Strategy&, a consulting agency, said that larger plans, once implemented correctly, will "have a lasting impact on the city." According to Strategy&, despite the pandemic, large-scale development in the Middle East is expected to continue, but it must be well thought out if it is to leave a lasting legacy.

The report points out that larger construction and real estate projects usually occupy hundreds of thousands of square meters and can help countries provide a better life by reusing previously unused areas and promoting the development of specific sectors such as tourism, financial services or manufacturing. quality.

Karim Abdallah, partner and head of real estate at the company, said: “Large projects like Dubai and even Canary Wharf in London, once successful, will have a lasting impact. "

On March 13, 2021, Dubai, which has the world’s tallest skyscraper Burj Khalifa and the business and tourism center of the Middle East, proposed a plan to comprehensively transform its urban landscape and increase its community and entertainment areas. It will become the most livable city by 2040. Sheikh Mohamed bin Rashid, vice president and chief of Dubai, stated that according to the UAE’s latest urban planning, the area for economic and entertainment activities will increase by 1.5 times in the next 20 years, and the length of the beach will increase by 400%.

Forward-looking urban planning methods have helped the UAE adapt to the long-term population growth. According to data from the Federal Center for Competitiveness and Statistics, the UAE’s population has increased from 3 million in 2001 to 9.5 million at the end of 2019. According to the Federal Center for Competitiveness and Statistics, the average annual population growth rate between 2010-19 was 1.6%.

Strategy& stated that the UAE has previously successfully developed projects such as Dubai International Financial Center and Downtown Dubai, "turning a vacant land into a global tourist destination and one of Dubai's most ideal residential areas." Considering that its first phase was completed during the market downturn in 2009, Downtown Dubai has also proven to be a resilient project.

Nevertheless, such projects need to start with a clear concept to be successful in the long term. Large-scale projects need to address key themes, such as who the target users are and what attracts them.

Abdullah said: “Because these developments require a lot of funds and usually take more than 10 years to execute, it is necessary to start with a concept to lay the foundation for the future success of the project, and in the face of sudden changes such as the Covid-19 pandemic. Adjust when an incident occurs."

The consulting firm also recommends that large-scale project developers maintain sufficient flexibility to adapt to market changes and changing consumer preferences. They should also include recurring revenue streams to cover the operating expenses of the project when funds run out in the future.

According to the Tall Buildings and Urban Habitat Council, Dubai is currently home to seven of the top ten buildings in the Middle East. The emirate also achieved a higher rate of increase in 2020 than any other city in the world. By 2020, 12 buildings higher than 200 meters will be completed, three more than in 2019.

The tallest building completed in Dubai last year was the 336-meter-high SLS Tower in Business Bay.Editor/Huang Lijun