Megadevelopments in the Middle East are expected to continue despite the pandemic but must be properly thought-out if they are to have an enduring legacy, according to Strategy&.
Larger construction and property projects, usually spread over hundreds of thousands of square metres, can help countries provide a better quality of life by regenerating previously unused areas and promoting the development of specific sectors such as tourism, financial services or manufacturing, according to a report by the consultancy.
"Megaprojects such as those we've seen in Dubai, or even Canary Wharf in London, can have a lasting impact when they succeed," Karim Abdallah, partner and real estate leader at the company, said.
Dubai, home to the world's tallest skyscraper Burj Khalifa and the Middle East's commercial and tourism hub, set forward a plan on Saturday to overhaul its urban landscape and increase its community and recreational areas with an aim to become the best city to live in by 2040. Under the emirate's latest urban plan, areas for economic and recreational activities will grow by one and a half times, and the length of beaches will increase by 400 per cent over the next two decades, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said.
A forward-looking approach to urban planning has helped the UAE to accommodate long-term population growth. The UAE's population stood at 9.5 million at the end of 2019, up from under 3 million in 2001, according to the Federal Competitiveness and Statistics Centre. Average annual population growth between 2010-19 stood at 1.6 per cent, the FCSA said.
The emirate has previously been successful in developing projects such as the Dubai International Financial Centre and Downtown Dubai, which "transformed an empty plot of land into a global tourism destination and one of the city’s most desirable residential areas", Strategy& said.
Downtown Dubai also proved to be a resilient project, considering its first phase was completed during the 2009 market downturn, it said.
Still, such projects need to begin with a clear concept to be successful in the long term. A megaproject needs to address key topics such as who its target users are and the elements needed to attract them.
"With these developments requiring large amounts of capital and generally more than a decade to execute, it is imperative that they begin with a concept that sets the project up for future success and adapt in the face of unexpected events, such as the ongoing Covid-19 pandemic,” Mr Abdallah said.
The consultancy also recommended that megaproject developers remain flexible enough to adapt to market changes and shifting consumer preferences. They should also include recurring revenue streams to cover a project's operating expenses should funds dry up in the future.
Dubai is currently home to seven of the Middle East's 10 biggest buildings, according to the Council on Tall Buildings and Urban Habitat.
The emirate also completed more high rises in 2020 than any other city in the world. Some 12 buildings taller than 200 metres were completed in 2020, three more than in 2019.
The tallest building completed in Dubai last year was the 336-metre-high SLS Tower in Business Bay.
ALL THE RESULTS
Bantamweight
Siyovush Gulmomdov (TJK) bt Rey Nacionales (PHI) by decision.
Lightweight
Alexandru Chitoran (ROU) bt Hussein Fakhir Abed (SYR) by submission.
Catch 74kg
Omar Hussein (JOR) bt Tohir Zhuraev (TJK) by decision.
Strawweight (Female)
Seo Ye-dam (KOR) bt Weronika Zygmunt (POL) by decision.
Featherweight
Kaan Ofli (TUR) bt Walid Laidi (ALG) by TKO.
Lightweight
Abdulla Al Bousheiri (KUW) bt Leandro Martins (BRA) by TKO.
Welterweight
Ahmad Labban (LEB) bt Sofiane Benchohra (ALG) by TKO.
Bantamweight
Jaures Dea (CAM) v Nawras Abzakh (JOR) no contest.
Lightweight
Mohammed Yahya (UAE) bt Glen Ranillo (PHI) by TKO round 1.
Lightweight
Alan Omer (GER) bt Aidan Aguilera (AUS) by TKO round 1.
Welterweight
Mounir Lazzez (TUN) bt Sasha Palatkinov (HKG) by TKO round 1.
Featherweight title bout
Romando Dy (PHI) v Lee Do-gyeom (KOR) by KO round 1.
UAE currency: the story behind the money in your pockets
Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
'Unrivaled: Why America Will Remain the World’s Sole Superpower'
Michael Beckley, Cornell Press
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
