new Midfield Terminal at Abu Dhabi International Airport has been ongoing since 2012 and will finally be complete by the end of 2023. It is expected to open on UAE National Day on December 2. The terminal was originally supposed to be complete by 2017, but progress has been halted by a variety of issues, including the airport operator canceling its contract with the group of developers constructing the terminal.
Once open, the 742,000-square-meter Midfield Terminal will more than double the Abu Dhabi International Airport’s capacity to 45 million passengers per year.
Natural History Museum Abu Dhabi
A 35,000-square-meter facility being constructed in the Saadiyat Cultural District, the Natural History Museum of Abu Dhabi will not only house some of the world’s rarest specimens, but also serve as an important educational resource with teaching and research components. Once inside, visitors will travel through an interactive and immersive series of exhibits highlighting the past and present of the universe while giving a glimpse into what the future could look like.
The museum’s collection will include the Murchison Meteorite specimen and the world-famous “Stan” Tyrannosaurus rex skeleton. It is expected to open by the end of 2025.
Dubai Vertical City
The UAE, like many other GCC countries, is striving to reduce its carbon footprint and create more livable cities. The Dubai Vertical City is a prime example of this shift in building philosophy. The 750-meter, 180-floor floating development, first proposed at the Knowledge Summit in Dubai in 2019, will feature 10 modular layers with 3.75 million cubic meters of space. It will be able to house 25,000 people and feature 20,000 square meters of green and garden space.
Dubai Vertical City will be a zero-energy building with an exterior composed of photovoltaic glass and will also make use of wind turbines and wind water. It is expected to open by 2030.